SENSEX down over 550 points in early trade, NIFTY50 holds 22,600

The Indian share market opened on a weak note today, with the S&P BSE SENSEX plunging 560.62 points (-0.74%) to 74,750.44 at 9:24 AM. The NSE NIFTY50 followed suit, dropping 176 points (-0.77%) to 22,619.65. Market sentiment remained bearish as broader indices also declined, weighed down by global cues and continued foreign investor selling.

Market breadth favours bears

The broader market reflected weak sentiment, with 2,309 stocks trading in the red, compared to just 726 in the green on the BSE. Additionally, 174 stocks hit their one-year lows, while only 20 stocks touched their 52-week highs. The India VIX, which measures market volatility, surged 4.5% to 15.18, indicating increased uncertainty in share market investment.

On the NIFTY50, 42 out of 50 stocks were in negative territory. HCL Technologies  Limited, Trent Limited, Bharat Electronics Limited, Wipro Limited, and IndusInd Bank Limited were among the top losers. At the same time, Dr Reddy's Laboratories Limited, Sun Pharmaceutical Industries Limited, Maruti Suzuki India Limited, Cipla Limited, and Bajaj Finserv Limited were the only gainers.

Sectoral performance: Pharma holds strong amid market sell-off

Most sectoral indices were deep in the red, with the NIFTY MIDSMALL IT & TELECOM index being the biggest loser, down 2.84%. All 20 constituents of this index were trading lower, reflecting weak investor sentiment in the tech and telecom sectors.

On the other hand, the NIFTY PHARMA index managed to stay afloat, rising 0.42% to 20,470.35, driven by gains in Dr. Reddy's, Cipla, and Sun Pharma. This shows that despite the broader market weakness, investors are finding defensive bets in healthcare and pharma stocks for share market investment.

Stocks in focus: Pfizer and Swiggy in the spotlight

• Pfizer Limited's shares surged 3% to ₹4,217.30 following the company's announcement of a marketing and supply agreement with Mylan Pharmaceuticals Limited for the sale of two key brands.
• Swiggy Limited's stock dropped 3% to ₹349.70 after the company revealed plans to invest ₹1,000 crore into Scootsy Logistics, its supply chain and distribution arm.

Meanwhile, foreign investors have continued their selling spree, offloading ₹36,000 crore worth of Indian equities in February (as of February 21, 2025).

Summing up

The Indian share market investment landscape remained under pressure as SENSEX fell over 550 points, and NIFTY50 struggled to hold 22,600. Market breadth favoured bears, with most stocks and sectoral indices trading lower. Pharma stocks were the only bright spot, while tech and telecom sectors saw steep declines. Despite weak sentiment, certain stocks like Pfizer bucked the trend.

As of 1 PM on February 24, 2025, Swiggy was trading at ₹364.35, recovering slightly from its early losses, while Pfizer continued its upward momentum, reaching ₹4,400.75. With global cues and FII outflows weighing on the market, investors should remain cautious and focus on long-term share market investment strategies.