Nifty slips below 24,450 as Tata selloff weighs on benchmarks
The S&P BSE Sensex declined 187.90 points or 0.24% to 77,966.35. The Nifty 50 index fell 35.75 points or 0.15% to 24,435.95. In two consecutive sessions, the Nifty declined 0.60% and Sensex fell 0.73%.
TCS (down 3.93%), Mahindra & Mahindra (down 1.63%) and Infosys (down 1.23%) were major Nifty drags today.
In the broader market, the BSE 150 MidCap Index shed 0.02% and the BSE 250 SmallCap Index fell 0.27%.
The market breadth was negative. On the NSE, 1504 shares rose and 1867 shares fell. A total of 105 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.73% to 11.79.
Economy:
India's retail inflation, measured by the Consumer Price Index (CPI), rose to 4.45% in July 2026 from 4.38% in June, marking its highest level since December 2024. The increase was driven by fresh inflationary pressures from higher energy prices following the outbreak of the Middle East conflict, compounded by pressure on the rupee. Despite the uptick, inflation remained comfortably within the Reserve Bank of India's tolerance band of 2% to 6%. Food and beverages inflation stood at 5.52%, while transportation inflation was 4.43%, with both categories affected by the conflict and adverse weather conditions impacting key crops.
Numbers to Track:
In the commodities market, Brent crude for October 2026 settlement shed 11 cents or 0.12% to $88.80 a barrel.
The yield on India's 10-year benchmark federal paper shed 0.13% to 6.770 compared with the previous session close of 6.779.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.3425 compared with its close of 95.3600 during the previous trading session.
MCX Gold futures for the 5 October 2026 settlement rose 0.84% to Rs 155,055.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 99.84.
The United States 10-year bond yield shed 0.34% to 4.668.
Global Markets:
Most European shares edged higher on Wednesday ahead of key US inflation data that could influence expectations for the Federal Reserve's monetary policy path. Investors also assessed final July inflation readings, with Germany's headline consumer inflation standing at 2.8% year-on-year.
Most Asian markets ended higher as investors awaited the US inflation report, which is expected to provide clues on the near-term direction of interest rates.
A stronger-than-expected inflation reading could unsettle markets and influence expectations for the Federal Reserve's September meeting, as policymakers take a break from scheduled meetings in August. The Fed has remained focused on persistent price pressures, with three policymakers dissenting in favour of a rate hike at its last meeting.
Inflation concerns have also been heightened by rising oil prices. US crude prices climbed above $83 a barrel this week as hopes of a reopening of the Strait of Hormuz faded.
The US inflation report will be followed by the July Producer Price Index (PPI) data due on Thursday, with investors watching whether the softer producer-price reading seen in the previous month can be sustained.
Overnight on Wall Street, the S&P 500 fell on Tuesday, weighed by weakness in major technology stocks, as fading hopes of a reopening of the Strait of Hormuz added to concerns over prospects for a broader resolution to the US-Iran conflict.
The S&P 500 declined 0.32% to 7,728.20, marking its second consecutive session of losses. The Nasdaq Composite fell 0.60% to 26,445.45, while the Dow Jones Industrial Average shed 184.13 points, or 0.34%, to 53,791.85.
Stocks in Spotlight:
Tata Group stocks declined on Wednesday after Tata Sons Chairman N Chandrasekaran decided not to seek reappointment when his current term ends on 20 February 2027. Chandrasekaran will continue as chairman until the end of his current term.
TCS fell 3.93%, Tata Consumer Products declined 1.49%, Tata Motors Passenger Vehicles slipped 1.32%, Tata Steel fell 1.09% and Titan Company declined 0.57%. Trent dropped 0.43%, while Tata Power slipped 0.14%.
Aluminium stocks ended higher on Wednesday, with National Aluminium Company (NALCO) rising 8.25% and Hindalco Industries gaining 2.80%. The gains came after Norsk Hydro's Alunorte refinery announced a reduction to its Alumina output. As per media reports, Norsk Hydro has cut its Alumina output at its Alunorte refinery to 50% of its capacity, citing gas shortage as the reason for production cut. The said unit had produced 6.3 MT of Alumina in 2025.
