CHENNAI: Indian benchmark indices opened flat on Tuesday, reflecting mixed investor sentiment. Gains in Mahindra & Mahindra (M&M) and Bharti Airtel were offset by early declines in Reliance Industries and Sun Pharma, suggesting a lack of clear directional movement in the broader market.
The session began on a cautious note, amid uneven stock performances and ongoing global macroeconomic uncertainties. While sectors such as telecom and banking appear poised for gains, the pharma sector may remain under pressure due to evolving international policy developments.
Within the 30-stock Sensex index, the top losers in morning trade included Eicher Motors, Sun Pharma, Titan, Tata Motors, and Reliance Industries. Meanwhile, M&M, Bharti Airtel, Nestle India, Hindustan Unilever (HUL), and Axis Bank led the gainers. The performance of these heavyweight stocks largely dictated the muted opening of the benchmark indices.
The Nifty Pharma index declined by over 1.3%, dragged down by stocks such as Aurobindo Pharma, Lupin, and Cipla. The drop came in response to U.S. President Donald Trump’s executive order aimed at promoting domestic prescription drug production, alongside the potential imposition of tariffs on imported medicines—raising concerns over the future of Indian pharmaceutical exports to the US.
On the corporate front, two stocks stood out with positive momentum:
CCL Products surged nearly 16% to ₹687 after reporting a strong financial performance for the January–March quarter, reinforcing investor confidence in its earnings outlook.
Maruti Suzuki India is trading at ₹12,458, marking a solid breakout from its recent consolidation range. The stock holding above the ₹12,400 level is seen as a bullish sign, suggesting potential for continued upward movement.
In the capital markets, subdued investor sentiment and uncertain global conditions, according to market sources, may impact at least a couple of initial public offerings (IPOs), worth a combined $759 million, which were expected soon.
Despite broader caution, some brokerages including Axis Securities have issued bullish outlook on certain large-cap stocks spanning telecom, banking, finance, and auto sectors. The firm projects an upside of up to 40% for select names, including State Bank of India (SBI), ICICI Bank, HDFC Bank, Shriram Finance and Bharti Airtel. These recommendations reflect confidence in the robust fundamentals and favorable sector dynamics of these companies.