Markets end largely lower as early gains fizzle out, SBI drops 1.6% on earnings miss

Markets ended largely lower on Thursday as early gains fizzled out, with broader markets facing selling pressure and the midcap index underperforming the benchmarks.

The Sensex declined 184 points to settle at 78,088, while the Nifty dropped 93 points to close at 23,603. The Nifty Bank index edged up 39 points to 50,382, while the Nifty Midcap index fell 680 points to 53,501.

State Bank of India (SBI) weighed on PSU banks, with the Nifty PSU Bank index down nearly 1%. SBI shares declined 2% after the lender missed estimates on net interest income (NII) and margins, although asset quality remained steady.

The Nifty Bank index, however, managed to close with minor gains, up 0.1%, supported by Axis Bank, ICICI Bank, and HDFC Bank. The SBI

Trent emerged as the worst performer on the Nifty, slipping 8% after its earnings met muted estimates. Swiggy saw a 7% decline amid continued pressure on its quick-commerce business. Solar Industries dropped up to 6% after the company cut its revenue growth guidance for the financial year 2025.

Realty stocks suffered sharp losses, with Macrotech Developers and Phoenix Mills falling 5% each. Page Industries slipped 4% after the company issued a cautious outlook and reported muted revenue growth.

Among gainers, IPCA Laboratories rose 4%, paring earlier highs, after Unichem Laboratories' third-quarter results were in line with guidance. Abbott India extended its rally, gaining 10% over two sessions after posting strong quarterly results. Zydus Lifesciences rose 4% after raising its revenue outlook for its U.S. business for the financial year 2026.

REC Ltd missed estimates on NII and loan growth, sending its shares down 3%, while PFC also declined. Godrej Properties extended Wednesday’s losses, dropping another 3%.

Bharti Airtel fell 2% and Hero MotoCorp lost 1% ahead of their quarterly results. Market breadth favored declines, with the advance-to-decline ratio at 4:5.