Sensex, Nifty end lower as auto and IT stocks drag; Trent down 4%

Benchmark stock market indices ended the day on a negative note as auto and IT stocks fell sharply.
The S&P BSE Sensex fell 318.76 points to 81,501.36, while the NSE Nifty50 ended 86.05 points lower to settle at 24,971.30.
Most of the broader market indices also ended in the red due to high volatility. Among sectoral indices, Nifty Auto and Nifty IT fell over 1% each, while most others ended in negative territory as well.
The top five gainers on the Nifty50 were HDFC Life, Dr Reddy, Grasim, HDFC Bank and Bajaj Auto. On the other hand, the top losers were Trent, M&M, Infosys, Hero MotoCorp and Adani Ports.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The national market traded range bound with a negative bias due to the fear of a downgrade in FY25 earnings, which could impact the sustainability of premium valuation.”
“The participants are expecting only a slow pace in earnings expansion in Q2FY25 due to insipid demand and volatility in input prices. The rate of recovery in Q2 compared to Q1 is below expectation,” he added.
Meanwhile, Rupak De, Senior Technical Analyst, LKP Securities, said, “The Nifty has slipped after a brief consolidation on the hourly time frame, suggesting increasing bearish sentiment among traders. The recent weakness has led Nifty below the 38.20% retracement of the previous rise from 24,694 to 25,212.”
“Sentiment now appears slightly bearish, with immediate support at 24,900. A break below this level could intensify the weakness, potentially dragging Nifty down to 24,700. On the upside, 25,000 remains a strong resistance; only a decisive breakout above this level may trigger a directional rally in the market,” De added.