The Sensex slid 353 points, or 0.48%, to 73,246, and the Nifty eased 51 points, or 0.22%, to 22,699, mirroring a broader sell‑off across Indian equities. Despite the dip, the Nifty Bank index gained 293 points to 54,267 and the Nifty Midcap rose 245 points to 57,275, indicating resilience in the banking and midcap sectors.
Jio Platforms made a splash on its debut, opening at ₹1,358 and closing at ₹1,419, a 4.5% gain that pushed its market capitalisation past ₹13 lakh crore, according to the BSE filing. The move cemented Reliance Group as the largest conglomerate by market cap.
Larsen & Toubro reported Q2 net profit of ₹5,100 crore on revenue of ₹22,000 crore, up 15% YoY, and an order book that grew 18%. The company’s earnings beat analysts’ estimate of ₹4,800 crore, lifting the stock more than 4%.
IT stocks suffered a 2.3% slide, with the Nifty IT index down over 2%, as investors reacted to mixed earnings from global AI leaders. The sector’s retreat was the most pronounced among the major index groups.
Pharma and healthcare outperformed overall indices: Apollo Hospitals climbed 4.2% after reporting a 12% YoY rise in Q2 profits, while Piramal Pharma surged 17% on a 10% increase in Q2 revenue.
Looking ahead, the Nifty is expected to recover on mid‑month earnings releases, but Jio Platforms will face scrutiny over its valuation as it prepares for its first quarterly report. Sector analysts predict a modest rebound for IT stocks once AI earnings clarity emerges.