Nifty trades below 24,250 mark; FMCG shares decline; VIX jumps 4.78%
At 13:30 IST, the barometer index, the S&P BSE Sensex declined 586.14 points or 0.75% to 77,597.96. The Nifty 50 index fell 179.95 points or 0.74% to 24,219.80.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.21% and the BSE 250 SmallCap Index dropped 0.14%.
The market breadth was negative. On the BSE, 1,808 shares rose and 2,169 shares fell. A total of 215 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.78% to 12.21.
Gainers & Losers:
Eternal (up 2.02%), Trent (up 1.42%), Bajaj Auto (up 1.35%), Wipro (up 1.11%) and Eicher Motors (up 0.69%) were the major Nifty50 gainers.
Jio Financial Services (down 2.84%), Shriram Finance (down 2.04%), Max Healthcare Institute (down 2.09%), Hindustan Unilever (down 1.94%) and Tata Consumer Products (down 1.93%) were the major Nifty50 losers.
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.
Advait Energy Transitions rose 1.56% after the company announced that it has secured a Rs 51.62 crore turnkey contract from Dakshin Gujarat Vij Company (DGVCL) under the Vanbandhu Kalyan Yojana-2 (VKY-2) scheme.
3i Infotech jumped 4.92% after the company?s subsidiary, 3i Infotech Software Solutions L.L.C., has secured an IT consulting services contract worth AED 17.65 million (about Rs 45.85 crore), from UAE-based Vedant Consultancy FZ LLC.
Orchid Pharma surged 10.64% after the company has entered into licensing and supply agreement with Pharmasyntez JSC (Pharmasyntez) to commercialize anitbotic, Exblifep in Russia. The company said the partnership represents a potential opportunity of approximately $178 million over the first 10 years, driven by significant unmet clinical needs and large hospital procurement volumes in the Russian market.
Global Markets:
European shares traded lower on Wednesday as renewed military tensions between the US and Iran pushed oil prices higher, while investors remained cautious ahead of the release of Federal Reserve minutes under new Chair Kevin Warsh.
Asian markets also declined broadly as investors assessed escalating Middle East tensions and rising crude 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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