Equity benchmarks trade with limited losses; Europe trades near flatline
The domestic equity barometers staged decent recovery and traded with limited losses in afternoon trade. The Nifty traded above the 24,150 mark. Metals, FMCG and auto stocks declined while consumer durables, healthcare and pharma shares managed to trade in the green.
Investor sentiment remained subdued in the absence of strong directional cues. Market participants remained cautious amid movements in gold, crude oil prices, developments in the US-Iran situation and other global cues.
At 13:25 IST, the barometer index, the S&P BSE Sensex was down 118.50 points or 0.15% to 77,354.44. The Nifty 50 index fell 30.35 points or 0.13% to 24,177.40.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.08% and the BSE 250 SmallCap Index rose 0.10%.
The market breadth was negative. On the BSE, 1,779 shares rose and 2,363 shares fell. A total of 233 shares were unchanged.
Gainers & Losers:
Kotak Mahindra Bank (up 2.33%), Adani Enterprises (up 1.54%), Titan (up 1.38%), ICICI Bank (up 1.37%) and Adani Ports (up 1.33%) were the top gainers.
Hindalco (down 1.98%), HDFC Bank (down 1.40%), NTPC (down 1.33%), Mahindra & Mahindra (down 1.28%) and Shriram Finance (down 1.18%) were the top losers.
Stocks in Spotlight:
Tata Power Company dropped 4.06%. The Singapore International Commercial Court dismissed the company's challenge to arbitral awards in its dispute with Kleros Capital Partners. The court held that there was no breach of natural justice or the fair hearing rule by the majority of the arbitral tribunal in arriving at the final award.
Kitex Garments (KGL) added 2.55%. India Ratings and Research has downgraded the company's long-term rating to 'IND BBB+? from ?IND A? with a 'negative' outlook. The agency has also downgraded the company's short-term rating to ?IND A2? from ?IND A1?.
Nahar Spinning Mills fell 1.76%. Crisil Ratings has reaffirmed its ratings on the bank facilities and commercial paper of the company at 'Crisil A/Stable/Crisil A1?.
Skipper advanced 2.68%. The company announced that it has secured fresh orders worth Rs 1,305 crore for several domestic and international transmission and distribution (T&D) projects.
Global Markets:
European equities hovered near the flatline while Asian stocks advanced for a third straight session, with technology shares leading gains following Nvidia's results.
The Bank of Korea raised its benchmark interest rate by 25 basis points to 3.00% on Thursday. It was the second consecutive hike as the central bank sought to contain persistent inflation and address financial stability risks. The BOK also raised its 2026 growth forecast to 3.3% from 2.6%.
China?s industrial profits growth in July slowed to its weakest pace this year, expanding 11.2% from a year earlier, according to National Bureau of Statistics data on Thursday. For the first seven months of this year, profits climbed 17.6% from a year earlier, losing momentum following the 18.7% rate in the first half-year.
Wall Street ended slightly lower on Wednesday. The Dow Jones Industrial Average declined 0.21%, the S&P 500 eased 0.02% and the Nasdaq Composite slipped 0.08%. Investors weighed higher-than-expected headline inflation against Nvidia's earnings, released after the market close.
US inflation remained elevated in July. The Personal Consumption Expenditures price index rose 3.7% year-on-year, unchanged from June and above the 3.6% market expectation. On a monthly basis, the index increased 0.2%. Core PCE inflation, which excludes food and energy, rose 3.3% year-on-year and 0.2% month-on-month.
Nvidia reported quarterly revenue of $96.22 billion, more than double the year-ago figure. Adjusted earnings stood at $2.22 per share, also ahead of market expectations. Data centre revenue reached $89 billion, more than doubling from a year earlier.
The company forecast third-quarter revenue of $108 billion, plus or minus 2%. The outlook was above the average Wall Street estimate of around $104.2 billion. Nvidia also projected around 70% revenue growth for the fiscal year ending January 2028, reinforcing expectations of sustained demand for AI infrastructure.
Nvidia shares jumped around 4.7% in extended trading following the results. The strong outlook is expected to provide a fresh boost to semiconductor and technology stocks across global markets.
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