Closing Bell: Market Fails To Hold Gains, Sensex & Nifty End Lower; Infosys, ICICI Bank Lead, RIL Lags

The Indian stock market went on a roller-coaster ride, hitting record highs in the morning but eventually succumbing to selling pressure, resulting in a close in the red. The benchmark indices, Sensex and Nifty, surged to impressive intra-day highs of 75,124 and 22,768 respectively, only to retreat and finish lower. Sensex slipped by 59 points to settle at 74,684, while Nifty fell by 25 points to close at 22,642.

Despite the overall negative sentiment, certain stocks managed to stand out and provide support to the indices. Notably, heavyweights like ICICI Bank, Infosys, and HDFC Bank lent crucial support to Nifty, cushioning the fall. However, the heavyweight conglomerate Reliance Industries Limited (RIL) dragged down the indices with its lacklustre performance.

While the broader market trend remained mixed, with midcap stocks ending the day lower, the banking sector showed resilience. Nifty Bank managed to close higher, thanks to a significant contribution from ICICI Bank. Axis Bank also saw modest gains, amidst reports hinting at Bain Capital's likely divestment of its stake.

Metal stocks witnessed significant buying interest, fueled by rising prices. Hindalco and Hindustan Copper emerged as top gainers in the sector. Conversely, power sector stocks REC and PFC extended their losses from Monday's session, as REC reported quarterly updates below market expectations.

Infosys managed to finish in the green despite deviating from its intra-day highs following a positive brokerage note. Meanwhile, Page Industries climbed to its highest levels in two months, breaking above the 36,000 mark. Godrej Properties surged over 5% after a robust quarterly update, indicating strong growth prospects.

Vedanta hit a 52-week high, showcasing a 25% surge in its stock price this month alone. Balrampur Chini Mills witnessed an uptick following reports suggesting the government plans to divert more sugar for ethanol production, signalling positive market sentiment towards the sector.

In the aviation segment, IndiGo continued its upward trajectory, buoyed by rising demand and stable airline fares, reaching record highs. However, Gland Pharma faced selling pressure, sliding over 3% after a change in its ownership structure, with over 5% equity changing hands.

Despite the mixed bag of performances, the market breadth favoured declines, with an advance-decline ratio standing at 1:1, indicating the prevalence of selling pressure across sectors.

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