The benchmark indices erased most of their intraday gains on Wednesday as profit booking emerged at higher levels. Sentiment was weighed down by continued foreign institutional investor (FII) selling, weak global cues and renewed geopolitical tensions in West Asia. Metal stocks led the decline amid concerns over slowing global demand. After climbing to an intraday high of 23,425.35 in afternoon trade, the Nifty surrendered most of its gains and settled below the 23,250 mark. FMCG and private banking stocks provided some support, while metal and realty counters witnessed selling pressure.
The S&P BSE Sensex advanced 64.42 points or 0.09% to 73,983.18. The Nifty 50 index fell 27.15 points or 0.12% to 23,214.95.
Bharti Airtel (down 1.32%), Infosys (down 0.87%) and Reliance Industries (down 0.82%) were major Nifty drags today.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 1.36% and the BSE 250 SmallCap Index shed 1.13%.
The market breadth was weak. On the BSE, 1,472 shares rose and 2,748 shares fell. A total of 161 shares were unchanged.
Numbers to Track:
The yield on India’s 10-year benchmark federal paper rose 0.28% to 6.890 compared with previous session close of 6.913.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.28 compared with its close of 95.41 during the previous trading session.
MCX Gold futures for 05 August 2026 settlement slumped 2.19% to Rs 149,110.
The US Dollar Index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.03% to 99.85.
The United States 10-year bond yield rose 0.02% to 4.530.
In the commodities market, Brent crude for July 2026 settlement added 13 cents or 0.14% to $91.58 a barrel.
Global Markets:
US stock futures pointed to a weak start, with Dow Jones futures trading down 315 points ahead of key inflation data.
European market turned lower after opening in positive territory as investors assessed renewed tensions in the Middle East and awaited the latest US consumer inflation report.
Asian market ended mostly lower after the US launched what it described as “self-defence strikes” against Iran in response to the reported downing of a US military helicopter.
In China, consumer inflation remained steady at 1.2% year-on-year in May, slightly below expectations of 1.3%. Food prices continued to decline, while higher transportation costs supported non-food inflation. Core inflation eased to 1.1% from 1.2% in April. On a monthly basis, consumer prices fell 0.1%.
China’s producer price inflation accelerated to 3.9% year-on-year in May, the fastest pace since July 2022. The increase was driven by higher energy and commodity prices, supply disruptions linked to the Iran conflict and efforts by Beijing to reduce excess industrial capacity.
Geopolitical tensions escalated after US forces carried out strikes against Iran, with Washington stating the action was in response to the downing of a US Army Apache helicopter near the Strait of Hormuz. The development has raised concerns over the durability of the fragile ceasefire between the two countries.
On Wall Street, the S&P 500 and Nasdaq Composite ended lower on Tuesday as gains in semiconductor stocks faded. The S&P 500 declined 0.26% to 7,386.65, while the Nasdaq Composite fell 0.97% to 25,678.82. The Dow Jones Industrial Average bucked the trend, rising 86.10 points, or 0.17%, to 50,872.11.
Stocks in Spotlight:
Aegis Logistics rose 2.34% to Rs 800.15 after a foreign brokerage reiterated its ‘Overweight’ rating on the stock and raised its target price to Rs 1,150 from Rs 1,010.
Elitecon International surged 19.18% after the company announced a Rs 700 crore FMCG expansion roadmap and set a revenue target of Rs 20,000 crore by FY30.
Reliance Industries (RIL) shed 0.82%. The company announced a partnership with Meta Platforms to develop an AI-enabled data centre in Jamnagar, Gujarat. RIL said it will build a 168 MW data centre for Meta, with the facility expected to be delivered within two years. The agreement also includes an option to scale up capacity in the future.
Nucleus Software Exports surged 14.56% after the company announced a strategic partnership with Azentra Solusi Digital to further strengthen digital transformation capabilities for banks and financial institutions across Indonesia.
KRN Heat Exchanger and Refrigeration rose 1.92% after the companys board approved an investment of Rs 235.26 crore in its wholly owned subsidiary, KRN HVAC Products (KHPL).
Dixon Technologies (India) fell 1.07%. The company announced a binding term sheet with Gemtek Technology and its subsidiary Dixon Electroconnect to form a joint venture in India. Under the proposed structure, Dixon Technologies will hold a 60% stake in Dixon Electroconnect, while Gemtek will own the remaining 40%, following completion of the transaction. Dixon Electroconnect, currently a wholly owned subsidiary of Dixon, will be converted into the joint venture entity.
Clean Max Enviro Energy Solutions surged 8.37% after the company announced a renewable energy partnership with Meta Platforms Inc. that will support the development of more than 900 MW of renewable energy capacity in India.
Concord Biotech rose 4.60% after the company announced that it has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Tofacitinib Tablets in 5 mg and 10 mg strengths.
Afcons Infrastructure rallied 4.61% after the company announced that it has received a Letter of Award (LoA) from Vadhvan Port Project (VPPL) for the construction of a breakwater at the upcoming Vadhvan Port in Maharashtra.
JTL Industries declined 4.62%. The company received an order worth Rs 26.74 crore from Himachal Pradesh State Civil Supplies Corporation (HPSCSC) for the supply of galvanized iron (GI) pipes.
Marsons fell 2.64%. The company announced that it has received an order worth Rs 33.19 crore from Vikran Engineering for the supply of inverter-duty transformers for an NTPC renewable energy project.
Veranda Learning dropped 2.03%. The company signed a memorandum of understanding (MoU) with Japan-based CPA Excellent Partners (CPAEP) to collaborate on talent development, recruitment and career support for accounting and finance professionals across global markets.
New Listing:
Shares of CMR Green Technologies settled at Rs 247.90 on the BSE, representing a premium of 29.11% compared with the issue price of Rs 192.
The stock debuted at Rs 275.40, marking a premium of 43.44% to the issue price.
The stock has hit a high of Rs 275.40 and a low of Rs 247.90. On the BSE, over 38.23 lakh shares of the company were traded in the counter.
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