Sensex slips 183 points, Nifty slips below 24,250 as IT stocks drag

Domestic equity indices ended lower on Wednesday as investors booked profits at higher levels and remained cautious ahead of the US July Personal Consumption Expenditures inflation data, the Federal Reserve's preferred inflation gauge. The data is expected to provide fresh clues on the outlook for US interest rates.

IT stocks led sectoral declines ahead of Nvidia's results, which are being closely watched for signals on AI-related spending and the sustainability of the technology-led market rally. Reliance Industries declined 1.44%, adding to pressure on the benchmarks. In contrast, financial stocks and private banks gained, while cement and metal stocks also advanced.

Lower crude oil prices provided some support to sentiment. Brent crude fell below $86 a barrel amid signs of progress towards improving shipping safety through the Strait of Hormuz.

The Nifty 50 fell 126.80 points, or 0.52%, to 24,207.75, while the S&P BSE Sensex declined 183.15 points, or 0.24%, to 77,472.94. The Nifty touched an intraday high of 24,378.60 before settling below the 24,250 mark.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.17% and the BSE 250 SmallCap Index added 0.56%.

The market breadth was positive. On the BSE, 2,375 shares rose and 1,944 shares fell. A total of 231 shares were unchanged.

Numbers to Track:

In the commodities market, Brent crude for October 2026 settlement fell $2.24 or 2.57% to $85.03 a barrel.

MCX Gold futures for 5 October 2026 settlement lost 0.43% to Rs 1,62,115.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 98.95.

The United States 10-year bond yield added 0.04% to 4.641.

Global Markets:

Most European shares advanced on Wednesday, holding near one-week highs as a sharp decline in crude oil prices eased concerns over inflation and economic growth.

Most Asian stocks also ended higher as investors awaited Nvidia's earnings and key US inflation data. Nvidia's results, due after the US market close on Wednesday, are expected to provide fresh clues on AI-related spending and the sustainability of elevated technology valuations.

Falling crude oil prices and lower US Treasury yields supported risk assets. Brent crude fell to around $85 a barrel as Iran and Oman discussed an interim framework aimed at resuming shipping through the Strait of Hormuz. The decline in oil prices helped push the US 10-year Treasury yield down to around 4.63%.

US consumer confidence also weakened more than expected. The Conference Board's Consumer Confidence Index fell to 89.4 in August from a revised 90.2 in July, marking its lowest level in seven months. The decline was driven mainly by a sharp fall in the expectations index, reflecting increased concerns over business conditions and the labour market.

Trade tensions between the US and Canada also intensified. Canada announced targeted counter-tariffs on US goods, matching the corresponding US tariff rates on affected products. The measures cover about $27.6 billion of US imports and will take effect on 8 September.

Wall Street ended higher on Tuesday. The Nasdaq Composite rose 0.66%, the S&P 500 gained 0.32% and the Dow Jones Industrial Average advanced 0.30%. Technology and semiconductor stocks rebounded ahead of Nvidia's results, with Nvidia rising 2.19% and AMD gaining 4.91%.

Investors are also awaiting the US July Personal Consumption Expenditures price index, due later on Wednesday. The data is closely watched by the Federal Reserve and could influence expectations for the interest-rate outlook.

Meanwhile, Federal Reserve Chair Kevin Warsh is scheduled to speak at the Jackson Hole Economic Policy Symposium on Friday, 28 August. His remarks will be closely watched for signals on the Fed's policy path.

New Listing:

Shares of Gaja Alternative Asset Management ended at Rs 168.70 on the BSE, representing a premium of 5.44% as compared with the issue price of Rs 160.

The stock debuted at Rs 185.20 on the BSE, a premium of 15.75% over its issue price. The stock has hit a high of Rs 191.35 and a low of Rs 165.50. On the BSE, over 47.32 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

The Nifty IT index fell 1.47% to 30,318.85, snapping a two-session winning streak during which the index had gained 0.78%. The decline was driven by concerns over higher costs for Indian IT companies following the proposed US H-1B visa fee. Investors also remained cautious ahead of Nvidia's earnings, which could provide cues on the outlook for AI-related technology spending.

