The stock market witnessed a wave of selling pressure yesterday, marking a day of broad-based declines across key sectors. A cautious sentiment gripped investors, triggering a minor market correction that saw major heavyweights, including Adani Enterprises and Infosys, ending the session in the red.
Adani Enterprises Leads the Slide
The most significant drag on the market came from Adani Enterprises (ADANIENT), which faced intense selling pressure throughout the session. The stock shed ₹69.80, marking a sharp decline of 2.91% to close at ₹2,329.40.
Trading activity remained high, with 22.24 lakh shares changing hands, generating a turnover of ₹525.84 crore, indicating strong bearish momentum in the counter.
Sector-Wide Weakness
The selling wasn't isolated to conglomerates; it spread across retail, automotive, and technology sectors.
TMPV witnessed a downturn, ending the day at ₹352.60. The stock dipped by 1.59% (down ₹5.70) amidst heavy volumes of 125.78 lakh shares, resulting in a substantial transaction value of ₹446.33 crore.
Retail major TRENT also succumbed to the negative trend, slipping 1.49% to close at ₹4,246.50. The counter saw a value decline of ₹64.40 with a turnover of ₹435.83 crore.
IT and Utilities Under Pressure
Even defensive stocks provided little shelter for investors. IT giant Infosys (INFY) erased ₹17.80 from its share price, dropping 1.15% to settle at ₹1,530.20. It remained one of the most actively traded stocks by value, clocking in at ₹1,242.17 crore.
Similarly, the utility sector saw Power Grid (POWERGRID) edging lower by 1.14%. The stock closed at ₹272.65, down ₹3.15, with 121.15 lakh shares traded.
The Bottom Line
Yesterday’s session reflected a distinct shift toward risk aversion. With all five highlighted heavyweights posting losses and significant volumes accompanying the price drops, analysts suggest the market is undergoing a minor correction as traders book profits and reassess valuations.
