Indian frontline indices closed Thursday’s trading session with modest gains, as the opening rally fizzled out during the second half of the session, with investors appearing to lock in gains following the recent rally.
The markets opened with a fresh wave of optimism amid reports that the US will remove hefty tariffs on Indian goods, sending both Nifty and Sensex close to their record highs. However, profit booking dragged the indices thereafter, with the Nifty 50 erasing 213 points from the day’s high to settle with a minor gain of 0.09% at 25,891.
The S&P BSE Sensex also fell 732 points from the day’s high to finish the session with a gain of 0.16% at 84,558 points. The broader markets underperformed the frontline indices, with Nifty Midcap falling 0.1% and the Nifty Smallcap 100 index dropping 0.12%.
Globally, the resumption of trade tensions between China and the US has also made risky assets less appealing to investors and prompted them to book profits in select counters.
Sector-wise, Nifty IT led the charge, with the index surging 2.18%, followed by Nifty Media and Nifty FMCG, each gaining 0.34%. On the downside, Nifty Oil & Gas was the top laggard, dropping 0.67%, with Nifty Pharma following, down 0.13%.
Tech, textile, and banking stocks led the charge
Tech stocks surged sharply as strong buying was seen across the board. Birlasoft, Infosys, HCL Technologies, MphasiS, Zensar Technologies, Sonata Software, TCS, Tata Elxsi, Newgen Software Tech, and Cyient closed with gains ranging between 2% and 7.7%.
Textile stocks also received a boost on reports of progress toward a trade agreement between India and the US. KPR Mill surged 5.5% to ₹1,080, followed by a 5.3% jump in Vardhman Textiles. Other key names, including Welspun Living and Alok Industries, also rose 4.4% and 2%, respectively.
Vodafone Idea made strong moves, advancing 6% to ₹9.52 apiece, approaching the ₹10 level. A breach of this level would mark its first occurrence since February 2025.
According to a Moneycontrol report, the telecom operator is increasingly partnering with Indian network equipment makers such as Tejas Networks, HFCL, and HCLTech to cut costs, speed up network rollouts, and localize its 4G and 5G infrastructure.
Meanwhile, banking stocks continued their winning run, with Bank of India, Bandhan Bank, IDFC First Bank, and Axis Bank all finishing with gains in the range of 2%–4%.
Godfrey Phillips, Hindustan Copper are among the worst hit
On the losing side, Godfrey Phillips India emerged as the top laggard among Nifty 500 stocks, falling 6.9% to ₹3,614 apiece. Although there was no fundamental trigger behind the decline, analysts attributed the fall to technical factors, as the stock had gained sharply in recent months.
This was followed by Tata Investment Corp, Force Motors, and Poonawalla Fincorp, each losing over 5%. GE Vernova T&D India extended its slide for the third consecutive session, with the stock plunging another 4.8% to ₹2,817 — its lowest level in a month.
The rebound in the US Dollar Index also weighed on metal stocks, with Hindustan Copper among the worst hit, losing 4.5% to ₹330.7 apiece.
Fortis Healthcare also came under pressure, dropping 4.4% to ₹1,049, while profit booking dragged Ather Energy shares 4.2% lower to ₹733 apiece.
Other stocks from the index, including Chennai Petroleum Corporation, Netweb Technologies, SBFC Finance, Tata Communications, Adani Power, Hindustan Petroleum, Dixon Technologies, HBL Engineering, Eternal, and Muthoot Finance, also declined between 3% and 4.2%.
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