Sensex drops 456 pts, Nifty slips below 24,600 amid financial sector sell-off
The S&P BSE Sensex declined 455.59 points or 0.58% to 78,499.17. The Nifty 50 index lost 65.35 points or 0.27% to 24,570.65. In the previous two sessions, the Sensex gained 0.67%, while the Nifty advanced 0.09%.
Bajaj Finance (down 5.84%), ICICI Bank (down 2.50%) and Axis Bank (down 1.43%) were major Nifty drags today.
In the broader market, the BSE 150 MidCap Index rose 0.18%, while the BSE 250 SmallCap Index was flat.
The market breadth was negative. On the BSE, 1,985 shares rose and 2,283 shares fell. A total of 206 shares were unchanged.
Numbers to Track:
In the commodities market, Brent crude for October 2026 settlement shed 33 cents or 0.40% to $82.16 a barrel.
The yield on India's 10-year benchmark federal paper rose 0.04% to 6.771 compared with the previous session close of 6.768.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.1900 compared with its close of 95.2250 during the previous trading session.
MCX Gold futures for 05 October 2026 settlement jumped 1.56% to Rs 1,51,176.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 99.80.
The United States 10-year bond yield fell 0.21% to 4.660.
Global Markets:
European shares traded higher on Friday and were on track for their strongest weekly gain since late June, supported by a robust corporate earnings season that has lifted regional benchmark indices to consecutive record highs.
Most Asian indices ended higher as investor sentiment improved on hopes that an agreement to reopen the Strait of Hormuz would help ease crude oil prices and reduce 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 products.
Official customs data showed exports rose 23% year-on-year in US 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% rise in June, which marked the strongest growth in five years. China's trade surplus narrowed to $112.5 billion in July from $125.6 billion in June.
Crude oil prices firmed up after Iran published a draft proposal outlining new restrictions on shipping through the Strait of Hormuz, reviving concerns over potential supply disruptions.
According to media reports, the draft proposal would prohibit US and Israeli vessels from transiting the Strait of Hormuz, while ships from other countries deemed to have harmed Iran would also be barred until compensation is paid.
Overnight on Wall Street, the Dow Jones Industrial Average fell 460 points, or 0.9%, to 53,885.10, snapping a five-session winning streak. The S&P 500 declined 0.2% to 7,709.36, while the Nasdaq Composite slipped 0.1% to 26,348.35.
Investors are now focused on the US July employment report due later on Friday. Economists expect the US economy to have added 80,000 jobs during the month, up from 57,000 in June, while the unemployment rate is projected to remain unchanged at 4.2%. Average hourly earnings are expected to rise 0.3% month-on-month and 3.5% year-on-year, indicating continued resilience in the labour market.
Stocks in Spotlight:
Titan Company fell 1.14%. On a consolidated basis, the company's profit after tax increased 62.9% YoY to Rs 1,777 crore in Q1 FY27. Total income rose 40.4% YoY to Rs 20,753 crore during the quarter. Earnings before interest and tax (EBIT) increased 58.9% YoY to Rs 2,782 crore, while the EBIT margin improved by 156 basis points to 13.4%. The jewellery business grew 43% YoY to Rs 18,253 crore (excluding bullion and DigiGold sales), supported by healthy festive demand, Akshaya Tritiya sales and strong customer response to exchange programmes. The watches business grew 21% YoY to Rs 1,543 crore, while the EyeCare segment also recorded 21% YoY growth to Rs 289 crore, driven by healthy demand and premiumisation.
Tata Technologies surged 8.92% after media reports claimed Honda Motor had outsourced the development of a new vehicle platform to the company. However, Tata Technologies clarified that the engagement was not undisclosed price-sensitive information, stating it had already disclosed the award of a vehicle development programme from a Japanese OEM in its Q4 FY26 and Q1 FY27 earnings updates. The company said such engineering contracts are part of its normal course of business and added that confidentiality obligations prevent it from confirming the identity of the customer. The clarification was issued in response to queries from the NSE and BSE.
