Sensex slides 449 pts; metal shares decline

The domestic equity indices continued to trade with modest losses in early-afternoon trade tracking weak global cues as uncertainty over the prospects of a US-Iran deal weighed on investor sentiment. Persistent geopolitical concerns and the lack of clarity over diplomatic developments kept investors cautious, limiting risk appetite in the domestic market. Market activity was also influenced by the weekly expiry of NSE derivatives contracts.

Market participants are assessing a slew of Q1 FY27 earnings announcements, with sector- and stock-specific movements remaining in focus amid the ongoing earnings season while keeping a close watch the progress of the monsoon. The Nifty hovered below the 24,450 mark.

Investors are closely tracking the domestic inflation data due on Wednesday, alongside crude oil price movements and developments on the global geopolitical front, for further cues on the market?s near-term direction.

Metal shares declined after advancing in the past two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 448.74 points or 0.57% to 78,093.70. The Nifty 50 index dropped 143.40 points or 0.58% to 24,440.50.

In the broader market, the BSE 150 MidCap Index declined 0.24% and the BSE 250 SmallCap Index added 0.23%.

The market breadth was negative. On the BSE, 1,925 shares rose and 2,160 shares fell. A total of 231 shares were unchanged.

Derivatives :

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.20% to 12.27. The Nifty 25 August 2026 futures were trading at 24,520 at a premium of 79.50 points as compared with the spot at 24,440.50.

The Nifty option chain for the 25 August 2026 expiry showed a maximum call OI of 402.8 lakh contracts at the 24,500 strike price. Maximum put OI of 285.8 lakh contracts was seen at a 24,400 strike price.

Buzzing Index:

The Nifty Metal index fell 0.86% to 13,113.30. The index rallied 0.77% in the past two consecutive trading sessions.

Lloyds Metals & Energy (down 2.82%), Jindal Steel (down 1.88%), Tata Steel (down 1.71%), Vedanta (down 1.43%), Jindal Stainless (down 1.32%), JSW Steel (down 1.23%), Welspun Corp (down 0.96%), APL Apollo Tubes (down 0.90%), Steel Authority of India (down 0.74%) and NMDC (down 0.56%) declined.

On the other hand, National Aluminium Company (up 0.98%), Hindustan Copper (up 0.86%) and Hindalco Industries (up 0.24%) edged higher.

Stocks in Spotlight:

Apar Industries rose 1.02% to Rs 16,608.10 after the company announced the launch of its qualified institutional placement (QIP) issue and fixed the floor price at Rs 14,801.25 per equity share.

Bharat Forge fell 1.62% to Rs 2074.65 after the company reported a consolidated net loss of Rs 89.73 crore in Q1 FY27 as against a net profit of Rs 283.68 crore in Q1 FY26. Revenue for the period under review was Rs 4,639.94 crore, up 18.7% YoY.

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