Nifty trades below 24,250 mark; IT shares decline

The headline equity benchmarks traded with modest losses in the mid-morning 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 24,250 mark, 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.

PSU Bank shares extended losses for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex dropped 504.15 points or 0.66% to 77,504.73. The Nifty 50 index fell 129.35 points or 0.52% to 24,238.75.

In the broader market, the BSE 150 MidCap Index declined 0.16% and the BSE 250 SmallCap Index fell 0.29%.

The market breadth was negative. On the BSE, 1,742 shares rose and 2,384 shares fell. A total of 274 shares were unchanged.

IPO Update:

Horizon Industrial Parks received bids for 46,01,250 shares as against 25,13,56,273 shares on offer, according to stock exchange data at 11:30 IST on 17 August 2026. The issue was subscribed 0.02 times.

The issue opened for bidding on 17 August 2026 and will close on 19 August 2026. The price band of the IPO is fixed between Rs 57 and 60 per share. An investor can bid for a minimum of 250 equity shares and multiples thereof.

Lalithaa Jewellery Mart received bids 1,04,30,226 shares as against 6,27,61,403 shares on offer, according to stock exchange data at 11:30 IST on 17 August 2026. The issue was subscribed 0.17 times.

The issue opened for bidding on 17 August 2026 and will close on 19 August 2026. The price band of the IPO is fixed between Rs 190 and 201 per share. An investor can bid for a minimum of 74 equity shares and multiples thereof.

Buzzing Index:

The Nifty IT Index dropped 1.64% to 30,843.70. The index fell 1.93% in two consecutive trading sessions.

Infosys (down 2.51%), HCL Technologies (down 2.13%), Tata Consultancy Services (down 1.95%), Mphasis (down 1.6%), Tech Mahindra (down 1.56%), LTM (down 1.46%), Wipro (down 1.38%) and Persistent Systems (down 0.71%) declined.

On the other hand, Oracle Financial Services Software (up 0.61%) and Coforge (up 0.17%) edged higher.

Global Market:

Most Asian markets traded higher on Monday, although gains were tempered by renewed concerns over the Middle East conflict and elevated crude oil prices. Brent crude hovered around $89 a barrel as progress towards a US-Iran peace deal remained stalled and tanker traffic through the Strait of Hormuz stayed disrupted, keeping supply risks and inflation concerns in focus.

Japan's economy grew at an annualised 1.1% in the April-June quarter, slowing from the previous quarter and falling short of market expectations of 2%. GDP rose 0.3% quarter-on-quarter, also below the 0.5% expected by economists.

On Wall Street, US stocks ended lower on Friday after weaker-than-expected retail sales data raised concerns about consumer spending. The S&P 500 fell 0.17% to 7,785.76, the Nasdaq Composite declined 0.28% to 26,729.16 and the Dow Jones Industrial Average shed 0.20% to 53,732.41. Despite the decline, the S&P 500 posted its third consecutive weekly gain.

US inflation data released last week showed consumer prices rose 0.1% in July, while producer prices were unchanged. The softer inflation readings have reduced expectations of a near-term Federal Reserve rate hike, although investors remain focused on persistent inflation risks from higher energy prices. The minutes of the Fed's July meeting, due on Wednesday, will be closely watched for clues on the central bank's policy outlook.

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