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Our Business Correspondent
Indian benchmark equity indices snapped a four-session winning streak on Tuesday as weak global sentiment prompted investors to book profits after recent gains. Broad-based selling weighed on the markets, dragging the Nifty 50 below the 24,400 level, although buying interest in information technology, FMCG and consumer durable stocks helped limit losses.
The BSE Sensex declined 104.35 points, or 0.13%, to close at 78,180.72, while the Nifty 50 shed 31.65 points, or 0.13%, to settle at 24,398.70. The modest decline followed a strong four-session rally during which both benchmark indices had gained more than 2.3%.
Among the biggest drags on the Nifty were Trent, which plunged 12.64% after its quarterly revenue growth disappointed investors, Reliance Industries, down 1.23%, and ICICI Bank, which slipped 1.04%.
The broader market underperformed the frontline indices, reflecting cautious investor sentiment. The BSE MidCap index fell 0.18%, while the SmallCap index declined 0.76%. Market breadth remained weak, with 2,084 stocks declining against 1,191 advances on the National Stock Exchange.
Despite the correction in equities, market volatility remained subdued. The India VIX, widely regarded as the market’s fear gauge, eased 1.43% to 11.65, suggesting investors are not expecting significant near-term volatility.
Global Factors Weigh on Sentiment
Global markets offered little support. Most Asian equities ended lower as investors awaited the release of minutes from the U.S. Federal Reserve’s latest policy meeting for fresh clues on the interest rate trajectory. European markets traded cautiously higher amid expectations of key economic data releases later this week.
Investor sentiment also remained sensitive to geopolitical developments after U.S. President Donald Trump reiterated that Washington would either reach an agreement with Iran or “finish the job,” reviving concerns over potential military escalation in the Middle East.
Meanwhile, Japan’s currency remained under pressure ahead of a closely watched auction of 30-year government bonds, adding to concerns over rising global bond yields.
Currency, Commodities and Bond Market
The Indian rupee strengthened modestly against the U.S. dollar, trading around 94.96 compared with the previous close of 95.43. The yield on India’s 10-year government bond edged higher to 6.703%.
In the commodities market, MCX Gold futures for August delivery declined more than 1% to ₹1,45,414, while Brent crude advanced 1.13% to $72.80 per barrel. The U.S. Dollar Index rose slightly to 100.72, and the benchmark U.S. 10-year Treasury yield climbed to 4.49%.
Corporate Earnings Drive Stock-Specific Action
Corporate updates dominated stock-specific activity during the session.
Titan Company gained 2.38% after reporting a robust 41% year-on-year growth in consumer business during the June quarter.
Swiggy jumped over 7% after announcing that domestic ownership had crossed the 50% threshold, a milestone that moves the company closer to qualifying as an Indian Owned and Controlled Company (IOCC), potentially providing greater operational flexibility for its quick-commerce business.
Info Edge India surged nearly 13% after reporting a 14.4% rise in standalone billings for the first quarter.
Jubilant FoodWorks climbed almost 4% following a 14.1% increase in consolidated revenue, while TARC also advanced after reporting strong operational performance driven by healthy demand in its premium housing projects.
Among the laggards, Varun Beverages declined after announcing an acquisition in Kenya, Texmaco Rail & Engineering slipped despite securing a railway contract worth ₹70.72 crore, and Fractal Analytics fell after its Chief Financial Officer resigned. KP Green Engineering also ended lower despite announcing fresh orders worth ₹239.61 crore across multiple business segments.
With investors closely monitoring global central bank signals, geopolitical developments and the ongoing corporate earnings season, analysts expect market direction in the near term to remain driven by stock-specific factors and overseas cues.
Disclaimer: This report is intended solely for informational purposes and should not be construed as investment advice or a recommendation to buy or sell any security. Investors are advised to consult their financial advisors before making investment decisions.