Market under pressure; Nifty trades near 24,000 level
Market participants remained cautious ahead of the MSCI index rebalancing, which is expected to trigger sizeable passive fund flows under the new Closing Auction Session (CAS) mechanism. The Nifty traded below 24,000 level.
Investors will closely track movements in crude oil and gold prices, domestic and US bond yields, the rupee, and developments surrounding the US-Iran conflict. The trajectory of monsoon rainfall and its implications for rural demand and inflation will also remain on the radar.
Media shares declined after advancing in the past trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 472.79 points or 0.61% to 76,796.62. The Nifty 50 index dropped 172.45 points or 0.71% to 24,003.65.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index plunged 0.88% and the BSE 250 SmallCap Index tumbled 0.99%.
The market breadth was weak. On the BSE, 1,527 shares rose and 2,535 shares fell. A total of 307 shares were unchanged.
In the commodities market, Brent crude for the November 2026 settlement jumped $2.14 or 2.43% to $90.24 a barrel.
Initial Public Offer (IPO):
Purple Style labs received bids for 2,58,778 shares as against 68,49,816 shares on offer, according to stock exchange data at 11:06 IST on 31 August 2026. The issue was subscribed 0.04 times.
The issue opened for bidding on 31 August 2026 and will close on 2 September 2026. The price band of the IPO is fixed between Rs 546 and 575 per share. An investor can bid for a minimum of 26 equity shares and multiples thereof.
Lumino Industries received bids for 1,28,81,79,620 shares as against 6,32,05,127 shares on offer, according to stock exchange data at 11:06 IST on 31 August 2026. The issue was subscribed 20.38 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.
Priority Jewels received bids for 3,76,14,000 shares as against 32,02,500 shares on offer, according to stock exchange data at 11:06 IST on 31 August 2026. The issue was subscribed 11.75 times.
The issue opened for bidding on 28 August 2026 and will close on 1 September 2026. The price band of the IPO is fixed between Rs 190 and 200per share. An investor can bid for a minimum of 75 equity shares and multiples thereof.
EDS Software Solution received bids for 11,82,57,032 shares as against 1,23,52,942 shares on offer, according to stock exchange data at 11:06 IST on 31 August 2026. The issue was subscribed 9.57 times.
The issue opened for bidding on 28 August 2026 and will close on 1 September 2026. The price band of the IPO is fixed between Rs 408 and 429 per share. An investor can bid for a minimum of 34equity shares and multiples thereof.
Buzzing Index:
The Nifty Media index declined 3.70% to 13,216.40. The index rose 0.39% in the past trading session.
Zee Entertainment Enterprises (down 9.66%), Network 18 Media & Investments (down 4.65%), Sun TV Network (down 2.42%), Saregama India (down 2.14%), Prime Focus (down 2.09%) were the top losers. Among the other losers were Nazara Technologies (down 1.8%), Hathway Cable & Datacom (down 1.61%), PVR Inox (down 1.38%), D B Corp (down 1.05%) and Tips Music (down 0.88%) declined.
Stock in Spotlight:
Shree Refrigerations added 2.39% after the company announced that it had received an order worth Rs 3.93 crore from the Indian Navy's Controller of Procurement, Material Organisation, Mumbai.
Indraprastha Gas rose 2.13% after the company increased the price of compressed natural gas (CNG) by Rs 3.89 per kg. Following the revision, CNG in Delhi will cost Rs 86.98 per kg. The revised price is Rs 92.10 per kg in Gurugram and Rs 95.59 per kg in Ghaziabad and Noida.
Global Markets:
US stock futures were trading 140 lower on Monday, signalling a weak opening for Wall Street, while most Asian markets declined as investors assessed a more hawkish policy outlook from Federal Reserve Chair Kevin Warsh and renewed US-Iran tensions. Warsh said the Fed would have ?work to do? if it was not confident that underlying inflation was returning to its 2% target, prompting markets to raise the probability of a September rate hike to around 57%.
Asian technology stocks came under pressure as higher expected borrowing costs weighed on risk appetite.
Oil prices rose after the US military struck Iranian missile launchers near the Strait of Hormuz. Brent crude climbed to around $89.30 a barrel, raising concerns over a renewed escalation and potential disruption to oil supplies through the key shipping route.
China's manufacturing activity remained in contraction for a second consecutive month in August, although the pace of decline eased. The official manufacturing Purchasing Managers' Index rose to 49.8 from 49.2 in July, remaining below the 50 mark that separates expansion from contraction. The reading was also better than economists' expectations.
US equities ended lower on Friday after Warsh's Jackson Hole speech revived concerns over tighter monetary policy. The S&P 500 fell 0.25% to 7,711.76, the Dow Jones Industrial Average slipped 0.02% to 53,559.99 and the Nasdaq Composite declined 0.52% to 26,402.42.
The combination of higher rate expectations, elevated bond yields and renewed geopolitical tensions has increased pressure on global risk assets. Markets will now turn to upcoming US employment and inflation data for further clues on the Federal Reserve's policy path.
Powered by Capital Market - Live News