Benchmarks dip for second day; Nifty slips below 25,000
The S&P BSE Sensex dropped 501.51 points or 0.61% to 81,757.73. The Nifty 50 index slipped 143.05 points or 0.57% to 24,968.40. With this, the Sensex and Nifty have shed 1.06% and 0.97% over the past two sessions, respectively.
Among the top drags, Axis Bank plunged 5.24% after a weak quarterly performance. HDFC Bank and Bharat Electronics also fell 1.47% and 2.34%, respectively.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 0.62% and the S&P BSE Small-Cap index shed 0.64%.
Market breadth was decisively negative with 2,394 stocks declining against 1,657 advancing on the BSE.
Volatility edged up, as the India VIX rose 1.33% to 11.39, signaling rising nervousness among investors.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.11% to 6.309 from the previous close of 6.303.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.1625 compared with its close of 86.1200 during the previous trading session.
MCX Gold futures for 5 August 2025 settlement rose 0.44% to Rs 97,900.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 98.39.
The United States 10-year bond yield shed 0.47% to 4.443.
In the commodities market, Brent crude for September 2025 settlement shed 62 cents or 0.89% to $70.14 a barrel.
Global Markets:
Most European stocks traded higher on Friday, as investors focused on corporate earnings for clues on the impact of U.S. tariff policies on businesses.
German producer prices fell by -1.3% on the year in June, the federal statistics office reported on Friday.
Most Asian shares ended higher, taking cues from Wall Street's rally overnight. Investors cheered a batch of upbeat US economic reports and corporate earnings that comfortably beat expectations.
In Japan, inflation showed some signs of cooling. Core inflation for June eased to 3.3%, down from Mays 29-month high of 3.7%, with rice prices showing signs of moderation. Headline inflation also slipped to 3.3%, from 3.5% the previous month. However, the "core-core" inflation gauge, closely tracked by the Bank of Japan, as it strips out both food and energy, edged up to 3.4%, hinting that underlying price pressures are still in play.
Over on Wall Street, the S&P 500 and Nasdaq closed at record highs on Thursday. Strong earnings and resilient consumer spending drove the rally. The Dow Jones rose 0.52%, while the S&P 500 climbed 0.54%, and the Nasdaq jumped 0.74%.
Investors also brushed off worries about new US trade tariffs set to kick in from August 1 under President Trump, focusing instead on growth and AI-fueled optimism.
Taiwanese chip giant TSMC stole the spotlight with stellar earnings and a bullish outlook on AI-related demand. Its US-listed shares surged 3.4%, igniting gains across the semiconductor and tech sectors.
Adding to the momentum, US retail sales rebounded strongly in June after two months of decline. Sales rose 0.6% month-on-month, reversing a 0.9% dip in May, thanks to increased auto purchases and a still-healthy consumer.
Stocks in Spotlight:
Gujarat Mineral Development Corporation (GMDC) surged 14.75%, following reports that the Prime Ministers Office (PMO) may convene a stakeholder meeting to discuss the rare-earth magnet supply situation. GMDC is reportedly keen on entering the rare earth and critical minerals sector, considering it a potential value driver due to its applications in electric vehicles and renewable energy.
Saregama India surged 4.51% after the company struck a major deal to acquire NAV Records Haryanvi music catalogue. The acquisition includes over 6,500 tracks spanning Haryanvi, Punjabi, Ghazals, Devotional, and Indie Pop, giving Saregama a powerful entry into a regional music segment where it previously lacked dominance. The deal also includes high-traffic YouTube channels like NAV Haryanvi and Nupur Audio, which together command a 24 million subscriber base.
Axis Bank declined 5.24% after the banks net profit de-grew 4% YoY to Rs 5,806 crore in Q1FY26. The banks Net Interest Income (NII) was up 1% YoY to Rs 13,560 crore. Net Interest Margin (NIM) for Q1FY26 stood at 3.80% as against 3.97% in Q4FY25 and 4.05% in Q1FY25.
Wipro advanced 2.56% after the IT major's net income for the Q1 quarter was at Rs 3330 crore, decrease of 6.7% QoQ and increase of 10.9% YoY. Gross revenue at Rs 22130 crore, decrease of 1.6% QoQ and increase of 0.8% YoY. Total bookings was at $4,971 million, up by 24.1% QoQ and 50.7% YoY in constant currency. The company expects revenue from its IT Services business segment to be in the range of $2,560 million to $2,612 million. This translates to sequential guidance of (-)1.0% to 1.0% in constant currency terms.
LTIMindtree declined 1.27%. The company reported a 11.13% jump in consolidated net profit to Rs 1,254.10 crore on 0.71% increase in revenue from operations to Rs 9,840.60 crore in Q1 FY26 over Q4 FY25.
Jio Financial Services shed 0.44%. The companys consolidated net profit rose 3.83% to Rs 325 crore while total income jumped 48.09% to Rs 418 crore in Q1 June 2025 over Q1 June 2024.
Nuvoco Vistas Corporation advanced 1.52% after the company posted strong Q1 FY26 results. On a consolidated basis, net profit surged 4,589% year-on-year to Rs 133.16 crore in Q1 FY26. Revenue from operations grew 8.96% YoY to Rs 2,872.70 crore during the quarter.
Route Mobile fell 4.78% after the company's consolidated net profit declined 32.23% to Rs 53.21 crore on a 4.77% drop in revenue from operation to Rs 1,050.83 crore in Q1 FY26 over Q1 FY25.
Indian Hotels Company (IHCL) advanced 1.56% after the companys consolidated net profit rose 19.31% to Rs 296.37 crore on 31.66% surge in revenue from operations to Rs 2,041.08 crore in Q1 FY26 over Q1 FY25.
Sterling and Wilson Renewable Energy (SWREL) dropped 4.44%. The company reported a consolidated net profit of Rs 31.97 crore in Q1 FY26, which is nearly eight times the PAT of Rs 4.19 crore posted in Q1 FY25. Revenue increased by 92.5% to Rs 1761.63 crore in the first quarter from Rs 915.06 crore recorded in the same period last year.
Sunteck Realty declined 1.95%. The company reported a 46.75% rise in net profit to Rs 33.43 crore, despite a 40.45% decrease in total revenue from operations to Rs 188.32 crore in Q1 FY26 compared to Q1 FY25.
Indian Overseas Bank (IOB) fell 0.15%. The bank reported 75.57% rise in net profit to Rs 1,111.04 crore on 17.15% increase in total income to Rs 8,866.47 crore in Q1 FY26 over Q1 FY25.
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