Indian equity benchmarks witnessed sharp swings on September 30, the third trading session of the week, ultimately settling lower after early gains evaporated. Morning trade had offered a modest recovery, but the initial buying momentum proved short-lived as distribution pressures resurfaced across the broader tape. Pronounced selling in metal, pharmaceutical, and healthcare counters pushed the headline indices, the Sensex and the Nifty, firmly into negative territory. However, strong buying interest in private lenders, public sector banks, and realty stocks provided vital support at lower levels, preventing a much deeper decline.
Benchmark Indices Face Late-Session Pullback
At the closing bell, the BSE Sensex settled with a minor loss of 48.78 points, or 0.07%, at 72,480.29. Meanwhile, the NSE Nifty dropped 95.75 points, or 0.42%, to end the day at 22,620.45. The overall market breadth remained mixed, reflecting cautious sentiment among market participants. On the Bombay Stock Exchange, 2,051 stocks advanced while 2,135 scrips declined, with 187 equities concluding the session unchanged. Across broader segments, the Nifty Midcap index ended virtually flat, while the Smallcap index managed to carve out a modest gain of 0.2%.
Pharma and Metals Slump as Banking Counters Advance
Sector-specific performance revealed deep fissures across cyclical and defensive pockets. The Nifty Pharma index slid 1.43% to close at 26,549.55, with both metal and healthcare indices tumbling by more than 1%. In stark contrast, interest in financial services and real estate helped steady the market. The Nifty Realty index gained 1.28%, Nifty PSU Bank advanced 0.87%, and the headline Nifty Bank rose 0.82%, with these sectors recording gains between 1% and 2%. The technology basket also found marginal traction, as Nifty IT closed 0.15% higher.
Kotak Mahindra Bank Leads Gainers while Apollo Hospitals Slides
Individual stock movements on the Nifty showed sharp divergence by the end of trade. Kotak Mahindra Bank emerged as the top gainer on the index, surging 2.71%. Notable upward momentum was also seen in IndiGo, which rose 2.30%, ICICI Bank gaining 2.28%, UltraTech Cement advancing 1.17%, and Axis Bank climbing 1.15%, alongside positive closes for Wipro and Tech Mahindra. On the losing side, Apollo Hospitals plunged 5.70% to finish as the worst performer of the day. Substantial weakness also hit Max Healthcare, down 5.33%, Sun Pharma slipping 2.60%, Cipla falling 2.41%, SBI Life shedding 2.22%, Infosys declining 2.10%, and ONGC losing 1.83%.