Infosys (down 2.10%), Tech Mahindra (1.81%), Wipro (1.52%), LTIMindtree (1.50%), HCL Technologies (1.31%), Mphasis (1.31%), TCS (1.14%), Persistent Systems (1.14%) and Coforge (0.68%) declined.

Investors remained concerned about the impact of the proposed $103,265 fee on new H-1B visa applications. The move could increase costs for Indian IT companies with significant US operations. Nasscom has urged the US government to reconsider the proposal.

Billionbrains Garage Ventures, the parent company of Groww, fell 3.24% to Rs 196.44 after around 12.75 crore shares, or about 2.1% equity, changed hands in a block deal worth around Rs 2,500 crore. The block deal comes a day after reports said Ribbit Capital was planning to sell around 1.6% stake in the company for about Rs 1,914 crore at a floor price of Rs 195 per share. The floor price represented a 3.95% discount to Groww's closing price of Rs 203.01 on 25 August 2026.

Advait Energy Transitions rallied 3.71% after the company announced that it has received a turnkey contract worth Rs 134.62 crore from Madhya Pradesh Power Transmission Company (MPPTCL).

MTAR Technologies added 1.92% after the company said that it has secured orders worth Rs 126.7 crore for the supply of coolant channel assemblies for the refurbishment of the RAPS-4 and MAPS-2 reactors.

Adani Energy Solutions shed 1.51%. The company said that it has secured a key transmission project for evacuation of renewable energy generated in Karnataka to major load centres in Maharashtra. The project, which entails an estimated capital expenditure of Rs 4,700 crore, will also support the growing pumped storage ecosystem in the Satara, Pune and Mumbai Metropolitan Region (MMR).

Fedbank Financial Services advanced 0.29%. The NBFC said that its board has approved an increase in aggregate borrowing limits of the company to Rs 23,000 crore from Rs 18,000 crore earlier. Further, the company's board has also approved a proposal for raising funds by issuing debt instruments, including non-convertible debentures, with an aggregate amount not exceeding Rs 2,500 crore.

Subex fell 0.39%. The company said that it has entered into a three-year engagement with a leading African mobile operator for the deployment of its HyperSense Fraud Management solutions.

Sai Parenterals rallied 0.71% after the company announced that its subsidiary, Noumed Pharmaceuticals, has renewed its OTC Medicines Supply Agreement with one of Australia's leading multi-billion-dollar pharmacy chains.

NBCC (India) shed 0.32%. The company announced that it has received a work order worth approximately Rs 121.74 crore from the Rajasthan Council of School Education in the ordinary course of business.

Initial Public Offer (IPO):

Hy-Tech Engineers received bids for 91,92,18,243 shares as against 1,81,45,406 shares on offer, according to stock exchange data at 16:54 IST on 25 August 2026. The issue was subscribed 50.66 times.

The issue opened for bidding on 24 August 2026 and will close on 27 August 2026. The price band of the IPO is fixed between Rs 50 and 53 per share. An investor can bid for a minimum of 283 equity shares and multiples thereof.

Annu Projects received bids for 82,41,580 shares as against 1,76,83,000 shares on offer, according to stock exchange data at 16:54 IST on 26 August 2026. The issue was subscribed 0.47 times.

The issue opened for bidding on 25 August 2026 and will close on 28 August 2026. The price band of the IPO is fixed between Rs 94 and 99 per share. An investor can bid for a minimum of 151 equity shares and multiples thereof.

Skyways Air Services received bids for 14,99,34,800 shares as against 2,95,83,600 shares on offer, according to stock exchange data at 16:54 IST on 26 August 2026. The issue was subscribed 5.07 times.

The issue opened for bidding on 24 August 2026 and will close on 27 August 2026. The price band of the IPO is fixed between Rs 131 and 138 per share. An investor can bid for a minimum of 100 equity shares and multiples thereof.

Symbiotec Pharmalab received bids for 6,94,57,950 shares as against 1,31,24,929 shares on offer, according to stock exchange data at 16:54 IST on 26 August 2026. The issue was subscribed 5.29 times.

The issue opened for bidding on 24 August 2026 and will close on 27 August 2026. The price band of the IPO is fixed between Rs 938 and 988 per share. An investor can bid for a minimum of 15 equity shares and multiples thereof.

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