Nifty, Sensex plunge as FII selling and weak earnings weigh on markets

Indian stock markets experienced a sharp decline on Tuesday as foreign institutional investors (FIIs) continued to offload equities, and earnings reports from key companies failed to impress. The broader market reflected the bearish sentiment, with 3,478 stocks declining and only 525 advancing on the Bombay Stock Exchange (BSE). The advance-decline ratio stood at a dismal 0.15, signaling a negative close across the board.

Market Highlights

On the National Stock Exchange (NSE), 18 stocks managed to hit fresh 52-week highs, while a staggering 407 stocks slumped to their lowest levels in a year. Among the sectoral indices, Nifty Media, Nifty Auto, and Nifty Energy emerged as the biggest losers.

Key Developments in the Market

Bharat Forge (-2.36%): Its subsidiary, Kalyani Strategic Systems (KSSL), signed an MoU with L3Harris Technologies to collaborate on advanced defense and security equipment in India.

Juniper Hotels (-3.02%): Secured approval to acquire 100% stake in Jenipro Hotels through a share purchase agreement with existing shareholders.

TCS (-1.76%): The IT giant partnered with Muscat Clearing and Depository (MCD), Oman, to modernize its depository system using TCS BaNCS for market infrastructure and Quartz solutions.

Bondada Engineering (-4.78%): Received a ₹228.17 crore Letter of Award (LoA) from South Central Railways for infrastructure projects, including Kavach and 4G LTE-R high-density networks. The execution timeline is set at 720 days.

Samhi Hotels (-0.36%): Exited its 100% stake in Duet India Hotels in a deal valued at ₹53.50 crore.

Chalet Hotels (-3.80%): Acquired Mahananda Spa and Resorts, a wholly owned subsidiary of Mankind Pharma and the owning company of The Westin Resort & Spa, Himalayas (TWRS) in Rishikesh, for ₹530 crore.

Rail Vikas Nigam (-3.06%): Emerged as the lowest bidder for a ₹355.43 crore KAVACH project from South Western Railway, covering 790 km in Hubballi & Mysuru Divisions.

Earnings Round-Up

Gujarat State Fertilizers & Chemicals (-5.28%): Posted a 13.44% rise in net profit at ₹133.85 crore for Q3FY25, with total income rising 37.39% to ₹2,870 crore.

ICRA (+4.49%): Delivered a 30.27% jump in net profit at ₹42.22 crore, while total income grew 6.05% to ₹139.73 crore.

Force Motors (-0.09%): Reported a 35% increase in net profit at ₹115.34 crore, with total income up 12.31% to ₹1,904.38 crore.

Eicher Motors (-6.73%): Despite a 17.52% rise in net profit to ₹1,170.50 crore, the stock took a hit as total income rose 18.71% to ₹5,261.90 crore, but failed to meet market expectations.

Avanti Feeds (-2.29%): Reported a 69.02% jump in net profit at ₹140.81 crore, with total income increasing 9.16% to ₹1,404.90 crore.

Market Outlook

With FII outflows persisting and earnings failing to provide significant positive triggers, market sentiment remains weak. Investors are likely to focus on global cues, domestic inflation data, and upcoming corporate results for direction in the coming sessions.