Sensex falls over 300 pts; Nifty below 24,900; auto shares slide

The headline equity benchmarks traded with modest losses in early afternoon trade, as investors booked profits after recent gains, despite supportive global cues. Market participants turned cautious ahead of key global trade developments and the ongoing Q4 earnings season, which are expected to steer sentiment in the coming days.

Auto stocks declined after rising for the past four consecutive trading sessions. The Nifty traded below the 24,900 level.

At 12:30 IST, the barometer index, the S&P BSE Sensex, tumbled 312.16 points or 0.38% to 81,757.01. The Nifty 50 index fell 82.75 points or 0.33% to 24,865.10.

In the broader market, the S&P BSE Mid-Cap index shed 0.62% and the S&P BSE Small-Cap index fell 0.02%.

The market breadth was negative. On the BSE, 1,777 shares rose and 2,000 shares fell. A total of 176 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.51% to 17.09. The Nifty 29 May 2025 futures were trading at 24,937, at a premium of 71.9 point as compared with the spot at 24,865.10.

The Nifty option chain for the 29 May 2025 expiry showed a maximum call OI of 63.6 lakh contracts at the 25,000 strike price. Maximum put OI of 59.4 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Auto index fell 0.89% to 23,837.50. The index advanced 2.89% in the past four consecutive trading sessions.

Tube Investments of India (down 2.65%), Hero MotoCorp (down 1.82%), Balkrishna Industries (down 1.6%), TVS Motor Company (down 1.58%), Maruti Suzuki India (down 1.25%), Eicher Motors (down 1.17%), Mahindra & Mahindra (down 1.04%), Bharat Forge (down 0.95%), Exide Industries (down 0.93%) and Samvardhana Motherson International (down 0.77%) declined.

On the other hand, Ashok Leyland (up 1.09%), Bosch (up 0.27%) and Tata Motors (up 0.14%) edged up.

Stocks in Spotlight:

Restaurant Brands Asia zoomed 4.26% after the company's consolidated net loss reduced to Rs 60.44 crore in Q4 FY25 from a net loss of Rs 92.09 crore posted in Q4 FY24. Revenue from operations advanced 5.92% YoY to Rs 632.55 crore in Q4 FY25.

IRB Infrastructure Developers shed 0.37%. The company's consolidated net profit increased 13.68% to Rs 214.72 crore in Q4 FY25 as against Rs 188.88 crore posted in Q4 FY24. Revenue from operations rose 4.26% to Rs 2,149.24 crore in the fourth quarter of FY25 as against Rs 2,061.24 crore reported in Q4 FY24.

JK Paper fell 1.91% after its consolidated net profit tumbled 72.35% to Rs 76.20 crore in Q4 FY25 as against Rs 275.64 crore posted in same quarter last year. Revenue from operations shed 1.69% year on year (YoY) to Rs 1,689.50 crore in the quarter ended 31 March 2025.

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