Nifty slips below 24,400 as profit booking ends four-day rally

The benchmark indices snapped their four-session winning streak on Tuesday as weak global cues triggered profit booking in domestic equities. The Nifty closed below the 24,400 mark amid broad-based selling. Metal and realty stocks tumbled, while IT, consumer durables and FMCG shares bucked the broader market trend.

The S&P BSE Sensex declined 104.35 points or 0.13% to 78,180.72. The Nifty 50 index lost 31.65 points or 0.13% to 24,398.70. In the past four sessions, the Sensex rallied 2.34% while the Nifty jumped 2.35%.

Trent (down 12.64%), Reliance Industries (down 1.23%) and ICICI Bank (down 1.04%) were major Nifty drags today.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index shed 0.18% and the BSE 250 SmallCap Index fell 0.76%.

The market breadth was weak. On the NSE, 1191 shares rose and 2084 shares fell. A total of 109 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.43% to 11.65.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.21% to 6.703 compared with the previous session close of 6.689.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.9550 compared with its close of 95.4300 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement fell 1.02% to Rs 1,45,414.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 100.72.

The United States 10-year bond yield rose 0.25% to 4.490.

In the commodities market, Brent crude for September 2026 settlement rose 81 cents or 1.13% to $72.80 a barrel.

Global Markets:

Most European stocks edged higher on Tuesday, although investors remained cautious ahead of key global economic data releases and the minutes of the U.S. Federal Reserve's latest policy meeting.

Asian stocks ended lower as investors awaited the release of the Federal Open Market Committee (FOMC) meeting minutes for further clues on the Fed's interest rate outlook.

The Japanese yen remained under pressure, trading above 162 against the U.S. dollar and hovering near its weakest level against the British pound since 2007. Investors also awaited Japan's auction of 30-year government bonds later in the day, with a weak auction expected to put further upward pressure on bond yields and weigh on the yen.

U.S. President Donald Trump said on Monday that the United States would either reach a deal with Iran or finish the job, renewing the threat of military action after Tehran adopted a defiant stance following the funeral of its late Supreme Leader, Ayatollah Ali Khamenei.

Overnight, U.S. equities extended their rally after a strong week. The S&P 500 gained 0.72% to close at 7,537.43, the Nasdaq Composite advanced 1.12% to 26,121.16, and the Dow Jones Industrial Average rose 155.84 points, or 0.29%, to a record closing high of 53,055.91.

The US ISM Services PMI eased to 54.0 in June from 54.5 in May, in line with expectations, indicating continued expansion in the services sector, albeit at a slower pace. Business activity and new orders moderated, while employment returned to growth and price pressures cooled to a four-month low.

Stocks in Spotlight:

Trent dropped 12.64% after the company's Q1 revenue growth fell short of market expectations. The company reported 19% rise in revenue to Rs 5,666 crore in Q1 FY27 from Rs 4,781 crore in Q1 FY26.

Titan Company rose 2.38% after the company reported a 41% year-on-year (YoY) growth in its consumer businesses for the quarter ended 30 June 2026 (Q1 FY27).

Swiggy surged 7.17% after the food delivery and quick commerce company said domestic ownership has crossed the 50% mark. This is a key milestone in its efforts to transition into an Indian Owned and Controlled Company (IOCC). The classification would provide greater flexibility for its quick commerce operations.

Info Edge India surged 12.95% after the company reported standalone billings of Rs 737 crore for Q1 FY27, registering a 14.4% year-on-year (YoY) growth compared with Rs 644.2 crore in Q1 FY26.

TARC surged 1.74% after the company reported a strong operational performance for the quarter ended 30 June 2026, driven by robust demand across its premium housing portfolio.

Jubilant FoodWorks rose 3.98% after its consolidated revenue from operations stood at Rs 2,569.3 crore in Q1 FY27, registering a 14.1% year-on-year (YoY) growth.

Varun Beverages (VBL) fell 2.19%. The company has announced that its subsidiary, VBL Industries (Kenya), has entered into an agreement to acquire the value-added dairy beverages, juices and packaged drinking water business of Devyani Food Industries (Kenya) (DFIL Kenya).

Texmaco Rail & Engineering fell 2.02%. The company said that it has received a letter of award (LoA) worth Rs 70.72 crore from Central Warehousing Corporation for the manufacture and supply of BLSS rakes along with Brake Van.

South West Pinnacle Exploration rose 2.45% after the company secured a work order worth approximately Rs 166.82 crore from Reliance Industries (RIL) for providing coal bed methane (CBM) production services in Madhya Pradesh.

P N Gadgil Jewellers declined 2.20%. The company reported 41% year-on-year (YoY) growth in revenue for the three-month period ended on 30 June 2026. The Retail revenue increased 56% YoY, driven by robust same-store sales growth (SSSG) of 46%, highlighting strong demand across its existing store network. Consequently, the retail business contributed around 78% of the company's total revenue during the quarter, reflecting an increased share in the overall revenue mix.

Fractal Analytics fell 2.97% after the company announced the resignation of Ashwath Bhat from the position of chief financial officer (CFO) and key managerial personnel (KMP) of the company.

KP Green Engineering fell 2.12%. The company announced that it has secured fresh orders worth Rs 239.61 crore from multiple clients across diversified business segments. The orders include Rs 116.07 crore for solar projects, Rs 76.41 crore for crash barriers, Rs 16.66 crore for RSJ poles, Rs 11.32 crore for pre-engineered buildings (PEB), Rs 8.05 crore for transmission towers, Rs 6.74 crore for cable trays, rooftop solar and isolators, and Rs 4.36 crore for poles and high masts.

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