The results season starting today will witness lots of market action

Benchmark indices witnessed renewed volatility on Wednesday, tempered by profit-booking after a sharp rally of four trading sessions. The results season starting today will witness lots of market action. Since most of the results of large players are already discounted by the market, the management report of corporates will be closely watched.

Investor caution dominated ahead as markets await Q2 earnings’ season. IT major TC is expected to announce its working results today, and market participants have already started reassessing valuations and growth prospects of India Inc.

According to Bajaj Broking Research, benchmark indices snapped its 4 sessions winning streak and ended on a weaker note. While global cues will remain influential, market focus is expected to shift toward domestic earnings, key macroeconomic indicators, and the festive season momentum. 

The 30-share BSE Sensex declined 153.09 points to settle at 81,773.66. During the day, it hit a high of 82,257.74 and a low of 81,646.08, gyrating 611.66 points. The 50-share NSE Nifty dropped 62.15 points to 25,046.15. Profit-taking in auto, real estate, and banking shares dragged the markets down.  Tata Motors, Mahindra & Mahindra, Bharat Electronics, UltraTech Cement, Trent, Sun Pharma, Power Grid and Reliance Industries were the top losers. Titan, Infosys, Tata Consultancy Services, HCL Tech and Tech Mahindra were among the top gainers.

Sectoral trends were mixed—IT stocks outperformed on resilient demand and attractive valuations, while Auto, Banking, and FMCG faced profit-taking pressure.