Marksans Pharma surged 11.02% after the company reported record Q1 FY27 performance. On a consolidated basis, PAT increased 173.9% YoY and 7% QoQ to Rs 159.4 crore in Q1 FY27. Operating revenue increased 35.6% YoY but declined 1.8% QoQ to Rs 840.8 crore. EBITDA increased 112.8% YoY and 9% QoQ to Rs 213 crore in Q1 FY27. EBITDA margin stood at 25.3% compared with 16.1% in Q1 FY26 and 22.8% in Q4 FY26.
Caplin Point Laboratories dropped 6.45% after the company reported its Q1 FY27 financial results. On a consolidated basis, net profit increased 18.79% YoY and 3.59% QoQ to Rs 179.09 crore in Q1 FY27. Revenue from operations increased 19.62% YoY and 1.70% QoQ to Rs 610.36 crore in Q1 FY27.
TD Power Systems rose 16.34% after the company reported strong Q1 FY27 performance. On a consolidated basis, profit after tax increased 72.3% YoY and 19.5% QoQ to Rs 86.29 crore in Q1 FY27. Revenue from operations increased 72.1% YoY and 8.6% QoQ to Rs 640.05 crore in Q1 FY27.
Godrej Consumer Products (GCPL) tumbled 11.22% after the company announced that its managing director (MD) and chief executive officer (CEO), Sudhir Sitapati, has resigned from his position with effect from 11 August 2026. Following the resignation, the company's board appointed Aasif Malbari, who was serving as chief financial officer (CFO), as an additional director (executive, non-independent) and designated him as MD & CEO for a term of five consecutive years.
DAM Capital Advisors declined 4.32% after the company reported a 34.78% year-on-year decline in consolidated net profit to Rs 0.15 crore in Q1 FY27 from Rs 0.23 crore in Q1 FY26. Total income declined 2.95% YoY to Rs 29.97 crore from Rs 30.88 crore.
ESAB India jumped 2.93% after the company reported strong financial performance for Q1 FY27. On a standalone basis, net profit increased 37.13% YoY and 28.91% QoQ to Rs 56.14 crore in Q1 FY27. Net sales increased 19.63% YoY and 6.41% QoQ to Rs 421.12 crore in Q1 FY27.
Bata India rose 2.14% after the company reported 23% jump in consolidated net profit to Rs 63.98 crore on a 3.9% rise in revenue to Rs 978.95 crore in Q1 FY27 as compared with Q1 FY26.
Initial Public Offer (IPO):
Shiprocket received bids for 9,14,37,346 shares as against 9,44,36,030 shares on offer, according to stock exchange data at 17:00 IST on 12 August 2026. The issue was subscribed 0.97 times.
The issue opened for bidding on 12 August 2026 and will close on 14 August 2026. The price band of the IPO is fixed between Rs 92 and 97 per share. An investor can bid for a minimum of 154 equity shares and multiples thereof.
Behari Lal Engineering received bids 1,50,12,556 shares as against 74,12,769 shares on offer, according to stock exchange data at 17:00 IST on 12 August 2026. The issue was subscribed 2.03 times.
The issue opened for bidding on 12 August 2026 and will close on 14 August 2026. The price band of the IPO is fixed between Rs 271 and 285 per share. An investor can bid for a minimum of 52 equity shares and multiples thereof.
Milky Mist Diary Food received bids for 17,77,82,747 shares as against 8,17,98,244 shares on offer, according to stock exchange data at 17:00 IST on 12 August 2026. The issue was subscribed 2.17 times.
The issue opened for bidding on 11 August 2026 and will close on 13 August 2026. The price band of the IPO is fixed between Rs 133 and 140 per share. An investor can bid for a minimum of 107 equity shares and multiples thereof.
Dhoot Transmission received bids for 1,85,17,68,112 shares as against 2,49,56,363 shares on offer, according to stock exchange data at 17:00 IST on 12 August 2026. The issue was subscribed 74.20 times.
The issue opened for bidding on 10 August 2026 and will close on 12 August 2026. The price band of the IPO is fixed between Rs 829 and 871 per share. An investor can bid for a minimum of 17 equity shares and multiples thereof.
Molbio Diagnostics received bids for 57,30,81,768 shares as against 81,58,529 shares on offer, according to stock exchange data at 17:00 IST on 12 August 2026. The issue was subscribed 70.24 times.
The issue opened for bidding on 10 August 2026 and will close on 12 August 2026. The price band of the IPO is fixed between Rs 768 and 807 per share. An investor can bid for a minimum of 18 equity shares and multiples thereof.
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