Indian Stock Market Ends Mixed as Pharma Shares Shine and IT Stocks Drag Indices Lower
The Indian stock market witnessed a mixed trading session on Thursday as investors remained cautious amid weak global cues and softer economic data. The major indices opened above Wednesday’s closing levels but struggled to maintain gains throughout the day. While pharmaceutical and healthcare stocks attracted buying interest, heavy selling in information technology and metal stocks limited overall market performance.
Market Opens Higher but Faces Pressure
Indian benchmark indices started the day on a positive note, opening above the previous session’s closing levels. However, market sentiment remained cautious due to concerns about slowing economic growth and weakness in global markets.
Investors closely monitored domestic economic indicators and corporate developments, while global uncertainties also influenced trading activity. As the session progressed, profit booking in several sectors pulled the market lower from its early highs.
Pharma and Healthcare Stocks Lead Gains
The pharmaceutical and healthcare sectors emerged as the strongest performers of the day. Investors showed confidence in defensive sectors as uncertainty remained high across global markets.
Among the top gainers in the Nifty 50 index, Cipla led the pack with a gain of 1.23%, closing at Rs 1,433.10. Dr. Reddy’s Laboratories also performed well, rising 0.82% to settle at Rs 1,301.30.
Power Grid Corporation gained 0.76%, while Axis Bank and Sun Pharma added 0.36% and 0.27%, respectively. These stocks helped support the benchmark indices despite broader market weakness.
IT and Metal Stocks Under Pressure
The information technology sector witnessed heavy selling during the trading session. Concerns about global demand and weakness in overseas technology markets affected investor sentiment.
Infosys was the biggest loser among Nifty 50 stocks, falling 3.39% to Rs 1,029.30. Tata Consultancy Services (TCS) also declined sharply by 3.21% and closed at Rs 2,059.60.
Wipro lost 3.16%, while metal major JSW Steel dropped 3.13%. Adani Enterprises also came under pressure, declining 3.16% during the session.
The weakness in IT and metal shares played a major role in limiting market gains.
PMI Data Shows Slower Growth in June
Fresh economic data released during the day indicated that India’s business activity expanded at a slower pace in June compared to May.
According to preliminary estimates, the manufacturing Purchasing Managers’ Index (PMI) fell to 57.4 in June from 59.3 in May. The services PMI also slipped to 54.5 from 55.0, while the composite PMI declined to 57.3 from 59.8.
Although all readings remained above the 50-mark, indicating continued expansion, the decline suggests that economic growth moderated during June.
RBI Sells Dollars to Support Rupee
The Reserve Bank of India (RBI) reported that it sold a net $8.9 billion in April to stabilize the rupee amid tensions arising from the West Asia conflict. The central bank also stated that its physical gold holdings remained unchanged during the period.
The RBI’s intervention highlights its efforts to manage currency volatility and maintain stability in the foreign exchange market.
IPO Market Updates
The IPO market remained active with investors tracking subscription figures.
The Waterways Leisure Tourism IPO received subscription of 0.19 times overall, while the retail investor portion was subscribed 0.99 times. The issue is scheduled to close on June 25.
Meanwhile, the Turtlemint Fintech Solutions IPO ended with an overall subscription of 1.20 times. The retail investor category was subscribed 1.07 times.
Key Corporate Developments
Several listed companies announced important business updates during the day.
Bharti Airtel increased its effective stake in Airtel Africa to around 79% after acquiring an additional 16.3% stake from Indian Continent Investment Ltd.
Infosys expanded its long-term partnership with semiconductor manufacturer GlobalFoundries to provide AI-powered managed services across multiple business operations.
NTPC announced that its subsidiary PVUNL has started commercial operations of Unit-2 of the Patratu thermal power project. Following this development, NTPC Group’s total installed power generation capacity increased to 90,857 MW.
HCL Technologies partnered with Circles and GreySkies under the TM Forum Catalyst Program to develop an AI-based framework aimed at improving network operations and customer experience.
Grasim Industries invested Rs 2,880 crore in Aditya Birla Capital through a preferential issue, while Aditya Birla Capital raised around Rs 4,000 crore through the allotment of new equity shares.
Vodafone Idea raised fresh funds after allotting 430 crore warrants to promoter group entity Suryaja Investments.
Gold and Silver Prices Fall
Precious metals witnessed notable declines during the day. The price of 10 grams of gold fell 1.57% to Rs 1,44,995. Silver prices saw a sharper decline, dropping 4.34% to Rs 2,27,483 per kilogram.
Global Markets Remain Weak
Global market performance remained largely negative. Most Asian markets traded lower, reflecting investor caution. European markets were also mostly in the red during the evening trading session.
In the United States, the Dow Jones Industrial Average managed a gain of 0.29%, while the technology-heavy Nasdaq index fell 1.32%.
Market Outlook
The Indian stock market continues to face mixed signals from both domestic and global factors. While strong performance in pharmaceutical and healthcare stocks provided support, weakness in IT and metal shares weighed on sentiment. Investors are likely to remain focused on economic data, global market trends, corporate earnings, and upcoming policy developments for further direction in the coming sessions.