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Following a three-day bull ride, the Indian stock market appeared to have lost steam as both key averages came under selling pressure during Thursday's session, February 05. Weak global cues triggered a widespread sell-off across sectors, primarily led by metals.

The Nifty 50 settled at 25,641, down 0.52% from its previous close, while the S&P BSE Sensex finished the trade 0.66% lower at 83,267 points.

Broader markets also reversed their rally. The Nifty Midcap 100 index fell 0.4%, while the Nifty Smallcap 100 slid by over 1%, signaling that market breadth has turned in favor of the bears.

Investors dumped metal stocks amid a sell-off in both precious and base metal prices. This followed a short-lived rebound and was further impacted by supply concerns, profit booking, and a strengthening US Dollar, causing the Nifty Metal index to drop 1%.

Financial stocks also finished the session with losses ahead of the RBI meeting. Meanwhile, Nifty IT extended its losing streak, though losses were limited to 0.63% following a 5.5% crash in the previous session—its biggest intraday drop in four years. On the upside, the Nifty PSU Bank managed to buck the trend with a 0.34% surge.

In Tuesday's session, the Indian stock market recorded its biggest intraday jump in nine months, powered by optimism surrounding the India-US trade deal.

Tube Investments of India topped the laggards list, falling 9.7% to ₹2,381 apiece after the company’s management highlighted weak demand in Europe, delays in the commencement of its railway business, and other challenges during the post-earnings conference call for the October–December period.

The sell-off in Hexaware Technologies shares deepened further, with the stock falling another 7% after the company reported a weak set of numbers for the December quarter. IDBI Bank, Redington, Valor Estate, MCX, Reliance Infrastructure, and JM Financial were among other stocks in the Nifty 500 pack that fell over 5%.

All major metal counters, including Vedanta, Hindustan Zinc, Hindalco Industries, and National Aluminium, fell between 3% and 4.7%. Defence major HAL witnessed another round of selling pressure, sinking 4.31% to ₹4,035 apiece, the lowest level since April 2025.

Suzlon Energy shares finished 4% lower, ending their three-day winning run after the December quarter performance. Overall, 43 constituents of the Nifty 500 closed with losses of over 3%.

(more to come)

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