Sensex falls as IT and auto stocks drag indices lower, while pharma gains support markets amid cautious investor sentiment.

The stock market today witnessed cautious trading on June 29 as benchmark indices slipped from their day’s highs due to weakness in auto and IT shares. The Sensex fell 600 points from its peak, while the Nifty traded below the crucial 24,000 mark as investors booked profits after a recent rally. At 12:42 pm, the Sensex declined 449.86 points to 76,650.61, while the Nifty dropped 119.25 points to 23,936.75.

Market Declines after Recent Rally

Analysts said easing geopolitical concerns and stable crude oil prices continued supporting sentiment, but strong gains in previous sessions limited further upside. The Sensex falls trend reflected profit booking across several sectors, with nine of the 16 major sectoral indices trading lower.

Key market highlights:

  • The Sensex slipped 600 points from its intraday high

  • Nifty traded below the important 24,000 level

  • Pharma and healthcare stocks gained nearly two percent

  • The auto sector emerged as the biggest market laggard

  • IT and media shares faced selling pressure

Pharma Stocks Support Market Stability

Pharmaceutical and healthcare stocks provided support during Monday’s session. Nifty Pharma and Nifty Healthcare gained close to 2% each as investors preferred defensive sectors amid uncertain market conditions. Dr. Reddy’s Laboratories, Shriram Finance, and Eternal featured among the leading Nifty50 gainers.

IT and Auto Shares Weigh on Indices

The Nifty IT index recorded the sharpest decline, with technology stocks facing selling pressure. The Nifty Auto index also weakened by around 1%, affecting overall market performance. Broader markets remained under pressure, with mid-cap stocks declining 0.23% and small-cap stocks falling 0.66%.

IPO Activity Remains Strong

The primary market remained active as the Aastha Spintex IPO opened for subscription with a fundraising target of Rs. 170 crore. Adon Agro Commodities IPO, Twinkle Papers IPO, and Crazy Snacks IPO also attracted investor attention during the session.

Thus, Business Fortune is of the view that investors should remain cautious as sectoral trends and profit booking continue shaping market movements.

FAQs

Why did the stock market fall on June 29?

Profit booking and weakness in IT and auto shares pressured indices.

How much did the Sensex decline?

The Sensex dropped 449.86 points during midday trading.

Which sectors performed well?

Pharma and healthcare sectors recorded strong gains.

Why did IT stocks decline?

Investors sold technology shares, causing sector-wide weakness.

Did broader markets also fall?

Yes, mid-cap and small-cap indices traded lower.