Nifty defends 26,150 on weekly expiry despite weakness in Reliance, HDFC Bank

Indian equity benchmarks ended Tuesday’s session largely in the red, weighed down by sharp losses in Reliance Industries, Trent and select consumption names, even as pockets of strength emerged in financials, metals and pharmaceuticals.

The Sensex fell 376 points to close at 85,063, while the Nifty slipped 72 points to end at 26,179, remaining below the 26,200 mark. Market breadth was decisively negative, with the advance-decline ratio standing at 2:3.

Reliance Industries was among the biggest drags

on the benchmarks, posting its steepest single-day fall in nearly 10 months. Trent emerged as the top Nifty loser, sliding 8% after reporting weaker-than-expected revenue growth for the quarter. ITC continued its downward trajectory, falling another 2% to hit its lowest levels in over two years.

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Financials were relatively resilient. The Nifty Bank index rose 74 points to 60,118, supported by gains in ICICI Bank and insurance stocks. HDFC Life topped the Nifty gainers amid buying ahead of monthly sector data, while Kotak Mahindra Bank slipped 2% despite reporting healthy quarterly growth.

Metal stocks remained in focus as prices climbed, with NALCO and Hindalco leading gains. Divi’s Laboratories and Emmvee surged 5–8% following positive brokerage commentary, whileIndian Energy Exchange jumped 9% amid developments in the market coupling case.

On the broader market front, midcaps underperformed, with the index falling 117 points. EMS stocks saw sharp selling, while select small-cap names extended gains despite the weak undertone.

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