Nifty ends below 24,100 as banks, pharma stocks drag

The key equity indices ended marginally lower on Tuesday, extending their decline for the second consecutive session. Renewed Middle East tensions pushed crude oil and global bond yields higher, keeping investors cautious. The Nifty ended below the 24,100 mark as banking, financial services, auto and pharma stocks came under pressure. However, gains in IT and FMCG stocks helped limit the broader market's losses.

Crude oil remained the key macro concern after renewed US-Iran hostilities raised fears of prolonged supply disruptions through the Strait of Hormuz. The rise in global bond yields added to pressure on equities.

The S&P BSE Sensex declined 12.99 points or 0.02% to 76,944.28. The Nifty 50 index lost 24.60 points or 0.01% to 24,055.80.

Axis Bank (down 3.23%), State Bank of India (down 2.41%) and ICICI Bank (down 1.10%) were major Nifty drags today.

In the broader market, the BSE 150 MidCap Index declined 0.74% and the BSE 250 SmallCap Index added 0.04%.

The market breadth was negative. On the BSE, 1,760 shares rose and 2,563 shares fell. A total of 243 shares were unchanged.

Economy:

India's HSBC Manufacturing PMI eased to 52.8 in August 2026 from 53.5 in July, revised down from the preliminary reading of 52.9. The latest reading marked the weakest improvement in the sector's health in five years. Output and new orders continued to expand, but growth in both slowed to their weakest levels since August 2021 amid softer demand and challenging market conditions. Export orders also rose, although growth in international sales moderated from July.

Softer demand weighed on purchasing activity and inventories, while manufacturing employment declined for the first time in two-and-a-half years. Input buying expanded for the 62nd consecutive month, but at its weakest pace over the period. Input cost inflation eased to a six-month low, while output price inflation remained marginal and rose at its slowest pace in 45 months.

Business confidence improved to its highest level since May, although it remained subdued by historical standards.

Numbers to Track:

In the commodities market, Brent crude for the October 2026 settlement jumped $1.50 or 1.66% to $91.99 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.9350 compared with its close of 95.2200 during the previous trading session.

The yield on India's 10-year benchmark federal paper rose 0.13% to 6.956 compared with the previous session close of 6.947.

MCX Gold futures for 5 October 2026 settlement fell 1.16% to Rs 1,52,635.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.18% to 99.61.

The United States 10-year bond yield rose 0.55% to 4.782.

Global Markets:

The Dow Jones index futures fell 295 points, signalling a negative opening for US stocks today.

European shares declined while most Asian markets ended lower on Tuesday as an intensifying global bond market rout and escalating military hostilities in the Middle East severely dampened appetite for risk assets.

Investors were also assessing the prospect of further Federal Reserve rate hikes following hawkish comments from Fed Chair Kevin Warsh.

Wall Street ended lower on Monday, with rising Treasury yields and higher oil prices weighing on risk assets. The S&P 500 fell 0.33%, the Nasdaq Composite declined 0.12% and the Dow Jones Industrial Average dropped 0.70%. The market is also looking ahead to the US nonfarm payrolls report due on Friday, which could provide fresh clues on the Federal Reserve's policy path.

Oil prices climbed above $90 a barrel after the US and Iran resumed military strikes following a period of relative calm. US forces struck Iranian rocket launchers on Larak Island in the Strait of Hormuz, while Iran retaliated with attacks on US military targets in Jordan. The escalation has raised concerns over prolonged supply disruptions through the key oil shipping route.

Brent crude settled at $90.49 a barrel on Monday, up 2.71%, while the US 10-year Treasury yield rose to around 4.75%. Higher oil prices have revived concerns over persistent inflation, potentially strengthening the case for tighter monetary policy.

The renewed conflict has also increased uncertainty over the outlook for the Strait of Hormuz, through which a significant share of global oil shipments normally passes. Shipping activity has fallen sharply amid the hostilities, adding to concerns about further supply disruptions.

New Listing:

Shares of Symbiotec Pharmalab ended at Rs 1,095.95 on the BSE, representing a premium of 10.93% as compared with the issue price of Rs 988.

The stock debuted at Rs 978.20 on the BSE, a discount of 0.99% over its issue price. The stock has hit a high of Rs 1,173.80 and a low of Rs 933.80. On the BSE, over 31.88 lakh shares of the company were traded in the counter.

Shares of Hy-Tech Engineers ended at 75.59 on the BSE, representing a premium of 42.62% as compared with the issue price of Rs 53.

The stock debuted at Rs 72 on the BSE, a premium of 35.85% over its issue price. The stock has hit a high of Rs 75.59 and a low of Rs 68.56. On the BSE, over 21.74 lakh shares of the company were traded in the counter.

Shares of Skyways Air Services ended at 125.65 on the BSE, representing a discount of 8.95% as compared with the issue price of Rs 138.

