Mid-day market check: SENSEX, NIFTY50 erase most gains; Adani Ports, KPIT Tech, Bajaj Consumer among buzzing stocks

The Indian equity benchmark indices gave up most of their gains in afternoon trading as investors resorted to profit booking at intraday highs after reports suggested that Iran has violated ceasefire which was announced by President Donald Trump earlier today. Israeli defence minister accused Iran of violating ceasefire and ordered ‘powerful strikes’ on Tehran, BBC reported.

The SENSEX fell as much as 1,118 points from day's highest level to hit an intraday low of 81,900 and NIFTY50 index touched an intraday low of 24,999.70 after hitting an intraday high of 25,317.70. As of 2:12 pm, the SENSEX was up 90 points at 81,983 and NIFTY50 index traded 56 points higher at 25,028.

Earlier in the day, NIFTY50 index touched its highest level in eight months on the back of strong global cues after President Trump announced ceasefire between Iran and Israel.

The ceasefire holds significance for Adani Ports, as Haifa Port in Israel serves as a crucial maritime hub, handling over 30% of Israel's imports. The port is owned by Adani Ports, which controls a 70% share.

KPIT Technologies in its mid-quarter business update said that its overall business environment continues to be uncertain with rising geopolitical concerns and ambiguity around the overall tariff scenario.

US President Donald Trump on social media site ‘Truth Social’ said Israel and Iran had agreed to a “complete and total ceasefire” soon after Iran launched limited missile attacks Monday on a US military base in Qatar, retaliating for the American bombing of its nuclear sites over the weekend.

Following the ceasefire development, the Nifty Defence index was trading down 2.23% at the 8,875.45 level. After opening at 9,157.50, it had touched an intraday low of 8,856.60.

So far this year, the index has gained over 38%, while over a year’s period, the Nifty Defence sector has surged 26%.

On Tuesday, Garden Reach Shipbuilders & Engineers (GRSE) was the biggest laggard on the Nifty Defence index, declining 6.13%. BEML (-5.89%), Mishra Dhatu Nigam (-5.2%), Astra Microwave Products (-4.92%), Paras Defence (-4.15%), Zen Technologies (-4.04%) and Bharat Dynamics (-3.71%) were the other top losers on the index.

The shares of OMC companies surged up to over 5% in the early trade.

Apart from these, paints and aviation stocks, too, witnessed buying interest. Asian Paints was trading 1.5% higher at ₹2,298.10 apiece on the NSE, while Interglobe Aviation shares were up 4% at ₹5,678.50.