Nifty holds tad above 24,550 level; European shares open higher

The domestic equity barometers traded in a range-bound manner in afternoon trade. The Nifty traded tad above the 24,550 mark. Financials, chemicals and consumer durable stocks declined while auto, IT and healthcare shares advanced. Investors remained cautious as higher crude oil prices, lacklustre corporate earnings and mixed global cues weighed on investor sentiment.

At 13:20 IST, the S&P BSE Sensex tanked 482.60 points, or 0.61%, to 78,472.16. The Nifty 50 index lost 84.70 points, or 0.34%, to 24,551.30.

In the broader market, the BSE 150 MidCap Index shed 0.03%, while the BSE 250 SmallCap Index rose 0.06%.

The market breadth was almost even. On the BSE, 2,006 shares rose and 2,086 shares fell. A total of 218 shares were unchanged.

Gainers & Losers:

TCS (up 2.79%), Mahindra & Mahindra (up 2.39%), Grasim (up 1.77%), Hindalco (up 1.04%) and Hindustan Unilever (up 0.71%) were the top gainers.

Bajaj Finance (down 5.42%), Bajaj Finserv (down 4.39%), Trent (down 2.97%), Shriram Finance (down 2.22%) and ICICI Bank (down 1.56%) were the top losers.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) rose 1.61%. The company's standalone net profit jumped 22.81% year-on-year (YoY) to Rs 13,492.03 crore in Q1 FY27 from Rs 10,986.51 crore in the corresponding quarter last year. Total income increased 7.01% YoY to Rs 2,40,390.96 crore.

Hero MotoCorp added 2.07%. The company has reported 29% increase in standalone net profit to Rs 1,454 crore on a 36% jump in revenue from operations to Rs 12,999 crore in Q1 FY27 as compared with Q1 FY26.

Britannia Industries advanced 1.99%. The company has recorded 13.56% jump in consolidated net profit to Rs 591.35 crore in Q1 FY27 compared with Rs 520.72 crore posted in corresponding quarter last year. Net sales rose 8.17% YoY to Rs 4,999.97 crore in Q1 FY27.

Fortis Healthcare shed 0.65%. The company?s consolidated net profit increased 2.26% to Rs 259.23 crore in Q1 FY27, compared with Rs 250.67 crore in Q1 FY26. Net revenue jumped 17.46% YoY to Rs 2545.03 crore in Q1 FY27.

Global Markets:

European equities edged up on Friday and remained on track to secure their strongest weekly gain since late June, supported by a stellar corporate earnings season that has propelled regional benchmarks to consecutive all-time highs.

Meanwhile, Asian markets traded higher on Friday as investor sentiment improved on hopes that a deal to reopen the Strait of Hormuz would help ease crude oil prices and temper inflationary pressures.

China's exports grew more than expected in July, although the pace moderated from June's robust expansion, supported by strong global demand for high-tech components.

Official customs data released on Friday showed that exports rose 23% year-on-year in U.S. dollar terms in July, easing from 27% growth in June?the fastest pace since October 2021. Imports increased 27.5% from a year earlier, compared with a 36% jump in June, which had marked the strongest growth in five years.

China's trade surplus stood at $112.5 billion in July, narrowing from $125.6 billion recorded in June.

Oil rose Friday amid worries over supply disruptions after Iran published a restrictive draft plan for the Strait of Hormuz.

Futures for international benchmark Brent crude for October delivery gained 1.25% to $83.52 a barrel. U.S. West Texas Intermediate futures for September advanced 1.10% at $78.14 per barrel.

According to the apparent draft plan published by Iran, the country would ban U.S. and Israeli ships from transiting the Strait. Until compensation is paid, other nations that have harmed Iran would not be allowed to transit, according to the draft.

Overnight on Wall Street, the Dow fell more than 460 points, or 0.9% to 53,885.10, breaking a five-day winning run. The S&P 500 slid 0.2% to 7,709.36, while the Nasdaq Composite dipped 0.1% to 26,348.35.

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