Following today’s decline, the Nifty 50 has re-entered correction territory, having decreased more than 10 percent from its all-time peak.
Indian stocks continued their decline on Friday, with the Nifty 50 dropping 1,200 points across five straight sessions. The selloff was driven by aggressive indications from the US Federal Reserve, ongoing FII outflows, and worries about inflated valuations, which diminished investor confidence. The index fell below significant technical support levels, and sluggish corporate earnings growth continued to burden the market, dampening expectations for a quick recovery. At the end of trading, the Sensex decreased by 1,176.46 points or 1.49 percent to 78,041.59, while the Nifty fell by 364.2 points or 1.52 percent to 23,587.50. Market breadth stayed weak, with 963 stocks rising, 2,859 stocks falling, and 95 stocks remaining the same.
MTAR Technologies | CMP: Rs 1,725 | Stock jumped 6 percent driven by the firm’s recent order victories totaling Rs 226 crore. The firm obtained these contracts for its clean energy and aerospace divisions. Of the total, orders amounting to Rs 191 crore have been obtained for different products from Bloom Energy in the clean energy industry. Other contracts valued at Rs 35 crore were mentioned by well-known clients in the aerospace sector, including companies such as Rafael, IMI Systems, and IAI.
General Insurance Corporation of India | CMP: Rs 517 | Shares surged 17 percent propelled by a surge in trading volumes. The stock experienced a surge in trading volumes, with approximately one crore shares exchanged on the exchanges so far, significantly surpassing the one-month daily average of 14 lakh shares.
Dr Reddy’s Labs | CMP: Rs 1,345 | The stock has risen as one of the leading gainers on the Nifty 50, finishing the day with a 1.5 percent increase. The stock further extended its upward trend for the third straight session, recording a 9 percent rise during this time. The stock was among the leading gainers in the prior session, despite the broader market experiencing significant selling pressure. Analysts linked the recent investment in pharmaceutical stocks, such as Dr Reddy’s, to a strategic repositioning towards defensive assets during uncertain market conditions.
Sagility India | CMP: Rs 45 | International brokerage Jefferies has started coverage on Sagility India, a business process management (BPM) firm, assigning it a “Buy” rating with a target price of Rs 52 per share. Based on the last session’s closing price of Rs 43.9, Jefferies’ price target suggests a possible increase of about 18 percent. Consequently, the company’s stock surged 3 percent during trading.
Brainbees Solutions | CMP: Rs 625 | Brainbees Solutions Ltd., the operator of FirstCry, saw a 3 percent increase in the morning trade after domestic brokerage JM Financial initiated coverage on the stock with an optimistic ‘buy’ rating and a target price of Rs 692. The price target suggests a potential increase of 14 percent from the closing price of the last session.
Gravita India | CMP: Rs 2,326 | Shares fell by more than 3 percent following the approval of a Qualified Institutions Placement (QIP) by the company’s board to secure up to Rs 1,000 crore. The board sanctioned the issue price for 47,70,537 equity shares at Rs 2,096.20 each, which includes a premium of Rs 2,094.20. This price includes a Rs 110.29 reduction (5 percent) from the floor price of Rs 2,206.49, in accordance with SEBI regulations.
Siemens India | CMP: Rs 6,885 | Siemens shares dropped significantly by more than 10 percent, following analysts’ disappointment with the details from the investor call that suggested stagnant private capex and raised worries about the supply chain for digital industries. During the call with analysts, the firm affirmed that ‘private capex has not significantly increased’, dampening the mood for the stock price.
NTBCL | CMP: Rs 18.52 | NTBCL shares declined significantly by 5 percent, following the Supreme Court’s ruling that the contract given to private entity Noida Toll Bridge Company Ltd (NTBCL) for toll collection from vehicles using the Delhi-Noida DND flyway is unfair. The Supreme Court reprimanded the NOIDA authority for assigning toll collection to the private company NTBCL, stating it has led to unfair enrichment.
RBL Bank | CMP: Rs 152.50 | The stock continued its downward trend for a fifth session, falling more than 10 percent during this time. During today’s session, the stock declined more than 7 percent. In the meantime, reports indicate
Mazagon Dock Shipbuilders | CMP: Rs 4,724 | Shares of the defence firm closed more than 6 percent down as investors hurried to realize profits following its recent increase. The stock has risen by more than 17 percent in the last month, allowing investors greater flexibility to secure partial profits.
