Sensex Falls Over 400 Points, Nifty Slips Below 24,500 as Crude Oil Weighs on Sentiment
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Around 2:00 pm, the Sensex was trading near 78,133, down about 409 points or 0.52 per cent, while the Nifty 50 was around 24,449, lower by 134 points or 0.55 per cent.
✨ Key Takeaways
Indian equities remained under pressure on Tuesday, with rising crude oil prices and weakness in financial stocks keeping the benchmark indices in the red. Around 2:00 pm, the Sensex was trading near 78,133, down about 409 points or 0.52 per cent, while the Nifty 50 was around 24,449, lower by 134 points or 0.55 per cent. Market breadth on the Nifty also remained weak, with declining stocks outnumbering gainers.
The broader market performed better than the frontline indices. The Nifty Bank slipped 0.54 per cent to around 57,376, reflecting continued selling in financial stocks. The Nifty Midcap 100 was down just 0.12 per cent at 63,782, while the Nifty Smallcap 100 bucked the weak trend and gained 0.29 per cent to 19,871.
Sectoral action remained mixed. Nifty Pharma gained 0.49 per cent, while Nifty IT rose 0.40 per cent. Nifty PSU Bank was also marginally positive, up 0.20 per cent. Select IT and pharma stocks provided some support to the market despite weakness in the broader benchmarks.
On the losing side, Nifty Media fell 0.94 per cent, Nifty FMCG declined 0.85 per cent and Nifty Metal slipped 0.84 per cent. Nifty Private Bank was down 0.82 per cent, adding further pressure on the headline indices.
Among individual stocks, Lumax Auto Technologies surged as much as 20 per cent to a record high after reporting strong Q1FY27 numbers. Operating income rose 33 per cent year on year, while profit after Tax jumped 83 per cent.
Gland Pharma rallied more than 12 per cent after its Q1FY27 consolidated profit rose 47 per cent year on year to Rs 317 crore, while revenue increased about 20 per cent.
Vodafone Idea gained as much as 3 per cent after its quarterly loss narrowed to Rs 3,754 crore from Rs 6,608 crore a year earlier, while average revenue per user rose 10.2 per cent year on year.
Zee Entertainment fell as much as 5 per cent after Q1FY27 profit declined 48.3 per cent to Rs 74.3 crore, with advertising revenue falling 11.5 per cent.
The latest available institutional data is for Monday, August 10. FIIs were net buyers of Rs 1,974.76 crore in the cash market, while DIIs were net sellers of Rs 1,290.29 crore. Tuesday's provisional institutional figures will be available after market hours.
Global cues were mixed. The Dow Jones slipped 0.1 per cent and the Nasdaq fell 0.3 per cent overnight. Asian markets traded mixed, while Brent crude moved towards USD 89 a barrel amid uncertainty around the Strait of Hormuz and US Iran negotiations. Higher crude prices remained a concern for Indian equities given the country's dependence on oil imports.
For the remainder of the session, the Nifty's immediate support zone is around 24,430 to 24,400, while 24,575 to 24,630 remains the near term resistance area. Investors will also track upcoming Q1 earnings, crude oil movements and US inflation data for further market cues.
Disclaimer: The article is for informational purposes only and not investment advice.