Sensex ends flat, Nifty below 24,000: 5 reasons why the stock market was subdued today

Indian benchmark indices ended a volatile session with marginal losses on Tuesday as weakness in Hindustan Unilever Ltd. (HUL) offset gains in information technology (IT) stocks.

The BSE Sensex fell 70 points to close at 76,766, while the Nifty 50 slipped 11 points to 23,985. The Nifty Bank index declined 332 points to 56,756, while the Nifty Midcap index gained 48 points to 62,352.

1. HUL drags benchmark indices

HUL emerged as the top loser on the Nifty after reporting a miss on volume, with the stock falling 7% and weighing on the benchmark indices.

2. IT stocks extend gains

Information technology stocks continued to attract buying interest. Tata Consultancy Services (TCS) and Tech Mahindra were among the top gainers on the Nifty.

3. Earnings trigger sharp stock-specific moves

Radico Khaitan surged after upgrading its volume and margin outlook for FY27. Cholamandalam Investment and Finance Company ended lower but recovered from intraday lows after reporting an in-line quarter. Suzlon Energy, Godfrey Phillips India and Varun Beverages declined by up to 10% after their quarterly results.

4. Coforge, Lodha, IEX and Pinelabs gain

Coforge rose more than 10% after saying FY27 is expected to be an exceptional year. Lodha climbed 9%, extending its monthly gain to 36%. Indian Energy Exchange (IEX) added 4%, building on Monday's gains, while Pinelabs recovered sharply from intraday lows after raising its margin guidance.

5. Avenue Supermarts slips; market breadth remains weak

Avenue Supermarts fell 5% after commentary at its analyst meeting weighed on the stock. Despite gains in select counters and midcaps, the broader market remained weak, with the advance-decline ratio at 1:2, indicating that declining stocks outnumbered advancing shares.

From the Sensex basket, Tata Consultancy Services Ltd, Eternal Ltd, Tech Mahindra Ltd, TVS Motor Company Ltd, Infosys Ltd and Cipla Ltd were the major gainers. Hindustan Unilever Ltd, Bharat Electronics Ltd, Coal India Ltd, Tata Consumer Products Ltd, NTPC Ltd and ICICI Bank Ltd were the biggest laggards.