Selling spree continues: Nifty dips below 24,700, Kotak Bank tanks 7.5%
Key equity benchmarks ended sharply lower today, marking their third straight day of losses as investor sentiment remained fragile amid uncertainty over the US-India trade deal. The downbeat mood was compounded by weaker-than-expected quarterly results from Kotak Mahindra Bank, persistent foreign fund outflows, and mixed cues from global markets. Adding to the pressure, IT stocks continued to drag, with TCS spooking the Street by hinting a 2% cut in its global workforce. The Nifty closed below the 24,700 mark, underscoring the market's cautious tone. Realty and private bank stocks bore the brunt of the sell-off, while pharma, healthcare, and FMCG names defied the broader trend and closed in positive territory.
The S&P BSE Sensex slipped 572.07 points or 0.70% to 80,891.02. The Nifty 50 index declined 156.10 points or 0.63% to 24,680.90. In three consecutive trading sessions, the Sensex declined 2.21% while the Nifty fell 2.13%.
Kotak Mahindra Bank (down 7.50%), Bajaj Finance (down 3.64%) and Bharti Airtel (down 2.35%) were major drags.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.73% and the S&P BSE Small-Cap index fell 1.31%.
The market breadth was weak. On the BSE, 1,256 shares rose and 2,881 shares fell. A total of 162 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 6.98% to 12.06.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.16% to 6.363 from the previous close of 6.353.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.6700 compared with its close of 86.5200 during the previous trading session.
MCX Gold futures for 5 August 2025 settlement rose 0.27% to Rs 98,080.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.58% to 98.22.
The United States 10-year bond yield declined 0.14% to 4.380.
In the commodities market, Brent crude for September 2025 settlement rose 68 cent or 0.99% to $69.12 a barrel.
Global Markets:
Most European indices advanced on Monday as U.S. and EU strike trade agreement.
Most Asian markets ended higher as investors awaited further details on upcoming U.S.-China trade talks, set to begin later in the day in Stockholm.
The talks?led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng?are expected to cover a broader range of topics, and Bessent anticipates an extension of the current trade truce between the world?s two largest economies.
A trade deal between the U.S. and EU boosted market sentiment and offered some clarity ahead of major policy decisions by the Federal Reserve and the Bank of Japan later in the week.
One could expect more trade deals to be announced this week as nations race to conclude trade agreements with the US, before the August 1 deadline that has been self-imposed by U.S. President Donald Trump.
On Wall Street, all three major averages finished in positive territory on Friday and posted gains for the weekly period.
The S&P 500 ended the session 0.40% higher, closing at 6,388.64, while the Nasdaq Composite finished the day up 0.24% to reach 21,108.32. The Dow Jones Industrial Average also rose 208.01 points, or 0.47%, to settle at 44,901.92.
Stocks in Spotlight:
The Nifty Realty index dropped 4.07% to settle at 911.90 today. The index is down 9.38% in five consecutive trading sessions. Godrej Properties (down 5.44%), Brigade Enterprises (down 4.41%), DLF (down 4.3%), Oberoi Realty (down 4.19%), Prestige Estates (down 3.54%), Raymond (down 2.65%), Anant Raj (down 1.94%), Sobha (down 1.78%), Phoenix Mills (down 1.23%) slumped.
Lodha Developers slumped 6.09%. The company reported 42% rise in consolidated net profit to Rs 674.70 crore on a 22.7% increase in net sales to Rs 3,491.70 crore in Q1 FY26 as compared with Q1 FY25. Total operating expenditure for Q1 FY26 was Rs 2,507.50 crore, up 20% YoY.
Kotak Mahindra Bank tumbled 7.50% after the bank reported 7% YoY drop in standalone net profit to Rs 3,282 crore in Q1 FY26. However, total income rose 7.91% YoY to Rs 16,916.52 crore in the quarter ended 30 June 2025.
