Nifty slips below 24,100 level; auto shares under pressure
Market participants will closely monitor further developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season and corporate business updates, as well as the progress of the southwest monsoon for cues on market direction.
Auto shares witnessed profit booking after advancing in the past two trading sessions.
At 10:25 IST, the barometer index, the S&P BSE Sensex declined 521.65 points or 0.67% to 77,094.75. The Nifty 50 index fell 140.25 points or 0.57% to 24,071.25.
In the broader market, the BSE 150 MidCap Index fell 0.76% and the BSE 250 SmallCap Index declined 1.05%.
The market breadth was weak. On the BSE, 1,373 shares rose and 2,282 shares fell. A total of 214 shares were unchanged.
In the commodities market, Brent crude for September 2026 settlement jumped $1.69 or 2.03% to $84.99 a barrel.
Economy:
India?s retail inflation breached the Reserve Bank?s target for the first time in 17 months, government data showed on Monday, setting the stage for interest rate hikes in an economy at risk from a prolonged West Asia conflict.
The consumer price index rose to 4.38% year-over-year in June, up from 3.93% figure that was recorded in May. Inflation was led by higher fuel and food costs, which rose amid Iran war-driven supply disruptions and a delay in seasonal rains.
The year-on-year inflation rate based on the All India Consumer Food Price Index (CFPI) for the month of June was 5.32%, India?s Ministry of Statistics and Program Implementation said in a Monday release. Transport inflation rose 4.3% in June, quicker than the 1.75% rise in May.
Result Today:
LT Technology Services(up 0.25%), Tata Elxsi(down 1.21%), Jindal Saw(down 0.54%), SG Finserve(up 0.87%), Anand Rathi Share & Stock Brokers (down 0.85%), Den Networks(up 1.06%), Benares Hotels(down 0.31%), Aditya Birla Money(up 0.22%), Dhampur Bio Organics (down 2%) will announce their quarterly earnings today.
Buzzing Index:
The Nifty Auto index declined 1.56% to 26,559.95. The index jumped 1.14% in the past two trading sessions.
Ashok Leyland (down 3.15%), Tube Investments of India (down 2.9%), Mahindra & Mahindra (down 2.27%), Bajaj Auto (down 2.14%) and TVS Motor Company (down 1.88%), Uno Minda (down 1.81%), Tata Motors Passenger Vehicles (down 1.77%), Samvardhana Motherson International (down 1.44%), Bharat Forge (down 1.34%) and Eicher Motors (down 1.11%) declined.
Stock in Spotlight:
PDS surged 13.14% after the company has signed a multi-year sourcing partnership with a French retailer to manage more than $250 million in annual apparel free-on-board (FOB) sourcing volume, effective November 1.
Khaitan Chemicals & Fertilizers fell 2.28% after the company reported a 49.04% year-on-year decline in standalone net profit to Rs 10.91 crore for Q1 FY27, compared with Rs 21.41 crore in the year-ago period. Revenue from operations declined 6.09% YoY to Rs 220.03 crore during the quarter.
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