Nifty trades near 24,350 level; European markets open higher amid easing Fed hike expectations

The benchmark indices continued to pare losses in afternoon trade as investors continued to assess the slew of latest corporate earnings announcements. The Nifty traded near the 24,350 mark. Metals, realty and private bank stocks advanced while pharma, FMCG and IT shares declined.

The broader market sentiment continued to remain 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.

At 13:19 IST, the barometer index, the S&P BSE Sensex declined 143.93 points or 0.18% to 77,865.32. The Nifty 50 index fell 17.45 points or 0.07% to 24,348.55.

In the broader market, the BSE 150 MidCap Index rose 0.22% while the BSE 250 SmallCap Index fell 0.02%.

The market breadth was negative. On the BSE, 1,939 shares rose and 2,357 shares fell. A total of 271 shares were unchanged.

Gainers & Losers:

Hindalco (up 1.70%), HDFC Life (up 1.21%), ONGC (up 1.13%), Bajaj Finance (up 1.06%) and Kokak Mahindra Bank (up 0.96%) were the top gainers.

On the other hand, Infosys (down 2.14%), HCL Tech (down 2.05%), ITC (down 1.69%), TCS (down 1.61%) and Cipla (down 1.58%) were the top losers.

Stocks in Spotlight:

Larsen & Toubro shed 0.09%. The company said that L&T Energy Hydrocarbon Offshore (LTEH Offshore) has secured an 'ultra-mega' order from a prestigious client in the Middle East for developing multiple offshore facilities. As per L&T's internal classification, the value of this 'ultra-mega' contract is more than Rs 15,000 crore.

PTC Industries jumped 6.72%. The company reported a consolidated net profit of Rs 29.2 crore in Q1 FY27, which is higher by 466.2% as compared with the PAT figure of Rs 5.2 crore posted in Q1 FY26. Total income increased by 83% year-on-year (YoY) to Rs 197.1 crore during the period under review.

Knowledge Marine & Engineering Works added 2.33%. The company's consolidated net profit surged 447.7% to Rs 61.73 crore in Q1 FY27 from Rs 11.27 crore in Q1 FY26. Revenue for the period under review was Rs 115.41 crore, up 138.1% year-on-year (YoY). Revenue for the June'25 quarter was Rs 48.47 crore.

Zaggle Prepaid Ocean Services hit the lower circuit of 20%. The company reported a 32.86% year-on-year decline in consolidated net profit to Rs 17.53 crore for Q1 FY27 from Rs 26.11 crore in the corresponding quarter last year. Revenue from operations rose 27.50% year on year to Rs 423.27 crore during the quarter.

Voltas slipped 3.98%. The company has reported 51% rise in consolidated net profit to Rs 213 crore on a 19% increase in total income to Rs 4,765 crore in Q1 FY27 as compared with Q1 FY26.

PhysicsWallah surged 6.31%. On a consolidated basis, loss for the period narrowed to Rs 88 crore in Q1 FY27 from Rs 127 crore in Q1 FY26 and Rs 69 crore in Q4 FY26. Revenue from operations increased 24% YoY and 14.7% QoQ to Rs 1,054 crore in Q1 FY27.

Global Market:

European ‌shares inched up on Monday, led by basic resources stocks as gold prices advanced on a weaker ​dollar and softer U.S. economic data, ​while easing expectations of a Federal Reserve ⁠rate hike supported sentiment.

In Asia, most markets traded higher as well, 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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