After four straight sessions of gains, Indian markets took a breather on Wednesday. Sensex slipped 153 points to close at 81,773, and Nifty lost 62 points to end near 25,046 — as investors booked profits ahead of the Q2 earnings season.
Financials led the fall, down about half a percent, snapping a six-day rally that had added 3%. Auto stocks also came under pressure — Tata Motors dropped over 2% after JLR warned of lower Q2 volumes.
On the brighter side, IT stocks stayed firm. The Nifty IT index jumped 1.5% ahead of TCS results, with TCS itself up nearly 2%. Titan was the top gainer of the day, surging over 4% on a strong pre-quarter update.
Broader markets too saw some weakness — small-caps down 0.5%, mid-caps off 0.7%.
Expert Take
Vinod Nair of Geojit Investments says the market paused after a sharp rally as investors turned cautious ahead of earnings.
He points out that while global cues — like the U.S. shutdown and Fed minutes — remain in focus, domestic earnings, macro data, and the festive season will now drive sentiment.
Global Cues
Globally, equities edged higher as hopes of rate cuts lifted sentiment.
But gold stole the spotlight — soaring past $4,000 an ounce for the first time ever — as investors rushed to safety amid political and economic uncertainty.
European stocks rose 0.4%, even as BMW tumbled 7% after trimming its 2025 forecast. U.S. futures were mildly positive.
Commodities & Currency
Oil prices gained over 1% after OPEC+ announced a smaller-than-expected production hike — Brent settled around $66 a barrel.
The rupee, meanwhile, held steady at 88.79 per dollar, with traders hinting at possible RBI intervention to contain volatility.
That’s your market wrap for the day. I’m Neha Vashishth, and you’re watching ET Market Watch. Stay tuned for all the updates as Q2 earnings season kicks off.