Sensex tumbles 539 pts, Nifty slips below 24,100 as HDFC Bank, Reliance drag

Key benchmark indices extended their losses for the second consecutive session on Thursday, with the Nifty closing below the crucial 24,100 mark as selling in heavyweight stocks dragged the benchmarks lower. Domestic sentiment was weighed down by profit booking, monthly Sensex expiry and concerns around elevated US inflation and geopolitical tensions. Oil prices eased on hopes of progress in talks that could reduce supply disruptions around the Strait of Hormuz, offering some relief, while foreign and domestic institutional investors remained net buyers on August 26. Sectorally, gains in consumer durables and pharma were offset by losses in metals and PSU banks.

The S&P BSE Sensex declined 539.35 points or 0.70% to 76,933.59. The Nifty 50 index lost 116.90 points or 0.48% to 24,090.85. In two sessions, the Sensex and Nifty are down 0.93% and 1%, respectively.

HDFC Bank (down 2.23%), Bharti Airtel (down 1.25%) and Reliance Industries (down 1.22%) were major Nifty drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index declined 0.38% and the BSE 250 SmallCap Index shed 0.04%.

The market breadth was negative. On the BSE, 1,824 shares rose and 2,491 shares fell. A total of 211 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.06% to 11.10.

Numbers to Track:

In the commodities market, Brent crude for October 2026 settlement gained 27 cents or 0.31% to $87.21 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.5500 compared with its close of 95.4400 during the previous trading session.

The yield on India's 10-year benchmark federal paper jumped 0.48% to 6.884 compared with the previous session close of 6.851.

MCX Gold futures for 05 October 2026 settlement lost 0.70% to Rs 1,58,550.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 99.14.

The United States 10-year bond yield added 0.19% to 4.673.

Global Markets:

Most European equities declined while most Asian stocks ended higher, 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.

Stocks in Spotlight:

Tata Power Company dropped 3.30%. 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.

ICICI Prudential Asset Management Company fell 4.03% to Rs 3,093 after a large block deal in early trade on Thursday. The block deal came after promoter Prudential Corporation Holdings (PCHL) launched a stake sale of up to 2% in the company.

The Bombay Burmah Trading Corporation surged 11.63% after the Supreme Court recalled its earlier observation regarding a Rs 4,655.24 crore lease rent liability linked to the company's erstwhile Singampatti tea estate in Tamil Nadu. The Supreme Court, in its order dated 19 August 2026, allowed BBTCL's interlocutory application seeking recall of the observation made in its 29 May 2026 order.

Pine Labs rose 1.42% to Rs 169.25 after a foreign brokerage initiated coverage on the fintech company with a 'Buy' rating. The brokerage set a target price of Rs 200 per share, implying an upside of around 20% from the previous close of Rs 166.88 on the NSE.

Kitex Garments (KGL) added 1.74%. 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 0.87%. Crisil Ratings has reaffirmed its ratings on the bank facilities and commercial paper of the company at 'Crisil A/Stable/Crisil A1?.

Skipper advanced 1.73%. 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.

Bajaj Finance shed 0.18%. The company said that it has raised Rs 5,000 crore through the private placement of 5 lakh secured, redeemable non-convertible debentures (NCDs), each with a face value of Rs 1 lakh. The NCDs carry an annual coupon of 8.15% and have a long-term maturity of 10 years, with the principal due for redemption on 27 August 2036 and interest payable annually from 27 August 2027.

Redtape added 0.48%. Shareholders at the company?s annual general meeting approved the re-appointment of Shuja Mirza as managing director (MD) for a five-year term effective from 1 April 2027.

Initial Public Offer (IPO):

Lumino Industries received bids for 7,98,37,212 shares as against 6,32,05,127 shares on offer, according to stock exchange data at 16:30 IST on 27 August 2026. The issue was subscribed 1.26 times.

The issue opened for bidding on 27 August 2026 and will close on 31 August 2026. The price band of the IPO is fixed between Rs 78 and 82 per share. An investor can bid for a minimum of 182 equity shares and multiples thereof.

Annu Projects received bids for 1,52,28,501 shares as against 1,76,83,000 shares on offer, according to stock exchange data at 16:30 IST on 27 August 2026. The issue was subscribed 0.86 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 2,09,85,50,200 shares as against 2,95,83,600 shares on offer, according to stock exchange data at 16:30 IST on 27 August 2026. The issue was subscribed 70.94 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 93,36,33,525 shares as against 1,31,24,929 shares on offer, according to stock exchange data at 16:30 IST on 27 August 2026. The issue was subscribed 71.13 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.

Hy-Tech Engineers received bids for 4,40,88,82,187 shares as against 1,81,45,406 shares on offer, according to stock exchange data at 16:30 IST on 27 August 2026. The issue was subscribed 242.98 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.

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