Power Grid Declines as Nifty Corrects After Gains
- The Nifty 50 index declined by 0.16% on Friday, with 29 stocks gaining and 21 losing.
- Bharat Petroleum Corporation was the top gainer, while Power Grid Corporation faced the largest decline.
- Market analysts suggest that profit booking and anticipation of Q2 earnings reports influenced the market's performance.
On Friday, the Nifty 50 index experienced a slight decline of 0.16%, closing at 26,175.15, following a six-session gain streak. Out of the 50 stocks, 29 saw gains while 21 faced losses. Bharat Petroleum Corporation (BPCL) emerged as the top performer with a notable 6.43% increase, trading at ₹367.30. Cipla also performed well, rising by 3.13% to ₹1,672.50. Other gainers included Coal India and Reliance Industries, which appreciated by 1.89% and 1.88%, respectively. Conversely, Power Grid Corporation of India was the biggest loser, with its stock price dropping by 3.06% to ₹354.25. Bharti Airtel followed with a 2.06% decrease, while HDFC Bank, ICICI Bank, and Kotak Mahindra Bank also saw declines in their stock prices. HDFC Bank fell by 1.73%, ICICI Bank by 1.69%, and Kotak Mahindra Bank by 1.57%. Market analysts noted that the recent surge in stock prices led to profit booking among investors, contributing to the market's volatility. The Chinese market showed sharp gains, influenced by mixed sentiments across Asia, driven by economic stimulus and attractive valuations. Additionally, sectors such as metals, pharma, and IT experienced fluctuations due to the weakening Indian Rupee. Investors are now looking ahead to the Q2 earnings reports, hoping for an improved earnings outlook, which could influence market trends in the coming weeks.