Sensex Today: Indian Markets Under Pressure as Nifty Slips Below 24,400, PSU Banks and Metals Outperform

Indian equity markets began Wednesday’s trading session on a cautious note, with the benchmark indices moving lower amid weakness across several major sectors. The Nifty 50 slipped below the 24,400 mark during morning trade, while the Sensex extended its decline as selling pressure emerged in financial, healthcare and technology stocks.

At around 9:33 am, the Sensex was down 100.19 points, or 0.13%, at 78,054.06, while the Nifty stood at 24,437.10, lower by 34.60 points, or 0.14%. Market breadth at that stage remained relatively positive, with 1,693 stocks advancing against 1,344 declines and 173 stocks unchanged.

As the session progressed, however, selling intensified. Around 10 am, the Sensex had fallen 288.26 points, or 0.37%, to 77,865.99, while the Nifty declined 96.50 points, or 0.39%, to 24,375.20. The number of declining stocks also moved ahead of gainers, indicating broader pressure across the market.

Metals and PSU Banks Provide Some Support

Despite the weak headline indices, selected pockets of the market continued to attract buying interest. Metal stocks were among the notable outperformers, with Hindalco emerging as one of the strongest Nifty 50 gainers. The stock was up about 3% during the session, while Grasim also traded higher.

Public-sector banking stocks were another bright spot. Punjab National Bank, Union Bank of India, Bank of Baroda, Canara Bank and State Bank of India all recorded gains. PNB was particularly strong, rising more than 4% at one point, while the Nifty Bank index recovered from recent weakness and traded in positive territory.

The performance of PSU banks provided some relief to the broader financial segment, although gains were not evenly distributed across private-sector lenders.

IT and Healthcare Stocks Face Selling

Several large technology and healthcare names came under pressure. Tata Consultancy Services declined more than 2% in morning trade, while Persistent Systems also moved lower. TCS was among the notable laggards as investors reduced exposure to parts of the technology sector.

Healthcare stocks also witnessed selling. Max Healthcare and Apollo Hospitals were among the Nifty 50 decliners, while Global Health declined more than 2%. Zydus Lifesciences also traded lower after the company announced an option and licence agreement involving Alvelestat for US commercialisation and global manufacturing rights.

Realty Stocks Remain Weak

Real estate stocks were another area of weakness during the morning session. The Nifty Realty index was down around 1%, with Brigade Enterprises, Prestige Estates, Godrej Properties, Phoenix Mills and Oberoi Realty among the stocks under pressure.

The weakness in realty stocks contrasted with the strength seen in PSU banking and selected metal counters, highlighting the mixed nature of the session.

Stock-Specific Action Remains Strong

Several individual companies attracted attention because of corporate developments and trading activity.

BEML gained after announcing an order worth Rs 184.25 crore from Hindustan Aeronautics for manufacturing and supplying Light Combat Helicopter fuselage aerostructures. The stock traded marginally higher during the session.

Diamond Power Infrastructure also remained in focus after receiving two orders worth Rs 195.48 crore for supplying medium-voltage underground power cables for projects in Gujarat. The company’s shares moved higher and touched a fresh 52-week high during trading.

RHI Magnesita India delivered strong quarterly profit growth, with its first-quarter profit rising 83.2% year-on-year to Rs 64.6 crore. Revenue increased 5.6% to Rs 1,014 crore. Despite the improvement in earnings, the stock traded lower during the session.

Tribhovandas Bhimji Zaveri also reported a sharp increase in quarterly profit, which rose 50.8% to Rs 33.92 crore, while revenue climbed 34.8% to Rs 840.97 crore. However, its shares fell more than 7% during morning trade, showing that strong financial results did not necessarily translate into immediate buying interest.

Broader Market Shows Mixed Signals

The broader market presented a combination of gains and losses. NALCO was among the strongest mid-cap performers, while Vodafone Idea and Apar Industries also posted gains. On the other hand, Fortis Healthcare and PI Industries were among the notable decliners in the Nifty Midcap 150 universe.

A number of stocks also touched fresh 52-week highs, including Finolex Cables, Belrise Industries, Apar Industries, Bosch, Welspun Corp, Dr Lal PathLabs, Divi’s Laboratories, Ather Energy, Siemens and Pidilite Industries.

Overall, Wednesday’s market action pointed to a cautious trading environment. While the benchmark indices remained under pressure, selective buying in metals, PSU banks and individual stocks linked to strong corporate developments helped prevent a uniform decline.

Investors are likely to keep an eye on sector rotation, stock-specific earnings developments and broader market sentiment as the session progresses. The ability of the Nifty to regain the 24,400 level could remain important for near-term market sentiment, while continued weakness below that zone could keep traders cautious.