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Informist, Tuesday, May 13, 2025

By Akash Mandal

MUMBAI – The benchmark equity indices ended sharply lower Tuesday as investors took profits after Monday's sharp gains. The Nifty 50 fell nearly 350 points Tuesday after rising over 900 points Monday. Analysts expect the pull-back to be temporary, as sentiment for the near term remains positive due to de-escalation between India and Pakistan and a trade deal between the US and China.

With most heavyweights such as Infosys, HDFC Bank, ICICI Bank, Reliance Industries, and Tata Consultancy Services ending sharply lower, the Nifty 50 ended at 24578.35 points, down 346.35 points or 1.4%, and the BSE Sensex closed at 81148.22 points, down 1281.68 points or 1.6%. The indices had fallen as much as 1.5% during the session, but recovered in the latter part to close off the day's lows. India VIX, the market's fear gauge, settled 1% lower at 18.20 points, after it had spiked nearly 3% between 1000 IST and 1100 IST.

Defence stocks soared after Prime Minister Narendra Modi pushed for India-made defence equipment in his address to the nation late Monday. "During this operation, the credibility of our Made in India weapons was also proven... today, the world is witnessing that in 21st century warfare, the time has come for Made in India defence equipment," Modi said in his speech. The Nifty India Defence index ended over 4% higher, with guided missiles and allied defence equipment maker Bharat Dynamics skyrocketing over 11% to its highest level in 10 months.

Sectoral indices ended mixed. Information technology stocks were among the worst hit and the Nifty IT fell over 2%. The index had gained nearly 7% Monday after the trade deal between the US and China, which boosted hopes of tariff-related uncertainties ending in the near term. Infosys, Tata Consultancy Services, HCL Technologies, and Wipro ended 2-4% lower.

Pharmaceutical stocks rose after analysts said US President Donald Trump's order to reduce drug prices in the US would have limited impact on generics. Many Indian pharmaceutical companies such as Zydus Lifesciences, Biocon, and Lupin have a large portfolio of generics. Trump, who had initially said drug prices would fall immediately, gave a 30-day window for drug makers to comply with the requirements. Granules India, Divis Laboratories, and Zydus Lifesciences ended 2-4% higher.

Shares of Hero MotoCorp rose quickly and ended 2% higher after its earnings before interest, taxes, depreciation, and amortisation and EBITDA margin both rose on year. The stock, which traded slightly higher before earnings, rose nearly 3% after the earnings announcement. The company's March quarter earnings were in line with analysts' expectations. Shares of another Nifty 50 constituent Cipla also recovered to end nearly 1% higher after dipping 1% after its earnings.

Vishal Mega Mart ended nearly 7% higher and was among the top gainers in the Nifty 500. The stock has gained nearly 21% since Apr. 29, when it had reported robust earnings growth for the March quarter. "We maintain our positive stance given VMM's (Vishal Mega Mart's) long-term growth trajectory, aggressive store openings, strong category mix, and high share of private labels," Elara Securities had said after the company's earnings.

Shares of Swiggy ended 3% lower after the mandatory six-month lock-in period for non-promoter pre-initial public offering investors ended Monday. The stock fell 7% to an all-time low of INR 297 in early trade. Shares of the company have fallen nearly 11% since Apr. 24, and the stock has ended higher only three times since that date. 

Raymond Lifestyle recovered to end nearly 1% higher. The stock had fallen over 7% intraday after its bottom line for the March quarter fell 42% on year. UPL ended 5% lower and was among the worst hit in the Nifty 500 as brokerages pointed to concerns about its pricing power due to increased competition. The stock, whose March quarter bottom line came in below the Street's view, had ended higher Monday when its earnings were declared. Jyothy Labs ended over 4% lower as brokerages flagged the slowdown in urban markets and competitive intensity which are affecting the company's growth across the fabric care, dish wash, and personal care categories. The company's bottom line for the reporting quarter also missed analysts estimates.

* Of the Nifty 50 stocks, 13 rose and 37 fell

* Of the Sensex stocks, 5 rose and 25 fell

* On the NSE, 1,948 stocks rose, 937 fell, and 74 were unchanged

* On the BSE, 2,559 stocks rose, 1,402 fell, and 140 were unchanged

* Nifty India Defence: up 4.1%; Nifty Media: up 1.7%; Nifty IT: down 2.4%

BSE                                               NSE

Sensex: 81148.22, down 1281.68 points or 1.6%     Nifty 50: 24578.35, down 346.35 points or 1.4%

End

Edited by Avishek Dutta and Rajeev Pai

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