The stock debuted at Rs 124.50 on the BSE, a discount of 9.78% over its issue price. The stock has hit a high of Rs 136.40 and a low of Rs 119. On the BSE, over 32.40 lakh shares of the company were traded in the counter.

Auto Sales:

Steel Strips Wheels jumped 14.94% after the company reported its second consecutive record monthly turnover in August 2026, with net turnover rising 53.6% to Rs 592.92 crore during the month from Rs 385.98 crore recorded in August 2025.

Bajaj Auto rallied 1.90% after the company reported a 28% increase in total vehicle sales to 5,35,764 units in August 2026, compared with 4,17,616 units sold in August 2025.

SML Mahindra rallied 6.05% after the company announced that it sold 1,175 units in August 2026, registering a 40% growth from 842 units sold in the same period last year.

Maruti Suzuki India fell 4.41%. The company reported total sales of 219,220 units in August 2026, up 21.3% YoY, with growth led by the domestic passenger-vehicle business.

Tata Motors declined 1.50%. The company reported total commercial vehicle (CV) sales of 44,411 units in August 2026, which is higher by 49% as compared with the sales figure of 29,863 units recorded in August 2025.

Escorts Kubota rose 0.60%. The company said that its Agri Machinery Business in August 2026 sold 10,072 tractors as against 8,456 tractors sold in August 2025, thereby registering a growth of 19.1% on year-on-year (YoY) basis.

Stocks in Spotlight:

Jindal Worldwide jumped 9.58% after its electric vehicle arm and subsidiary, Jindal Mobilitric, announced plans to expand its retail network to approximately 100 showrooms across India by the end of FY28.

Milky Mist Dairy Food was locked in 5% upper circuit after the company reported a consolidated net profit of Rs 64.68 crore in Q1 FY27, which is nearly 9.91x the PAT figure of Rs 6.53 crore recorded in Q1 FY26. Revenue from operations increased by 43.6% year-on-year (YoY) to Rs 973.45 crore during the period under review.

Texmaco Rail & Engineering added 4.27% after the company announced that Tsiko Africa Logistics, together with Barberry Holdings, has issued a letter of award for a project worth $135 million.

Religare Enterprises rose 3.38% on Tuesday after investor Ashish Dhawan further increased his stake in the company through open-market purchases. According to his stock exchange disclosure, Dhawan acquired 36,00,238 shares on 31 August 2026 at an average price of Rs 237 per share. The acquisition was valued at approximately Rs 85.33 crore. The shares represent 1.06% of Religare Enterprises' total voting share capital. Following the acquisition, Dhawan's holding increased to 2,52,81,090 shares, or 7.41%, from 6.35% earlier. Dhawan also holds 36,19,148 warrants. Including these warrants, his total holding stands at 2.89 crore securities, equivalent to 7.28% of the company's diluted share capital.

E2E Networks rose 0.20%. The company announced that it had entered into a binding term sheet with a sovereign AI company based in India. Under the arrangement, E2E Networks will provide NVIDIA Blackwell cloud GPUs and allied services. The contract has an aggregate value of approximately Rs 1,000 crore. The services are scheduled to be provided through June 2029. The company said the arrangement will transition the NVIDIA Blackwell capacity deployed in May 2026 from a pay-as-you-go model to a longer-term commitment.

Initial Public Offer (IPO):

Purple Style Labs received bids for 16,11,142 shares as against 68,49,816 shares on offer, according to stock exchange data at 16:54 IST on 1 September 2026. The issue was subscribed 0.24 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.

Deepa Jewellers received bids for 1,55,60,160 shares as against 1,85,20,085 shares on offer, according to stock exchange data at 16:54 IST on 1 September 2026. The issue was subscribed 0.84 times.

The issue opened for bidding on 1 September 2026 and will close on 3 September 2026. The price band of the IPO is fixed between Rs 168 and 177 per share. An investor can bid for a minimum of 84 equity shares and multiples thereof.

Rays of Belief received bids for 35,96,868 shares as against 31,37,810 shares on offer, according to stock exchange data at 16:54 IST on 1 September 2026. The issue was subscribed 1.15 times.

The issue opened for bidding on 1 September 2026 and will close on 3 September 2026. The price band of the IPO is fixed between Rs 227 and 239 per share. An investor can bid for a minimum of 62 equity shares and multiples thereof.

Priority Jewels received bids for 32,10,49,125 shares as against 32,02,500 shares on offer, according to stock exchange data at 16:54 IST on 1 September 2026. The issue was subscribed 100.25 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 1,67,75,56,838 shares as against 1,23,52,942 shares on offer, according to stock exchange data at 16:54 IST on 1 September 2026. The issue was subscribed 135.80 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 34 equity shares and multiples thereof.

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