The Indian stock market recovered after facing initial losses on Monday as selling was seen in PSU banks, financial services, pharma and FMCG sectors in early trade.
Asian Paints shares dropped around 9 per cent after several brokerages showed disappointment over its poor Q2 results. Asian Paints posted a huge 42.4 per cent drop in net profit at Rs 694.6 crore in the July-September period (Q2 FY25), from Rs 1,205.4 crore in the year-ago period.
Sensex was trading at 79,388.77 while Nifty was trading at 24,140.15 in early trade.
The market trend remained positive. On the National Stock Exchange (NSE), 563 stocks were trading in green, while 1439 stocks were trading in red.
Nifty Bank was at 51,472.15 after slipping 89.05 points or 0.17 per cent. The Nifty Midcap 100 index was trading at 55,994.05 after falling 357.95 points or 0.64 per cent. At the same time, the Nifty Small cap 100 index was at 18,268.30 after slipping 177.30 points or 0.96 per cent.
Axis Bank, IndusInd Bank, Bajaj Finance, Reliance ICICI Bank, UltraTech Cement, Bajaj Finserv and NTPC were the top losers in the Sensex pack. Tata Motors, Power Grid, Maruti, M&M, SBI, HCL Tech and Infosys were the top gainers.
In Asian markets, the markets of Shanghai, Hong Kong, Jakarta, Tokyo, Seoul and Bangkok were trading in the red. The US stock market closed in the green on the last trading day.
According to market watchers, the sustained rally in the US markets which have taken the Dow and S&P 500 above 40,000 and 6,000 respectively is no longer a tailwind for Indian markets.
“Expectations that tax cuts promised by Trump and his pro-business policies will boost corporate earnings in the US are driving the rally,” they said.
In India, worse-than-expected earnings downgrades for FY25 are weighing on stock prices favouring the bears in the near-term. FIIs may continue to sell and move money to the US which has outperformed India so far this year.
Foreign institutional investors (FIIs) sold equities worth Rs 3,404 crore on November 8, while domestic institutional investors bought equities worth Rs 1,748 crore on the same day.
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