Nifty slips below 24,300 on elevated crude prices; IT, FMCG stocks drag

Key benchmark indices started the week on a weak note on Monday, with the Nifty slipping below 24,300 as elevated crude oil prices weighed on sentiment. Brent crude hovered around $89 a barrel amid the lack of progress in ending the Iran conflict. IT, FMCG and consumer durables shares were under pressure while metal shares climbed.

The S&P BSE Sensex lost 281.09 points or 0.36% to 77,728.16. The Nifty 50 index declined 78.35 points or 0.32% to 24,287.65.

Infosys (down 2.51%), Sun Pharmaceutical Industries (down 2.49%) and Bharti Airtel (down 1.14%) were major Nifty drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.18% and the BSE 250 SmallCap Index advanced 0.06%.

The market breadth was negative. On the BSE, 2,087 shares rose and 2,353 shares fell. A total of 240 shares were unchanged.

Numbers to Track:

In the commodities market, Brent crude for the October 2026 settlement rose 93 cents or 1.05% to $89.45 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.6500 compared with its close of 95.4200 during the previous trading session.

The yield on India's 10-year benchmark federal paper rose 0.77% to 6.814 compared with the previous session close of 6.762.

MCX Gold futures for the 5 October 2026 settlement rose 0.46% to Rs 155,190.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.24% to 99.43.

The United States 10-year bond yield shed 0.09% to 4.692.

Global Markets:

Most European and Asian markets traded higher on Monday as softer US economic data eased expectations of an imminent Federal Reserve rate hike, while gains in basic resources and Chinese equities supported sentiment.

Brent crude hovered around $89 a barrel as uncertainty over the Middle East conflict and disruptions to tanker traffic through the Strait of Hormuz kept supply risks elevated. The prolonged disruption has also raised concerns that higher energy prices could reignite inflationary pressures.

Japan's economy grew at an annualised 1.1% in the April-June quarter, slowing from 2.1% growth in the previous quarter and falling short of market expectations. GDP expanded 0.3% quarter-on-quarter, while weaker household and business spending highlighted the fragility of the recovery.

On Wall Street, US stocks ended lower on Friday after weaker-than-expected retail sales raised concerns over 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 Friday's decline, the S&P 500 posted its third consecutive weekly gain.

US inflation data last week showed consumer prices rose 0.1% in July, while producer prices were unchanged. The softer data, along with the unexpected decline in retail sales, has reduced expectations of a near-term Fed rate hike. Markets now see about a 30% chance of a September rate hike, down from around 50% a week earlier. Investors will watch the minutes of the Fed's July meeting, due on 19 August 2026, for clues on the central bank's policy outlook.

New Listing:

Molbio Diagnostics ended its debut session at Rs 1036.30 on the BSE, a 28.41% premium to its issue price of Rs 807. The stock debuted at Rs 980, marking a premium of 21.44% to the issue price and traded between Rs 925.80 and Rs 1,064.85 during the session. More than 16.62 lakh shares changed hands on the BSE.

Dhoot Transmission closed at Rs 1187.50, a 36.34% premium to its issue price of Rs 871. The stock debuted at Rs 1,193.80, marking a premium of 37.06% to the issue price. It traded in the Rs 1,193.80-Rs 1,212.70 range, with over 30.82 lakh shares traded on the BSE.

Stocks in Spotlight:

Larsen & Toubro rose 0.73%. 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.

BSE fell 3.34% to Rs 3,332 after a foreign brokerage downgraded the stock to 'underperform', citing concerns over lower trading volumes and the impact of the Closing Auction Session (CAS). The global brokerage also cut its target price by 16% to Rs 2,940 from Rs 3,520 and lowered its FY27-FY29 estimated earnings per share (EPS) by 5-12%.

UFlex soared 20% after the company reported strong Q1 FY27 performance. On a consolidated basis, net profit increased 629.6% YoY and 116% QoQ to Rs 423.3 crore in Q1 FY27. Revenue from operations increased 37.6% YoY and 32.3% QoQ to Rs 5,366 crore.

PTC Industries surged 7.09%. 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.

Rubicon Research surged 11.42% after the company reported strong Q1 FY27 performance, with sharp growth in revenue, EBITDA and profit. On a consolidated basis, net profit increased 95.8% YoY and 10.4% QoQ to Rs 84.78 crore in Q1 FY27. Net sales increased 51.6% YoY and 4.0% QoQ to Rs 534.34 crore.

Turtlemint Fintech Solutions zoomed 10.08% after the company?s consolidated net loss narrowed to Rs 37.78 crore in Q1 FY27 compared with net loss of Rs 46.69 crore recorded in Q1 FY26. Net sales increased 39.71% year on year to Rs 294.08 crore during the quarter.

Cochin Shipyard declined 2.59% after it reported a 19.38% decline in consolidated net profit to Rs 151.45 crore on a 2.40% increase in revenue from operations to Rs 1,094.21 crore in Q1 FY27 over Q1 FY26.

Zaggle Prepaid Ocean Services hit a 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 4.05%. 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 added 0.74%. 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.

Anupam Rasayan India declined 1.15%. The company has reported a 6% rise in consolidated net profit to Rs 512 crore on a 35% increase in revenue from operations to Rs 6,550 crore in Q1 FY27 as compared with Q1 FY26.

IPO Update:

Horizon Industrial Parks received bids for 3,52,05,000 shares as against 25,13,56,273 shares on offer, according to stock exchange data at 16:48 IST on 17 August 2026. The issue was subscribed 0.14 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 4,32,49,448 shares as against 6,27,61,403 shares on offer, according to stock exchange data at 16:48 IST on 17 August 2026. The issue was subscribed 0.69 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.

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