India Stocks Slip as HDFC Bank Lawsuit Offsets Nvidia-Led Global Rally — BigGo Finance

Indian equities closed lower on Thursday, with the Nifty 50 slipping 116.90 points, or 0.48%, to settle at 24,090.85, while the Sensex fell 539.35 points, or 0.70%, to 76,933.59. The market opened firmer, tracking overnight strength on Wall Street after strong Nvidia earnings lifted global risk appetite.

However, gains reversed as easing crude prices, aided by Iran-Oman talks on reopening the Strait of Hormuz, failed to offset domestic pressure points. HDFC Bank was among the session’s biggest drags after a US lawsuit weighed on the stock, pulling down banking and financial services. Metals led sectoral losses, down more than 1%, followed by FMCG, oil and gas, and auto.

At the same time, capital goods, healthcare, and consumer durables bucked the trend with modest gains. Market breadth stayed weak throughout the session, with 1,341 stocks advancing, 2,160 stocks declining, and 118 remaining unchanged, underscoring a broad-based pullback despite the relatively modest index-level decline. Persistent foreign-fund outflows and firm gold prices amid import-duty uncertainty added to the cautious undertone.

With the index holding below 24,200, near-term sentiment stays fragile, and investors will track global cues and domestic flows for the next directional trigger.

Nifty Bank dropped 0.47% to end at 57,509.95, while the Nifty Midcap 150 declined 0.10% and the Nifty Smallcap 250 dropped 0.12%. Among sectoral indices, Nifty PSU Bank, Media, Metal, and Oil and Gas declined almost 1% each, while FMCG, Auto, Financial Services, and IT declined by up to half a percent. On the other hand, Nifty Pharma, Healthcare, and Consumer Durables rose by almost 1% each.

“Expiry-led volatility and the lack of a diplomatic breakthrough in the Middle East continue to keep markets range-bound in the near term,” Vinod Nair, Head of Research at Geojit Investments, noted.

“FII inflows and resilient earnings momentum remain supportive for Indian equities, particularly mid-caps, where several segments are relatively insulated from global uncertainties and continue to benefit from strong domestic demand trends,” he added.

In the Nifty index, 31 stocks ended in the red, with Hindalco, HDFC Bank, and Mahindra and Mahindra among the top losers. Adani Enterprises, Kotak Mahindra Bank, and Adani Ports ended as the top gainers in the index.

In the Sensex kitty of stocks, only Kotak Mahindra Bank, ICICI Bank, Tech Mahindra, BEL, and Adani Ports ended with gains. On the flip side, HDFC Bank, NTPC, and Mahindra and Mahindra ended as the top losers in the index.

HDFC Bank, Reliance, and Bharti Airtel were the top drags on the Sensex and the Nifty 50.