TCS fell 1.76% after the media reported that the IT major planned workforce reduction of about 2%, impacting over 12,000 employees primarily in middle and senior management levels.
Laurus Labs surged 6.04% after the company's consolidated net profit zoomed 1,154% to Rs 163 crore, driven by a 31% rise in net sales to Rs 1,570 crore compared to Q1 June 2024. Meanwhile, the Government of Andhra Pradesh has allotted 531.77 acres of land in IP Rambilli Phase-II, Anakapalli District, to the company for the establishment of Laurus Pharma Zone (LPZ), where it plans to set up manufacturing units for pharmaceutical products. Laurus Labs has earmarked an investment of Rs 5,630 crore for this project, which is expected to generate employment for 6,350 people in three phases over eight years.
Vijaya Diagnostic Centre jumped 6.84% after the company?s consolidated net profit jumped 22.3% to Rs 38.33 crore on 20.38% increase in revenue from operations to Rs 188.05 crore in Q1 FY26 over Q1 FY25.
Central Depository Services (India) (CDSL) fell 5.59% after the company's consolidated net profit fell 24% to Rs 102 crore on a 3% increase in total income to Rs 295 crore in Q1 June 2025 over Q1 June 2024.
Cartrade Tech zoomed 8.83% after the company reported a 105.59% jump in consolidated net profit to Rs 47.06 crore in Q1 FY26 compared with Rs 22.89 crore in Q1 FY25. Revenue from operations increased 22.27% year-on-year to Rs 173.03 crore in Q1 FY26.
Aadhar Housing Finance rallied 3.93% after the company?s consolidated net profit jumped 18.56% to Rs 237.28 crore on 18.94% increase in revenue from operations to Rs 848.18 crore in Q1 FY26 over Q1 FY25.
Gujarat Mineral Development Corporation (GMDC) fell 5.69% after the company?s standalone net profit declined 11.07% to Rs 164.13 crore on a 10.45% drop in revenue from operations to Rs 732.60 crore in Q1 FY26 over Q1 FY25.
Vidhi Specialty Food Ingredients jumped 5.61% after the company?s consolidated net profit jumped 50.47% to Rs 12.70 crore on 5.94% rise in revenue from operations to Rs 87.90 crore in Q1 FY26 over Q1 FY25.
Snowman Logistics slipped 3.16%. The company reported a 42.69% surge in standalone net profit to Rs 2.54 crore, alongside a 16.02% rise in revenue from operations to Rs 162.69 crore in Q1 June 2025, compared to Q1 June 2024.
Orient Cement slipped 3.64%. The company?s standalone net profit surged 459.43% to Rs 205.37 crore in Q1 FY26 as against Rs 36.71 crore posted in Q1 FY25. Revenue from operations rose 24.44% year on year (YoY) to Rs 866.47 crore in the quarter ended 30 June 2025.
Reliance Infrastructure fell 4.63%. The company reported a consolidated net profit of Rs 59.84 crore in Q1 FY26, compared to a net loss of Rs 233.74 crore posted in Q1 FY25. Revenue from operations fell 17.86% to Rs 5,907.82 crore in the quarter ended 30 June 2025.
ACME Solar Holdings soared 8.86% after the company?s consolidated net profit stood at Rs 130.83 crore in Q1 FY26, steeply higher than Rs 1.39 crore in Q1 FY25. Revenue from operations jumped 65% YoY to Rs 510.98 crore in Q1 June 2025.
IPO Update:
Shanti Gold International's IPO received bids for 6,24,11,100 shares as against 1,26,67,200 shares on offer, according to stock exchange data at 16:45 IST on Monday (28 July 2025). The issue was subscribed 4.93 times.
Brigade Hotel Ventures' IPO received bids for 22,94,91,514 shares as against 5,11,93,987 shares on offer, according to stock exchange data at 16:45 IST on Monday (28 July 2025). The issue was subscribed 4.48 times.
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