It was another weak session for the Indian stock market as key indices remained lower for the second straight day on Thursday, November 6, with investor sentiment staying fragile amid mixed global cues and limited domestic triggers.
Though the markets opened on a positive note, they failed to sustain the momentum as the sell-off deepened through the day, causing the Nifty 50 to shed 0.34% to 25,509, while the S&P BSE Sensex declined 0.18% to 83,311.
The broader markets also closed with deeper cuts, with the Nifty Smallcap 100 index falling sharply by 1.3%, and the Nifty Midcap 100 slipping 0.95%.
Barring the Nifty IT, all major sectoral indices ended in the red, with Nifty Media emerging as the top laggard, down 2.54%, followed by Nifty Metal, Nifty Consumer Durables, Nifty Realty, and Nifty PSU Bank, which posted losses between 0.5% and 2%.
Vinod Nair, Head of Research, Geojit Investments Limited, said, “Volatility dominated the domestic market, with broad-based profit booking seen amid continued FII outflows, despite supportive Asian markets. Early optimism from the inclusion of four Indian companies in the MSCI Global Standard Index and strong U.S. macro data was offset by weak domestic PMI readings, indicating softening sentiment.”
Ponmudi R, CEO of Enrich Money, said, “The Indian markets opened on a steady note but lost momentum in the second half of the session, closing lower as weakness in European equities and persistent selling by foreign portfolio investors (FPIs) weighed on sentiment.”
“The rise in US bond yields, driven by stronger-than-expected jobs data and robust services sector growth, further tempered expectations of a Federal Reserve rate cut in December, dampening global investor sentiment,” he further added.
Weak Q2 numbers, cautious outlooks and CEO exit spark sharp sell-off across key stocks
Delhivery was the top underperformer in the Nifty 500 pack as the stock lost 8.7% to ₹442.6 apiece after the company reported a net loss of ₹50.3 crore in Q2, compared with a net profit of ₹10.2 crore in the same period last year.
BEML’s results also disappointed the Street, causing the stock to drop 7.6% to ₹1,986 apiece, its lowest level since early September. The company reported a 6% YoY decline in net profit to ₹48 crore, down from ₹51 crore in the year-ago quarter.
Though Aditya Birla Fashion and Retail’s net loss narrowed in Q2, its shares slumped 7.2% to ₹78.1 apiece, while a cautious full-year guidance by Blue Star led its stock to fall 6.9% to ₹1,785 apiece.
The company said it continues to witness a demand slowdown in the air conditioner segment, as prolonged rains and lower temperatures have impacted secondary sales.
Likewise, weaker-than-expected performance by Sheela Foam also dragged its stock down 6.4% to ₹672 apiece.
Grasim Industries shares also came under pressure, losing 6.3% to ₹2,700 apiece, after the company announced that Rakshit Hargave, CEO of its paints division Birla Opus, had resigned from his position on Wednesday.
The unexpected exit from the newly launched paints business weighed on investor sentiment, overshadowing the company’s otherwise healthy quarterly performance.
Another Aditya Birla Group firm, Hindalco Industries, shed 5.2% to ₹788.4 apiece after analysts estimated that a fire at Novelis’ New York plant could impact the company’s cash flow by $550-650 million.
Other key stocks, including Voltas, Ola Electric Mobility, Indian Hotels Company, Adani Enterprises, Godrej Properties, Adani Power, PB Fintech, Anant Raj, Graphite India, and Swan Corp, also closed lower, slipping between 3.5% and 5%.
Earnings stars shine in a weak market
Despite the market remaining under pressure, investors rewarded companies that reported a strong set of quarterly numbers. Redington topped the gainers’ list, closing 15.9% higher at ₹290 apiece, ending its prolonged downturn after reporting robust year-on-year growth and a sharp sequential improvement in performance.
CCL Products India also reacted positively to its Q2 results, with the stock rallying 9.5% to ₹973 apiece. The company posted a 36.5% YoY revenue growth in Q2FY26, driven by steady volumes and strong branded sales.
One97 Communications, the parent company of payments platform Paytm, ended 4.15% higher at ₹1,320 apiece after reporting a solid performance, aided by operational efficiencies. The company also highlighted that AI could emerge as a new revenue driver going forward.
Asian Paints was another top performer, finishing 4.7% higher at ₹2,602 apiece, following multiple positive developments – one being the resignation of Rakshit Hargave, CEO of Grasim Industries’ paints division, Birla Opus, which eased concerns over intensifying competition in the paints segment.
Britannia Industries shares also gained 2.1%, driven by a higher-than-expected profit after tax in Q2.
The maker of ‘Marie Gold’ and ‘Bourbon’ biscuits reported a 23% rise in consolidated net profit to ₹655 crore, surpassing analysts’ estimates, compared with ₹532 crore in the same period last year and ₹520 crore in the previous quarter.
Among other FMCG names, Dabur shares also inched up 1.3% to ₹523.7 apiece.