Nifty trades below 24,900 level; European mrkt opens lower
At 13:30 IST, the barometer index, the S&P BSE Sensex, tanked 597.16 points or 0.73% to 81,577.05. The Nifty 50 index declined 198 points or 0.79% to 24,863.55.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.27% and the S&P BSE Small-Cap index tanked 1.55%.
The overall market breadth was weak, with more stocks declining than advancing. On the BSE, 1,049 stocks advanced, 2,847 declined, and 153 remained unchanged.
Economy:
India and the United Kingdom have signed the Comprehensive Economic and Trade Agreement (CETA), marking a major step toward strengthening bilateral economic ties. The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, in the presence of Prime Ministers Narendra Modi and Rishi Sunak.
This milestone reflects a shared commitment to deeper economic integration between two major global economies. India-UK bilateral trade stands at nearly USD 56 billion, with a target to double it by 2030.
CETA grants duty-free access for 99% of India?s exports to the UK, benefitting labor-intensive sectors such as textiles, leather, marine products, footwear, sports goods, toys, and gems & jewelry, along with high-growth sectors like engineering goods, auto components, and organic chemicals.
Gainers & Losers:
SBI Life Insurance Company (up 2.26%), Dr. Reddy's Laboratories (up 1.09%), HDFC Life Insurance Company (up 0.98%), Apollo Hospitals Enterprise (up 0.93%) and UltraTech Cement (up 0.76%) were the major Nifty50 gainers.
Shriram Finance (down 4.57%), Bajaj Finance (down 4.67%), Bajaj Finserv (down 3.55%), IndusInd Bank (down 2.75%) and Bajaj Auto (down 2.27%) were the major Nifty50 losers.
Stocks in Spotlight:
KFin Technologies declined 5.94% after the company?s consolidated net profit dropped 9.16% to Rs 77.26 crore on a 3.06% rise in revenue to Rs 274.06 crore in Q1 FY26 over Q4 FY25.
Avantel tumbled 7.17% after the company?s consolidated net profit tanked 56.23% to Rs 3.23 crore in Q1 FY26, compared with 7.38 crore in Q1 FY25. However, revenue from operations marginally increased by 0.29% year on year to Rs 51.91 crore in Q1 FY26.
ACC slipped 1.76% after the cement maker?s consolidated net profit fell 50.01% to Rs 375.38 crore in Q1 in FY26 as against Rs 751.03 crore posted in Q4 FY25. However, revenue from operations fell to Rs 6,036.11 crore in Q1 FY26 as against Rs 6,039.70 crore reported in Q4 FY25.
Global Markets:
European shares opened lower on Friday, giving back gains from the previous session, as automobile stocks weighed and investors ?awaited updates on EU-U.S. trade talks ahead of U.S. President Donald Trump's tariff deadline next week.
Asian markets came off their early highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes US President Donald Trump's tariff deadline and a host of central bank meetings.
Mixed inflation data, however, dampened the sentiment for Japanese investors. Tokyo consumer inflation data for July showed a slightly bigger-than-widely anticipated easing in prices. But core inflation still remained above the Bank of Japan?s 2% annual target, keeping uncertainty over the central bank?s rate hikes largely in play.
Focus now is on China?s Politburo meeting, a convening of top political leaders, for more cues on the Chinese economy. The meeting was supposed to be convened in late July.
US stocks were mixed on Thursday, with the S&P 500 notching its fourth record close in a row as tech earnings from Alphabet pointed to AI as a key growth catalyst.
The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM (IBM) shares.
Alphabet beat widely reported market?s second-quarter earnings expectations and doubled down on its AI spending spree. The Google parent's shares rose alongside other AI-linked stocks such as Nvidia, helping buoy the tech-focused gauges.
Tesla's stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced rough quarters as President Trump's budget bill killed off tax credits.
Optimism around trade deals remained strong after the US-Japan agreement helped push the S&P 500 and Nasdaq Composite to new record highs on Wednesday. Meanwhile, media reports indicated that the US and EU are nearing a deal to impose a 15% tariff on most European imports?significantly lower than the previously threatened 30%.
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