Nifty hits six-day losing streak as crude tops $91; IT stocks lead market selloff

Key benchmark indices extended their losses on Tuesday, with the Nifty falling for the sixth consecutive session, while the Sensex declined for the third straight day. Sentiment was weighed down by Brent crude rising above $91 a barrel amid renewed US-Iran tensions. Weak global cues, continued FII selling, higher US bond yields and a weaker rupee further weighed on sentiment. The Nifty remained under pressure amid volatility ahead of the weekly Nifty 50 derivatives expiry and settled below the 24,200 level. IT stocks witnessed selling, while pharma, auto and oil & gas were the only major sectors to gain.

The S&P BSE Sensex dropped 492.70 points or 0.63% to 77,235.46. The Nifty 50 index lost 132.75 points or 0.55% to 24,154.90. The Sensex declined 1.08% over three consecutive trading sessions, while the Nifty fell 1.74% over six consecutive trading sessions.

Infosys (down 2.18%), Bharti Airtel (down 1.78%) and HDFC Bank (down 0.82%) were major Nifty drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index fell 0.35% and the BSE 250 SmallCap Index added 0.19%.

The market breadth was negative. On the BSE, 1,930 shares rose and 2,384 shares fell. A total of 233 shares were unchanged.

Numbers to Track:

In the commodities market, Brent crude for the October 2026 settlement rose 18 cents or 0.20% to $91.45 a barrel.

The yield on India's 10-year benchmark federal paper rose 0.29% to 6.824 compared with the previous session close of 6.804.

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.

MCX Gold futures for the 5 October 2026 settlement shed 0.42% to Rs 152,282.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 99.63.

The United States 10-year bond yield added 0.25% to 4.736.

Global Markets:

Most European equities extended their selloff on Tuesday, with regional benchmarks falling to two-week lows as renewed tensions in the Middle East rattled global risk sentiment.

Asian market ended mixed as uncertainty over the US-Iran ceasefire pushed oil prices higher and stoked concerns over a renewed rise in global inflation. US President Donald Trump ruled out extending the 60-day agreement with Iran and threatened military action against Oman, while negotiations between Washington and Tehran remained stalled. Higher oil prices also pushed longer-dated US Treasury yields higher.

China's economy lost momentum in July, with consumer spending, investment and industrial activity weakening. Retail sales grew 0.6% year-on-year, slowing from 1% growth in June. Urban fixed-asset investment fell 6.7% in the first seven months of the year, compared with a 5.7% decline in the first half, while industrial output growth slowed to 4.5% from 5.3% in June. The urban unemployment rate rose to 5.2% from 5% in June.

US stocks ended lower overnight as renewed tensions between Washington and Tehran lifted oil prices and revived inflation concerns. The Dow Jones Industrial Average fell 0.51%, the S&P 500 declined 0.52% and the Nasdaq Composite shed 0.32%. Investors will now focus on minutes of the Federal Reserve's July meeting, due Wednesday, for clues on the interest-rate outlook.

The Fed kept its benchmark rate unchanged at 3.50%-3.75% at its 28-29 July meeting, although the decision was divided, with three policymakers dissenting in favour of a rate hike.

New Listing:

Milky Mist Dairy Food ended its debut session at Rs 181.45 on the BSE, a 29.61% premium to its issue price of Rs 140. The stock debuted at Rs 165, marking a premium of 17.86% to the issue price and traded between Rs 165 and Rs 181.45 during the session. More than 69.28 lakh shares changed hands on the BSE.

Stocks in Spotlight:

Sigma Advanced Systems hit the upper circuit of 5% after the company secured orders worth approximately Rs 155 crore from the Government of India for its Indrajaal Ranger anti-drone patrol vehicle.