State Bank of India (SBI) added 1.12% after the bank?s standalone net profit jumped 10.23% to Rs 21,121.22 crore in the quarte ended 30th June 2026, compared with Rs 19,160.44 crore recorded in the quarter ended 30th June 2025. Total income rose 6.26% YoY to Rs 1,43,819.15 crore, while profit before provisions and contingencies grew 9.77% to Rs 33,529 crore during the quarter. Net interest income (NII) climbed 14.88% YoY to Rs 46,992 crore, reflecting healthy growth in the bank's lending business. The domestic net interest margin (NIM), however, moderated marginally to 3.00% in Q1 FY27 from 3.01% in the year-ago period.
Varroc Engineering jumped 9.19% after reporting strong revenue growth for the quarter ended 30 June 2026. On a consolidated basis, the company's adjusted net profit increased 30.1% YoY and 11.5% QoQ to Rs 77.27 crore in Q1 FY27. Net sales rose 29.9% YoY and 11.2% QoQ to Rs 2,634.24 crore in the quarter ended 30 June 2026.
Life Insurance Corporation of India (LIC) rose 1.66% after 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 3.14% after the company 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 1.96% after the company 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 rose 3.82% after 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.
Saksoft fell 5.79% after reporting lower earnings for the quarter ended 30 June 2026. On a consolidated basis, the company's net profit declined 9.4% YoY and 18.5% QoQ to Rs 29.29 crore in Q1 FY27. Net sales declined 0.2% YoY and remained largely flat sequentially at Rs 248.62 crore in the quarter ended 30 June 2026.
G R Infraprojects rose 2.51% after the company?s consolidated net profit jumped 46.40% to Rs 357.29 crore in Q1 FY27 from Rs 244.05 crore in Q1 FY26. Revenue from operations rose 40.06% year on year (YoY) to Rs 2,784.11 crore in Q1 FY27.
SNL Bearings advanced 2.87% after the company reported a 27.67% increase in standalone net profit to Rs 3.46 crore for the quarter ended 30 June 2026, compared with Rs 2.71 crore in the corresponding quarter of the previous year. Revenue from operations grew 23.28% YoY to Rs 15.25 crore during the quarter.
GK Energy rallied 5.12% after the company's standalone net profit surged 61.55% year-on-year (YoY) to Rs 59.67 crore in Q1 FY27 from Rs 36.94 crore in the corresponding quarter last year. Revenue from operations jumped 71.10% YoY to Rs 505.19 crore, driven by sustained project execution under renewable energy programmes, rising demand for decentralized solar infrastructure.
Initial Public Offer (IPO):
Ardee Industries received bids for 7,80,55,08,129 shares as against 5,84,22,516 shares on offer, according to stock exchange data at 16:57 IST on 07 August 2026. The issue was subscribed 133.60 times.
The issue opened for bidding on 5 August 2026 and will close on 7 August 2026. The price band of the IPO is fixed between Rs 50 and 53 per share. An investor can bid for a minimum of 281 equity shares and multiples thereof.
Technocraft Ventures received bids for 2,14,15,030 shares as against 83,17,190 shares on offer, according to stock exchange data at 16:57 IST on 07 August 2026. The issue was subscribed 2.57 times.
The issue opened for bidding on 07 August 2026 and will close on 11 August 2026. The price band of the IPO is fixed between Rs 200 and 212 per share. An investor can bid for a minimum of 70 equity shares and multiples thereof.
LEAP India received bids for 3,01,37,058 shares as against 11,49,91,735 shares on offer, according to stock exchange data at 16:57 IST on 07 August 2026. The issue was subscribed 0.26 times.
The issue opened for bidding on 07 August 2026 and will close on 11 August 2026. The price band of the IPO is fixed between Rs 151 and 159 per share. An investor can bid for a minimum of 94 equity shares and multiples thereof.
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