Sensex drops 375 pts; oil & gas stocks remain under pressure
At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 374.82 points or 0.48% to 77,805.80. The Nifty 50 index lost 119.25 points or 0.49% to 24,279.15.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index declined 0.10% and the BSE 250 SmallCap Index fell 0.08%.
The market breadth was negative. On the BSE, 1,763 shares rose and 2,075 shares fell. A total of 209 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.94% to 12.11.
In the commodities market, Brent crude for September 2026 settlement rose $2.32 or 3.13% to $76.48 a barrel.
Initial Public Offer (IPO):
Kusumgar received bids for 99,73,180 shares as against 1,14,68,094 shares on offer, according to stock exchange data at 11:25 IST on 08 July 2026. The issue was subscribed 0.87 times.
The issue opened for bidding on 08 July 2026 and it will close on 10 July 2026. The price band of the IPO is fixed between Rs 398 and 419 per share. An investor can bid for a minimum of 39 equity shares and multiples thereof.
Buzzing Index:
The Nifty Oil & Gas index dropped 1.35% to 11,096.80. The index fell 1.45% in two consecutive trading sessions.
Aegis Logistics (down 4.91%), Hindustan Petroleum Corporation (down 3.65%), Bharat Petroleum Corporation (down 2.87%), Aegis Vopak Terminals (down 2.42%), Mahanagar Gas (down 2.23%), Indian Oil Corporation (down 1.93%), Petronet LNG (down 1.72%), Reliance Industries (down 1.25%) and Oil & Natural Gas Corpn (down 0.29%) declined.
On the other hand, Chennai Petroleum Corporation (up 3.4%), Oil India (up 0.99%) and Adani Total Gas (up 0.79%) edged higher.
Stocks in Spotlight:
Rashtriya Chemicals and Fertilizers (RCF) advanced 2.44% after its board approved raising up to Rs 1,500 crore through a further public offering (FPO).
Innovision rose 0.35%. The company has secured an Rs 9.23 crore Letter of Award (LoA) from the National Highways Authority of India (NHAI) for toll collection at the Vaddupalli fee plaza in Andhra Pradesh.
Marksans Pharma rallied 2.99% after the company said that it has entered into a definitive agreement to acquire 100% of the share capital of Germany-based ABCnow GmbH.
Global Markets:
Asian markets mostly declined on Wednesday as investors weighed rising tensions in the Middle East and surging oil prices.
The U.S. started a ?series of powerful strikes? against Iran on Tuesday evening, retaliating for attacks against three commercial vessels traveling in the Strait of Hormuz, U.S. Central Command said. Earlier, the Treasury Department revoked a license that permitted Iran to sell its oil around the world in light of the attacks in the Hormuz Strait.
The West Texas Intermediate futures for August delivery rose 2.1% to $71.87 per barrel in Asia trading. Futures for the international benchmark Brent crude for September delivery jumped 1.9% to $75.53 per barrel.
Investors? attention now turns to the minutes from the Federal Open Market Committee?s June meeting, due at 2 p.m. ET Wednesday. The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh?s first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist.
Overnight on Wall Street, US stocks fell on Tuesday after Samsung's quarterly results and reports that China's DeepSeek is developing its own AI chip triggered renewed selling in the semiconductor sector.
The tech-heavy Nasdaq Composite suffered the steepest decline, falling 1.16% to 25,818.69. The Dow Jones Industrial Average lost 0.25% to 52,925.15, while the S&P 500 dropped 0.45% to 7,503.85.
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