Nifty trades below 24,400 level; oil & gas shares decline

The frontline equity benchmarks traded with minor losses in the mid-afternoon trade as investors assessed a slew of Q1 FY27 earnings announcements amid the ongoing results season. Sector- and stock-specific movements remained in focus, while investors also tracked the progress of the monsoon, an important factor for the broader economic outlook.

The Nifty traded below the 24,400 level, while sentiment remained subdued amid a lack of strong directional cues. Investors continued to monitor movements in crude oil and gold prices, along with developments on the global geopolitical front, for further indications on the market's near-term trajectory.

Oil & gas shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex shed 143.25 points or 0.18% to 77,936.21. The Nifty 50 index fell 24.25 points or 0.10% to 24,373.45.

In the broader market, the BSE 150 MidCap Index declined 0.24% and the BSE 250 SmallCap Index fell 0.25%.

The market breadth was negative. On the BSE, 1,833 shares rose and 2,284 shares fell. A total of 261 shares were unchanged.

Buzzing Index:

The Nifty Pharma index declined 0.98% to 26,426.05. The index fell 1.25% in two consecutive trading sessions.

Alkem Laboratories (down 3.85%), Piramal Pharma (down 3.78%), Ipca Laboratories (down 3.77%), Aurobindo Pharma (down 2.34%), Laurus Labs (down 2.28%), Zydus Lifesciences (down 2.13%), Abbott India (down 1.74%), Biocon (down 1.45%), Torrent Pharmaceuticals (down 0.89%) and Dr Reddys Laboratories (down 0.78%) declined.

On the other hand, Wockhardt (up 1.44%), Ajanta Pharma (up 1%) and Mankind Pharma (up 0.77%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.04% to 6.755 as compared with the previous close of 6.758.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.4275 compared with its close of 95.4550 during the previous trading session.

MCX Gold futures for the 5 October 2026 settlement fell 0.25% to Rs 1,53,087.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 99.62.

The United States 10-year bond yield gained 0.41% to 4.660.

In the commodities market, Brent crude for the October 2026 settlement advanced 88 cents or 1.01% to $87.95 a barrel.

Stocks in Spotlight:

Zee Entertainment Enterprises surged 5.11% after media reports said the Securities Appellate Tribunal (SAT) granted interim relief to the company in its dispute with the Securities and Exchange Board of India (SEBI).

According to media reports, SAT allowed Zee Entertainment to proceed with its proposed Rs 3,143 crore preferential warrant issue to the promoter group despite SEBI's order restricting the company from accessing the securities market. The tribunal also allowed the company to use its mutual fund units for dividend distribution, subject to Zee depositing the penalty imposed by SEBI.

KMC Speciality Hospitals (India) jumped 6.20% after the company reported a net profit of Rs 16.57 crore for Q1 FY27, which is 119.9% higher as compared with the PAT figure of Rs 7.53 crore recorded in Q1 FY26.

Powered by Capital Market - Live News