Nifty slides below 24,700; oil & gas shares decline

The headline equity benchmarks traded with substantial losses on Thursday, snapping a two-day winning streak. The sell-off was triggered after U.S. President Donald Trump announced a 25% tariff on Indian goods, effective August 1, along with an additional, unspecified penalty for India?s purchase of items from Russia. Trading could be volatile due to the monthly Nifty50 F&O series expiry today.

The Nifty traded below the 24,700 level. Oil & gas shares extended losses for the second consecutive trading session.

At 10:35 IST, the barometer index, the S&P BSE Sensex declined 603.62 points or 0.74% to 80,878.74. The Nifty 50 index lost 180.55 points or 0.75% to 24,673.30.

In the broader market, the S&P BSE Mid-Cap index slipped 1.19% and the S&P BSE Small-Cap index fell 0.84%.

The market breadth was weak. On the BSE 1,116 shares rose and 2,409 shares fell. A total of 167 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.06% to 11.89.

New Listing

Shares of Brigade Hotel Ventures were currently trading at Rs 84.01 at 10:30 IST on the BSE, representing a discount of 6.66% compared with the issue price of Rs 90.

The scrip was listed at Rs 82, exhibiting a discount of 8.89% to the issue price.

So far, the stock has hit a high of Rs 86.53 and a low of Rs 81.49. On the BSE, over 12.12 lakh shares of the company were traded in the counter so far.

Trump Tariffs:

The U.S. President Donald Trump announced on Wednesday that India will face a 25% tariff starting August 1, along with an additional 'penalty' over what he considers unfair trade practices and India?s purchases of military equipment and energy from Russia.

The 25% tariff is slightly lower than the 26% rate he declared on ?Liberation Day? for the key trading partner but remains at the higher end of the range he was weighing. On Tuesday, Trump had indicated he was considering a rate between 20% and 25%.

India?s Ministry of Commerce and Industry has reportedly said the 'government is studying' the implications of Trump?s tariff announcement.

India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months,? the ministry said in a statement. ?We remain committed to that objective.?

Result today:

Coal India (down 1.17%), Dabur India (up 0.55%), Eicher Motors (down 0.81%), Hindustan Unilever (down 3.90%), Dr. Lal Path Labs (down 1.22%), Maruti Suzuki India (down 1.11%), Sun Pharmaceutical Industries (down 1.02%), Vedanta (down 1.04%), Adani Enterprises (down 2.12%), Ambuja Cements (down 0.42%), TVS Motor Company (down 0.30%), Aptus Value Housing Finance India (down 0.82%), Barbeque-Nation Hospitality (down 3.34%), JSW Energy (down 1.95%), Chalet Hotels (down 0.89%), Chambal Fertilisers & Chemicals (down 1.94%) will declare their Q1 results later today.

Buzzing Index:

The Nifty Oil & Gas index slipped 1.54% to 11,255.80. The index jumped 1.65% in the past trading session.

Hindustan Petroleum Corporation (down 3.38%), Bharat Petroleum Corporation (down 2.98%), Indian Oil Corporation (down 2.89%), Mahanagar Gas (down 2.06%), Gujarat State Petronet (down 1.47%), Reliance Industries (down 1.45%), GAIL (India) (down 1.41%), Petronet LNG (down 1.3%), Oil India (down 1.29%) and Adani Total Gas (down 1.24%) declined.

On the other hand, Indraprastha Gas (up 1.52%) and Aegis Logistics (up 0.12%) edged higher.

Stocks in Spotlight:

ITD Cementation India shed 0.52%. The company?s consolidated net profit jumped 36.96% to Rs 137.21 crore on a 6.75% rise in revenue from operations to Rs 2,542.36 crore in Q1 FY26 over Q1 FY25.

HEG soared 11.08% after the company?s consolidated net profit surged 354.99% to Rs 104.83 crore on a 7.96% increase in revenue from operations to Rs 616.93 crore in Q1 FY26 over Q1 FY25.

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