One 97 Communications slipped 2.15% after a large block deal in the stock was executed in early trade. The transaction came after One 97 Communications on Monday said that Resilient Asset Management B.V., an entity associated with Paytm founder Vijay Shekhar Sharma, proposed to sell up to 4.98% of its stake in the company through a block market trade. The proposed sale is under Resilient's existing Optionally Convertible Debenture (OCD) agreement with Antfin (Netherlands) Holding B.V. The economic value received by Resilient from the sale will be retained by Antfin under the agreement.

Nelco dropped 12.62% after the company announced a $20 million strategic investment in Lunar Holdco, Inc., doing business as Elveo Mobile. The investment was made through compulsorily convertible debentures (CCDs), carrying a 7% annual compounded return. Lunar is a US-based, pre-revenue satellite communications company developing a next-generation Non-Geostationary Satellite Orbit (NGSO) network for Direct-to-Device (D2D), Internet of Things (IoT) and mobile satellite connectivity. The investment appeared to weigh on sentiment as Nelco is committing $20 million to a pre-revenue company, while its eventual equity stake in Lunar is not presently determinable. The company said the investment does not confer control over Lunar.

DCX Systems rose 3.19% after the company and its wholly owned subsidiary Raneal Advanced Systems secured purchase orders worth a combined Rs 18.28 crore.

Netweb Technologies India advanced 2.16% after the company announced the opening of its qualified institutional placement (QIP) issue and fixed the floor price at Rs 4,885.90 per equity share.

KPI Green Energy added 1.95% after the company announced that it has energized 130 MW AC / 195 MW DC solar capacity under its 370 MW AC / 677 MW DC Wind-Solar Hybrid Power Project (IPP) at Bharuch, Gujarat.

Highway Infrastructure rallied 4.03% after the company received a Letter of Acceptance (LoA) worth Rs 80.16 crore from the National Highways Authority of India (NHAI) for operations at Palayam Fee Plaza in Tamil Nadu.

SPR Auto Technologies rose 1.43% after the company announced the opening of its qualified institutional placement (QIP) issue and fixed the floor price at Rs 4,438.20 per equity share.

Goldiam International slipped 3.31%. The company said that it has secured export orders worth Rs 50 crore from US-based international clients.

Ceigall India fell 2.50%. The company, jointly with Sushee Infra Mining, has received four letters of acceptance from the Ministry of Road Transport & Highways (MoRTH) for undertaking the EPC construction of 204 km of intermediate-lane roads on NH-913 in Arunachal Pradesh. The four projects have an aggregate bid cost of Rs 2,149.62 crore.

Protean eGov Technologies added 0.49%. The company has received a work order worth Rs 5.99 crore from the Government of Arunachal Pradesh for the design, development, implementation and maintenance of the Arun Parivar Patra (APP) ? State Family Registry Platform.

IPO Update:

Sunshine Pictures received bids for 2,34,97,633 shares as against 54,86,051 shares on offer, according to stock exchange data at 16:48 IST on 18 August 2026. The issue was subscribed 4.28 times.

The issue opened for bidding on 18 August 2026 and will close on 20 August 2026. The price band of the IPO is fixed between Rs 342 and Rs 360 per share. An investor can bid for a minimum of 41 equity shares and multiples thereof.

Shankesh Jewellers received bids for 98,12,320 shares as against 2,76,37,400 shares on offer, according to stock exchange data at 16:48 IST on 18 August 2026. The issue was subscribed 0.36 times.

The issue opened for bidding on 18 August 2026 and will close on 20 August 2026. The price band of the IPO is fixed between Rs 88 and 93 per share. An investor can bid for a minimum of 160 equity shares and multiples thereof.

Horizon Industrial Parks received bids for 5,93,40,250 shares as against 25,13,56,273 shares on offer, according to stock exchange data at 16:48 IST on 18 August 2026. The issue was subscribed 0.24 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 19,18,08,000 shares as against 6,27,61,403 shares on offer, according to stock exchange data at 16:48 IST on 18 August 2026. The issue was subscribed 3.06 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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