The Indian stock market had every reason to cheer today. With the GST Council’s big tax revamp and the Nifty bouncing back near record highs, investors rushed into buy auto, FMCG and banking counters.
Yet, not all stocks joined the party. A clutch of sectors such as defence, gaming, and IT slipped into the red, proving that even on a bullish day, some stocks can find themselves out of favour.
Let’s take a look at the stocks that traded in red in the intraday session
Gaming stocks: Losses widen
The steep 40% GST on casinos, online betting and money games has hit India’s listed gaming space hard.
Shares of Delta Corp slumped over 7%, while Nazara Technologies, the country’s biggest listed gaming firm, slipped nearly 2% in the intraday trading session.
For an industry already grappling with high compliance costs and regulatory uncertainty, the fresh levy raises questions about profitability and future growth.
Defence Stocks lose steam
In an interesting note, the defence counters failed to fire even as the government’s broader GST rationalisation lifted market sentiment.
The Nifty India Defence index fell 1.35% by afternoon trade. Shares of Hindustan Aeronautics (HAL), Bharat Electronics (BEL), Mazagon Dock, Bharat Dynamics (BDL), and Garden Reach Shipbuilders all ended lower by 1–4%.
Even shipbuilders like Garden Reach and Cochin Shipyard, along with explosives maker Solar Industries and Midhani, were among the top losers.
This comes at a time when the government has been pitching domestic defence manufacturing as a strategic priority.
IT stocks slip, TCS the lone gainer
The Nifty IT index too lagged the market. Except for TCS, which managed to stay in the green, most IT heavyweights were trading lower in the intraday trading session.
The GST overhaul has left behind a mixed trail across sectors. Autos, FMCG, insurance and consumer-facing companies were seen as clear winners, with lower tax rates expected to spur festive demand.
But for gaming, defence and even some apparel names, the impact has been far less rosy.