Mumbai: Indian equity benchmarks gave up early gains on Thursday morning, with the Sensex slipping nearly 150 points and the Nifty 50 falling below the 25,800 mark, as selling pressure in financial and FMCG stocks weighed on the broader market.
As of around 10:00 a.m. local time, market sentiment remained cautious. In the broader markets, the Nifty Midcap index declined about 0.25%, while the Nifty Smallcap index managed to stay marginally higher, up 0.04%, reflecting selective buying in smaller stocks.
Sector-wise, most indices were trading in the red. Private banks, financial services, and media stocks posted the sharpest losses, offsetting gains seen in information technology and pharmaceutical shares, which outperformed in an otherwise weak market.
Shares of BGR Energy Systems Ltd fell more than 4% after the company announced it had settled outstanding value-added tax (VAT) dues worth ₹634 crore with the Rajasthan government under an amnesty scheme. While the settlement included partial waivers, investors reacted negatively to the development.
Market participants remained cautious amid mixed global cues and ongoing sector-specific pressures, particularly in rate-sensitive stocks. Analysts said investors are likely to remain selective in the near term, focusing on earnings visibility and balance-sheet strength as volatility persists.