Airtel, M&M and financial stocks weigh on benchmarks; metal shares outperform while GE Vernova and Garuda Construction gain on fresh orders
Indian equity markets remained under pressure on Tuesday as rising crude oil prices, geopolitical uncertainty and concerns over global interest-rate policy weighed on investor sentiment. The Sensex declined 397.70 points, or 0.52 per cent, to 75,735.11, while the Nifty50 fell 109.35 points, or 0.46 per cent, to 23,669.80 around 10 am.
The decline extended the market’s recent losing streak, with investors adopting a cautious approach amid renewed tensions involving the United States and Iran. Higher crude prices have raised concerns over inflation, India’s import bill and the broader economic outlook. Global investors are also monitoring US bond yields and the possibility of tighter monetary policy.
Airtel, M&M Among Major Stocks Under Pressure
In the Sensex pack, Mahindra & Mahindra, Trent, Axis Bank, Sun Pharma and Tata Consultancy Services were among the prominent laggards. Bharti Airtel also remained under pressure during the morning session. On the Nifty50, Shriram Finance, HCL Technologies and Tech Mahindra were among the top losers.
The broader market also reflected a cautious mood. The Nifty MidCap 100 declined around 0.17 per cent, while the Nifty SmallCap 100 slipped 0.24 per cent in early trade. Selling was visible across auto, realty and several financial stocks, although select sectors managed to buck the trend.
Metal Shares Outperform
Metal stocks emerged as a relative bright spot, with the Nifty Metal index gaining around 0.39 per cent. Hindustan Copper, National Aluminium Company and Hindustan Zinc were among the leading gainers in the sector.
The outperformance came as investors looked for opportunities in commodity-linked companies despite weakness in the broader market. However, metal stocks remain sensitive to global demand, commodity prices and currency movements.
GE Vernova, Garuda Construction in Focus
GE Vernova T&D India gained nearly 8 per cent after emerging as the lowest bidder for a Power Grid Corporation project involving a 6,000-megawatt, 800-kilovolt high-voltage direct-current terminal station. The project is aimed at evacuating renewable power from Barmer II to South Kalamb.
Garuda Construction and Engineering rose more than 10 per cent after its subsidiary signed an MoU with Saudi Arabia-based Almasarat Company for the construction and development of a 93-storey tower in Jeddah. The project has an estimated revenue potential of ₹1,800 crore.
Gold and Silver Rise on Safe-Haven Demand
Gold and silver futures advanced as investors sought safe-haven assets amid continuing geopolitical uncertainty. Central-bank buying also provided support to bullion prices, while traders covered short positions at important technical levels.
The rise in precious metals reflects the wider risk-off environment, although movements in the US dollar, bond yields and geopolitical developments will remain important for the near-term trend.
Market Outlook
The near-term market trend remains cautious as rising crude oil prices and geopolitical risks continue to influence global risk appetite. Analysts are watching the Nifty’s support zone around 23,600–23,500, while a sustained recovery above 24,000–24,025 may be required to improve sentiment. Investors may prefer selective large-cap stocks and companies with strong earnings visibility until volatility eases.