It seems that the mixed earnings reports from heavyweight companies had a significant impact on the market sentiment, leading to a decline in both the Sensex and Nifty. While the market started strongly in response to the Federal Reserve’s rate increase, the negative influence of the earnings reports reversed the trend, and the indices closed lower.
In this session, Cipla stood out as a top gainer, surging by 10%, while TechM and M&M faced selling pressure. Among the Nifty sectoral indices, only four out of 15 closed in positive territory, with Pharma, Healthcare, and Realty sectors being the leading gainers, each registering a jump of more than 2%.
Market conditions can be influenced by various factors, including global events, economic data, corporate earnings, and investor sentiment. It’s important for investors to keep track of such developments and rely on up-to-date information from trusted sources when making investment decisions.
Among the gainers, Cipla and Sun Pharma were the key drivers of the Pharma index rally, with Cipla surging 10% and Sun Pharma gaining 2%. On the other hand, Mahindra & Mahindra faced significant selling pressure, dropping more than 6%, while Tech Mahindra shed around 3.5%. Tata Consumer, BPCL, and Nestle were also in the red, declining more than 2% each.
The Pharma and Realty sectors experienced notable gains, while the PSU Bank sector ended with marginal gains. However, sectors such as Auto, FMCG, Bank, and Energy were among the major drags on the market, each declining by around 1%.
