Nifty below 24,600 as CAS correction weighs; private bank shares slide
At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 51.28 points or 0.07% to 78,693.02. The Nifty 50 index fell 188.50 points or 0.76% to 24,585.80.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.31% and the BSE 250 SmallCap Index rose 0.53%.
The market breadth was positive. On the BSE, 2,208 shares rose and 1,645 shares fell. A total of 221 shares were unchanged.
RBI MPC meeting:
The Reserve Bank of India's (RBI) three-day Monetary Policy Committee (MPC) meeting entered its second day on Tuesday, 4 August 2026. RBI Governor Sanjay Malhotra is scheduled to announce the policy decision on Wednesday, 5 August 2026. Market participants will closely monitor the central bank's commentary on inflation, economic growth and the outlook for interest rates.
Buzzing Index:
The Nifty Private Bank index fell 1.09% to 27,738.75. The index jumped 1.93% in the past two trading sessions.
Federal Bank (down 3.48%), Axis Bank (down 1.49%), HDFC Bank (down 1.19%), ICICI Bank (down 0.99%) and IndusInd Bank (down 0.76%), Yes Bank (down 0.57%), Kotak Mahindra Bank (down 0.44%), IDFC First Bank (down 0.41%) declined.
Stocks in Spotlight:
Texmaco Rail & Engineering declined 2.79%. The company reported a 70.57% year-on-year (YoY) increase in consolidated net profit to Rs 50.03 crore in Q1 FY27, compared with Rs 29.33 crore in the corresponding quarter last year. Revenue from operations, however, declined 16.90% YoY to Rs 756.68 crore in the quarter ended 30 June 2026.
Great Eastern Shipping jumped 2.75% after the company reported a sharp rise in consolidated earnings for the quarter ended 30 June 2026, driven by robust growth in its shipping business. The company posted a consolidated net profit of Rs 1,308.84 crore in Q1 FY27, registering a 159.43% year-on-year (YoY) increase from the corresponding quarter last year. Revenue from operations surged 66.91% YoY to Rs 2,005.36 crore.
Global Markets:
Asian markets traded mixed on Tuesday as investors weighed Wall Street's rebound against lingering concerns over tensions in West Asia and uncertainty over the sustainability of the AI-led market rally.
Oil prices made limited gains as trading resumed in Asia, with Brent crude up 0.6% at $84.29 a barrel, after falling to a three-week low on Monday as U.S. President Donald Trump said he had held off on a fresh attack on Iran as a gesture of goodwill in peace talks. However, Tehran has denied that any negotiations are taking place.
Market pricing continues to indicate that September's Federal Reserve meeting will bring an increase to interest rates. Fed funds futures are pricing an implied 65% probability of a 25-basis-point hike at the U.S. central bank's next two-day meeting ending on September 16, according to the CME Group's FedWatch tool.
Federal Reserve Bank of New York President John Williams reportedly said he remained optimistic that inflation pressures are on track to ease gradually but said the Fed will hike rates if inflation doesn't slow.
Overnight in the US, markets took confidence from data showing that U.S. manufacturing activity increased to the highest level in more than four years in July, sending the Dow Jones to a record close.
The Dow Jones Industrial Average rose 693.38 points, or 1.32%, to 53,178.41, the S&P 500 gained 110.78 points, or 1.48%, to 7,600.50 and the Nasdaq Composite gained 540.04 points, or 2.13%, to 25,913.90.
Investors will receive several readings on the labor market this week, culminating with the government jobs report on Friday.
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