Benchmarks hold ground as crude, global yields cloud outlook

The domestic equity benchmarks ended almost flat on Friday as persistent geopolitical tensions surrounding Iran and elevated crude oil prices kept investors cautious. Brent crude hovered around $94 a barrel, while rising bond yields in developed markets continued to weigh on risk appetite and the appeal of emerging-market equities. Selective buying in heavyweight stocks helped limit the downside, with the Nifty settling above 24,250, supported by gains in metals and private bank shares. FMCG and auto stocks, however, remained under pressure. Technically, the Nifty is likely to find support in the 24,100-24,000 zone, while the 24,300-24,400 region remains the immediate resistance band.

The S&P BSE Sensex ended flat at 77,540.83, up 3.11 points or 0.00%. The Nifty 50 index rose 20.15 points or 0.08% to 24,252.

Power Grid Corporation of India (up 2.87%), Kotak Mahindra Bank (up 1.37%) and ICICI Bank (up 0.57%) boosted the NIfty higher today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.12% and the BSE 250 SmallCap Index rallied 0.31%.

The market breadth was positive. On the NSE, 1,884 shares rose and 1,630 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.25% to 11.21.

Economy:

The HSBC Flash India Composite PMI Output Index rose to 54.6 in August from 54.3 in July, marking a modest recovery in private-sector activity after July's 52-month low. However, the reading remained the second-weakest since March 2022, indicating that growth was still subdued.

The improvement was driven by services, with the Services PMI Business Activity Index rising to 54.5 from 53.3. Services activity and new business growth both strengthened after hitting 53-month lows in July.

In contrast, manufacturing momentum weakened for a third consecutive month. The Manufacturing PMI fell to 52.9 from 53.5, its lowest level since August 2021, while the Manufacturing PMI Output Index declined to 54.9 from 56.4.

Numbers to Track:

In the commodities market, Brent crude for October 2026 settlement lost 38 cents or 0.41% to $93.40 a barrel. Oil prices were firm amid the continued US-Iran standoff and uncertainty over energy supplies from the Gulf.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.7100 compared with its close of 95.7475 during the previous trading session.

The yield on India's 10-year benchmark federal paper was shed 0.04% to 6.870 compared with 6.873 previous session?s close.

MCX Gold futures for 5 October 2026 settlement rose 1.28% to Rs 1,61,459.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 98.64.

The United States 10-year bond yield rose 0.02% to 4.699.

Global Market:

US Dow Jones futures rose 205 points, signalling a positive start for Wall Street later today.

Shares in Europe and Asia edged higher on Friday, although global risk appetite remained cautious as elevated oil prices and rising bond yields kept inflation concerns in focus. Most Asian markets were heading for weekly losses as US Treasury yields resumed their rise.

Japan's core consumer inflation accelerated to 1.8% year-on-year in July from 1.6% in June, its fastest pace since January, strengthening expectations of a possible Bank of Japan rate hike as early as September.

Meanwhile, Wall Street suffered its steepest decline in three weeks on Thursday, with the Dow Jones Industrial Average falling 1.32%, the S&P 500 losing 0.87% and the Nasdaq Composite declining 1%. Walmart shares plunged 9.2% after weaker-than-expected sales growth added to concerns about consumer spending.

Investors turned their focus to the Federal Reserve's policy outlook and the Jackson Hole Economic Policy Symposium scheduled for 27-29 August.

Stocks in Spotlight:

ICICI Bank rose 0.57%. The bank's board has approved borrowings by way of issuances of bonds/notes/offshore certificate of deposits in overseas markets for a revised limit of up to $5.00 billion.

Data Patterns (India) advanced 2.17% after the company said that it has received order worth about Rs 585.76 crore from Bharat Electronics (BEL) for procurement of radar electronics.

RailTel Corporation of India rose 1.87% after the company said that it has secured order worth Rs 164 crore from Western Coalfields.

Saatvik Green Energy jumped 3.98% after the company?s material subsidiary, Saatvik Solar Industries has received an order from reputed independent power producer/EPC player to supply solar photovoltaic (PV) modules.

Lemon Tree Hotels rose 0.30%. The company announced the opening of Lemon Tree Hotel, Bharuch, marking its 12th operational hotel in Gujarat. The company has 20 more hotels in the pipeline across the state.

Tata Motors Passenger Vehicles shed 0.73%. The company will increase prices of its cars and SUVs by up to Rs 25,000 from 1 September 2026.

Walchandnagar Industries added 1.38% after the company received an order worth Rs 30.53 crore from the Vikram Sarabhai Space Centre (VSSC) for the supply of HS200 Motorcase for the Gaganyaan mission.

Glenmark Pharmaceuticals shed 0.64%. The company said that its subsidiary Glenmark Pharmaceuticals Inc., USA, has launched Calcium Gluconate Injection USP in the US in three presentations, including single-dose vials and a pharmacy bulk package.

NMDC Steel added 0.68%. The company said that Crisil Ratings has upgraded its rating on the long-term bank facilities of the company to ?Crisil A/Stable? from ?Crisil BBB+/Stable?.

Bajel Project jumped 6.32% after the company said that its joint venture entity AnantGrid Projects One (AGPOPL) has emerged as the successful bidder for the Lakadia?Part A inter-state transmission project in Gujarat.

B.L. Kashyap & Sons declined 2.93%. The company announced that it has secured an order worth Rs 183.18 crore from Realkraft Ventures LLP (Century Group).

IPO Update:

Augmont Enterprises received bids for 2,11,33,624 shares as against 77,15,999 shares on offer, according to stock exchange data at 17:00 IST on 21 August 2026. The issue was subscribed 2.74 times.

The issue opened for bidding on 21 August 2026 and it will close on 25 August 2026. The price band of the IPO is fixed between Rs 750 and Rs 788 per share. An investor can bid for a minimum of 19 equity shares and multiples thereof.

Tempsens Instruments(India) received bids for 32,86,32,350 shares as against 1,51,81,667 shares on offer, according to stock exchange data at 17:00 IST on 21 August 2026. The issue was subscribed 21.65 times.

The issue opened for bidding on 19 August 2026 and it will close on 21 August 2026. The price band of the IPO is fixed between Rs 285 and Rs 300 per share. An investor can bid for a minimum of 50 equity shares and multiples thereof.

Gaja Alternative Asset Management received bids for 79,35,31,056 shares as against 2,53,28,946 shares on offer, according to stock exchange data at 17:00 IST on 21 August 2026. The issue was subscribed 31.33 times.

The issue opened for bidding on 19 August 2026 and will close on 21 August 2026. The price band of the IPO is fixed between Rs 152 and Rs 160 per share. An investor can bid for a minimum of 93 equity shares and multiples thereof.

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