Indian equities decline continues with mixed individual performances

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Indian equities decline continues with mixed individual performances
Credit: © Reuters.

Indian equities continued their six-session downtrend on Thursday, with the Nifty and Sensex indices experiencing notable declines. Despite the overall slump, a significant recovery was observed in broader markets, as reflected by the Nifty Midcap 100 index.

In individual stock performances, Asian Paints (NS: ASPN )' shares fell by 3% following underwhelming Q2 results. On the other hand, Canara Bank (NS: CNBK )'s stocks performed positively, with a 43% YoY net profit increase in Q2 of FY24. Affle India (NS: AFFL )'s shares declined around 1% after the approval of an equity issuance to Gamnat Pte. Ltd, a company linked to the Singaporean Finance Minister.

Axis Bank (NS: AXBK ) also saw a boost, with shares rising by 1.74% following a 10% YoY net profit increase in Q2. This positive performance contrasts with IRM Energy's weak market debut, which led to a 6% drop in shares. Sonata Software (NS: SOFT )'s shares surged by 10%, marking one of the most significant gains of the day.

Other notable stock movements were observed in Rallis India (NS: RALL ), Zen Technologies, Indian Bank (NS: INBA ), and ACC (NS: ACC ). Zen Technologies particularly benefited from a recent order from the Ministry of Defense.

Despite these individual performances, the overarching trend for Indian equities remains negative. As investors continue to monitor market developments and individual stock performances, the broader recovery seen in the Nifty Midcap 100 index provides some optimism amidst the ongoing downtrend.

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