Indian equity markets turned cautious on Thursday, with the BSE Sensex dropping more than 450 points and the Nifty 50 struggling around the 25,900 mark. The fall comes ahead of the monthly expiry of futures and options contracts, and amid weak cues from heavyweight stocks.
Weakness Across the Board
By midday, the Sensex was down over 400 points, while the Nifty50 scaled back by approximately 130 points. The slide was driven by declines in major index constituents such as Bharti Airtel, HDFC Bank, Reliance Industries, Infosys, ICICI Bank and Bajaj Finance.
Stock-Specific Movers
- Vodafone Idea plunged more than 12 % to an intraday low of around ₹8.20 after the Supreme Court’s written order revived uncertainty regarding its adjusted gross revenue (AGR) dues.
- On the upside, Sagility rallied over 10 % after posting a strong Q2 result, with consolidated net profit more than doubling year-on-year and revenue growing 25 %.
- PB Fintech (operator of PolicyBazaar and Paisabazaar) advanced about 5 % following a quarterly net profit of ₹135 crore — up 165 % from the same quarter last year — and strong revenue growth of 38 %.
- Dr. Reddy’s Laboratories was among the laggards, falling nearly 6 % after receiving a notice of non-compliance from the Canadian regulator regarding its submission for the drug semaglutide (sold under brand names such as Ozempic and Wegovy).
Market Sentiment & Outlook
The overall tone in the market is one of caution as investors await further triggers — including global cues, domestic earnings, policy announcements and the outcome of derivatives expiry. The sharp drop in Vodafone Idea highlights how regulatory uncertainty continues to weigh heavily on specific stocks. At the same time, strong earnings from companies such as PB Fintech and Sagility point to selective areas of strength despite broader weakness.
With the Nifty hovering near the 25,900 level, the key will be whether the index can hold this zone or break lower. If support fails, the next technical level to watch would be in the 25,700-25,800 region. On the upside, a recovery in heavyweights could help stabilize the markets.
What Investors Should Monitor
- Q2 earnings from more companies in India to identify momentum sectors
- Regulatory developments in telecom and pharma, given their outsized impact
- Global market cues (especially from the US), given the sensitivity of Indian indices
- The upcoming monthly futures and options expiry which often leads to heightened volatility
