The Indian stock market remained under pressure during Tuesday’s trade, August 11, as uncertainty over a potential peace deal in the Middle East weighed on market sentiment, while the continued rise in crude oil prices kept crude-sensitive stocks out of favour.
While pharma and technology stocks provided some support, losses in FMCG and metal stocks outweighed the gains, dragging the Nifty 50 down 0.54% to 24,450. The Sensex declined 0.50% to 78,148.
The broader markets remained mixed, with the Nifty Midcap 100 falling marginally by 0.02%, while the Nifty Smallcap 100 gained 0.22%.
Among the sectoral indices, Cement, FMCG, Realty and Metal stocks were the top losers, while Pharma, IT and Healthcare stocks ended in the green.
Meanwhile, mutual fund inflows weakened in July, declining 14.8% month-on-month to ₹24,697 crore, driven by outflows from large-cap funds for the first time since December 2023, according to data from the Association of Mutual Funds in India.
However, small-cap and mid-cap funds attracted record inflows in July, reflecting a shift in investor preference amid continued uncertainty in global markets due to geopolitical tensions.
The prospect of reopening the Strait of Hormuz remained uncertain after President Donald Trump issued sweeping new demands on Iran, including compensation for people whom the Islamic Republic has killed in conflicts.
The demands came after Tehran reiterated calls for reparations as part of negotiations to wind down the conflict.
Q1 results disappoint; Triveni Turbine, KEC International among top losers
Triveni Turbine was the top laggard among Nifty 500 stocks, falling 5.7% to ₹600 apiece after investors were disappointed with the company’s June-quarter results, which came in below Street estimates.
KEC International also came under pressure following its Q1 results, with the stock declining 5.3% to ₹450 apiece after the company’s profit slumped 42%. Balrampur Chini Mills also fell 4.2% following the release of its June-quarter numbers.
Meanwhile, earnings-led selling in Aditya Birla Fashion continued, with the stock declining another 4% to ₹58.60 apiece. Action Construction Equipment also came under pressure after its recent rally, falling 3.62% to ₹1,073 apiece.
Other notable decliners included Castrol India, Godrej Properties, CRISIL, Vedanta, Hitachi Energy India, Welspun Living, Godfrey Phillips India, Tata Consumer Products, Jindal Steel, RITES, JSW Energy and Manappuram Finance, all of which fell more than 2.5%.
Q1 earnings, order wins lift select stocks despite weak market
Although overall market sentiment remained weak, Chennai Petroleum shares bucked the trend, surging 15% to ₹1,426 apiece, marking their biggest single-day gain in recent times. Meanwhile, better-than-expected June-quarter performance lifted Finolex Cables shares 4.2% to ₹1,207 apiece.
Similarly, upbeat Q1 performances drove gains in Gland Pharma and Amara Raja Energy, with the stocks advancing 9.6% and 8%, respectively. QSR stocks also witnessed strong buying, with Sapphire Foods India and Devyani International each surging around 7%.
Zen Technologies shares gained 5.8% to ₹1,818 apiece after the company secured a ₹295 crore order from the Ministry of Defence. Other stocks, including Poly Medicure, Sonata Software, Ather Energy, Bosch, Oil India and Cohance Lifesciences, all gained more than 3.7%.
Among new-age technology stocks, PB Fintech and Pine Labs also remained in demand, gaining 5.6% and 3.5%, respectively.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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