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Informist, Friday, May 30, 2025

By Akash Mandal

MUMBAI – Benchmark equity indices consolidated further and ended slightly lower Friday amid lack of fresh triggers, analysts said. Indices had risen briefly in early trade before falling back into the red as investors booked profits at higher levels, analysts said. Information technology and some automobile stocks were the biggest drags on the indices.

The Nifty 50 ended at 24750.70 points, down 82.90 points or 0.3%, and the BSE Sensex closed at 81451.01 points, down 182.01 points or 0.2%. Bajaj Auto ended 3% lower and was the worst hit in the 50-stock index after brokerages expressed concerns regarding the company's falling market share and the stock's high valuation. Nirmal Bang Institutional Equities downgraded the stock to 'hold' from 'buy' and lowered its target price to INR 9,615. 

Information technology stocks were also a major drag on the index after a US appeals court temporarily reinstated US tariffs Thursday, a day after a federal trade court had struck them down. Stocks such as HCL Technologies, Tech Mahindra, and Infosys, which had gained in the previous sessions, ended 1-2% lower.

Metal stocks fell after they had soared Thursday on positive commentary by Jefferies. The Nifty Metal closed nearly 2% lower after having gained a tad over 1% Thursday. Vedanta, Jindal Stainless, and Jindal Steel & Power ended 2-4% lower. Hindalco Industries fell nearly 3% and was among the worst hit in the Nifty 50. Jefferies had on Thursday downgraded the stock to 'hold' and cut its target price to INR 690 from INR 800 due to muted growth expectations and rising debt concerns.

Most sectoral indices ended in the red, with the Nifty Metal and Nifty IT being the worst hit. On the other hand, Nifty PSU Bank surged in afternoon trade to end 3% higher. Bank of Maharashtra, UCO Bank, Indian Overseas Bank, and Union Bank of India ended nearly 6% higher. IDBI Bank ended 3% higher after Moneycontrol reported that the United Arab Emirates-based Emirates NBD was looking to acquire majority 61% stake in the domestic bank.

State Bank of India ended 2% higher. Many other financial services stocks also ended in the green. Muthoot Finance closed 7% higher after the finance ministry said small-ticket borrowers with gold loans below INR 2,00,000 might be excluded from the requirements of the proposed draft directions on lending against gold collateral to ensure timely and speedy disbursement of loans.

A host of stocks reacted to corporate earnings. Suzlon Energy ended over 9% higher on strong earnings for the March quarter and a positive outlook for 2025-26 (Apr-Mar). Samvardhana Motherson International ended over 4% higher after brokerages said they were bullish on the stock with HDFC Securities, ICICI Securities, Nuvama Institutional Equities, and Nomura Global Markets Research increasing their target price on the stock by 5-36%, while maintaining their respective 'buy' or equivalent ratings on the stock. The stock has soared over 4% in early trade. The company's consolidated net profit for the March quarter fell over 23% on year. Wockhardt ended nearly 9% higher and rose to a one-month high after the drugmaker's losses shrunk sharply on year in the March quarter.

Mazagon Dock Shipbuilders ended over 7% lower after its net profit for the reporting quarter more than halved on year owing to higher input costs. SJVN fell 6% on year after the hydropower company's bottom line for the quarter halved on year. Ola Electric Mobility closed over 4% lower after the electric two-wheeler maker's losses widened on year in the March quarter. Brokerage firm Kotak Institutional Equities downgraded the stock to 'sell' from 'reduce' and slashed its target price to INR 30 from INR 50, citing weak volumes and greater competetion. 

Welspun Living ended nearly 10% lower and was the worst hit in the Nifty 500 after its consolidated net profit for the March quarter saw an on-year fall. Amara Raja Energy & Mobility's bottom line also fell on year in the March quarter, pushing the stock over 5% lower. 

* Of the Nifty 50 stocks, 7 rose and 43 fell 

* Of the Sensex stocks, 5 rose and 25 fell

* On the NSE, 1,299 stocks rose, 1,581 fell, and 75 were unchanged

* On the BSE, 1,826 stocks rose, 2,160 fell, and 133 were unchanged

* Nifty PSU Bank: up 2.9%; Nifty Bank: up 0.4%; Nifty Metal: down 1.7%

BSE                                               NSE

Sensex: 81451.01, down 182.01 points or 0.2%      Nifty 50: 24750.70, down 82.90 points or 0.3%

End

Edited by Avishek Dutta

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