Stock market cuts gains in volatile session, eyes RBI MPC announcement

Indian Stock Market Sees Volatile Session, Profit-Booking Pulls Indices Off Highs

The Indian stock market experienced a highly volatile session on Thursday, with profit-booking pulling the indices off their intraday highs.

Key Highlights

• Sensex slips 200 points from peak, while the Nifty falls below 26,050 during the session.
• Nifty IT index jumps 1.41%, supported by optimism over a potential US Fed rate cut and favourable currency tailwinds.
• Midcap and smallcap segments remain under pressure, with the BSE Midcap index falling 0.19% and the Smallcap index declining 0.32%.

Market Performance

The Sensex opened on a weak note, declining 156.83 points to 84,949.98, while the Nifty eased 47 points to 25,938.95.

At the close, the Sensex settled 158.51 points or 0.19% higher at 85,265.32, while the Nifty advanced to 26,033.75, down 47.75 points, or 0.18%.

Top Gainers and Losers

On Nifty50, around 34 stocks ended in the green. The top gainers were:

• Tech Mahindra (up 1.51%)
• HDFC Life Insurance Company (up 1.49%)
• TCS (up 1.48%)

The top losers were:

• InterGlobe Aviation (down 2.39%)
• Reliance Industries (down 0.88%)
• Hindalco Industries (down 0.65%)

Foreign Institutional Investors and RBI Policy

Foreign Institutional Investors offloaded equities worth Rs 3,206.92 crore, marking the fifth straight session of outflows.

Investors remained cautious ahead of the RBI policy decision, with the Street expecting the central bank to maintain the status quo.

52-Week Highs and Lows

Around 80 stocks rose to their 52-week highs, while 261 hit their 52-week lows in intraday trade on the BSE.

The stocks that rose to their 52-week highs were:

• Vedanta
• Hero MotoCorp
• Asian Paints

The stocks that hit their 52-week lows were:

• Colgate Palmolive (India)
• IREDA
• Patanjali Foods

Rupee Falls to Fresh Low

The rupee fell 28 paise to a fresh low of 90.43 against the US dollar in early trade.