Mumbai | April 24, 2025 — Indian equity markets took a breather on Thursday, snapping a strong seven-session rally, as profit booking in heavyweight banking and FMCG stocks dragged benchmarks into the red. The BSE Sensex dropped by 315 points, or 0.39%, to settle at 79,801.43, while the broader Nifty50 slipped 82 points, or 0.34%, to end at 24,246.70.
The selling pressure was largely visible in the banking and financial pack — the biggest contributors to recent gains — as traders chose to lock in profits amid quarterly earnings season volatility.
Nifty50: Hindustan Unilever Tops the Losers’ List
Of the 50 constituents, 31 ended the day in the red. FMCG major Hindustan Unilever (HUL) emerged as the biggest drag on the index, sliding 4.12% to close at ₹2,324. The fall came despite the company reporting a 3.6% YoY rise in net profit to ₹2,493 crore in Q4 FY25. While revenue grew modestly by 2.08% to ₹15,000 crore, investors were seemingly disappointed by flat EBITDA growth and a contraction of 30 basis points in EBITDA margin to 23.1%.
Bharti Airtel also saw selling pressure, falling 1.89% to ₹1,846 after the company confirmed it had approached the Department of Telecommunications seeking conversion of deferred spectrum dues into equity.
Other significant losers included Eicher Motors (-1.88%), ICICI Bank (-1.64%), and Eternal (-1.02%).
IndusInd Bank Leads Gainers; Pharma and Cement Stocks Rise
On the flip side, IndusInd Bank led the gainers with a 3.17% jump to ₹819.35, supported by buying interest ahead of its quarterly results. UltraTech Cement (1.89%), Grasim (1.67%), Dr Reddy’s Labs (1.59%), and Cipla (1.32%) were also in the green, showing resilience amid broader market weakness.
Midcaps: Waaree Energies Drops Nearly 6% on Profit Booking
The Nifty Midcap 100 index fell marginally by 0.13% to 54,969.85, with 61 stocks declining and 39 gaining.
Solar equipment maker Waaree Energies took the biggest hit, tumbling 5.84% to ₹2,832. The stock had rallied over 15% in the previous session following a robust March quarter performance, prompting traders to book profits.
Kalyan Jewellers (-3.54%), Premier Energies (-3.09%), Biocon (-2.96%), and Aditya Birla Capital (-2.87%) also closed lower.
Among gainers, Tata Elxsi jumped 4.62% to ₹5,926, followed by Hindustan Zinc (2.42%), Paytm (2.41%), Apollo Tyres (2.14%), and Mankind Pharma (1.75%).
Smallcaps: Mixed Action as KFin Tech Slumps, Newgen Soars
In the smallcap space, the Nifty Smallcap 100 index closed flat, down just 6 points at 16,963. Market breadth, however, remained negative with 62 stocks declining and only 38 advancing.
KFin Technologies led the losers’ pack, falling 4.80% to ₹1,225. Amber Enterprises (-3.43%), Brainbees Solutions (-3.16%), Inventurus Knowledge Solutions (-2.85%), and PG Electroplast (-2.83%) also saw significant cuts.
Conversely, Newgen Software Technologies surged 9.55% to ₹1,088, topping the gainers’ list in the smallcap universe. Sonata Software (7.14%), Natco Pharma (6.81%), Inox Wind (4.54%), and PVR Inox (3%) also registered strong gains.
Outlook: Volatility Likely to Stay Amid Earnings Season
Analysts expect volatility to persist as more corporates unveil their March quarter results. “The markets had run up quite sharply over the past few sessions, so a bit of consolidation was overdue,” said a senior equity strategist. “Earnings, global cues, and FIIs’ activity will dictate near-term direction.”
As traders brace for another round of earnings announcements and macroeconomic data, market sentiment remains cautious, if not entirely bearish.
