Benchmarks trade lower amid weak global cues; IT shares tumble
IT shares declined after advancing in the past trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 660.19 points or 0.86% to 76,284.09. The Nifty 50 index tanked 234 points or 0.96% to 23,824.65.
In the broader market, the BSE 150 MidCap Index tumbled 1.18% and the BSE 250 SmallCap Index dropped 0.78%.
The market breadth was weak. On the BSE, 1,467 shares rose and 2,524 shares fell. A total of 247 shares were unchanged.
In the commodities market, Brent crude for the November 2026 settlement jumped 73 cents or 0.77% to $95.38 a barrel.
Initial Public Offer (IPO):
Purple Style labs received bids for 19,15,108 shares as against 68,49,816 shares on offer, according to stock exchange data at 11:00 IST on 2 September 2026. The issue was subscribed 0.28 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 2,80,76,916 shares as against 1,85,20,085 shares on offer, according to stock exchange data at 11:00 IST on 2 September 2026. The issue was subscribed 1.52 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 60,51,262 shares as against 31,37,810 shares on offer, according to stock exchange data at 11:03 IST on 2 September 2026. The issue was subscribed 1.93 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.
Buzzing Index:
The Nifty IT index fell 1.39% to 31,060. The index rose 0.98% in the past trading session.
Persistent Systems (down 2.23%), Wipro (down 1.92%), Coforge (down 1.61%), HCL Technologies (down 1.49%), Tech Mahindra (down 1.47%), LTM (down 1.4%), Oracle Financial Services Software (down 1.28%), Infosys (down 1.22%), Tata Consultancy Services (down 0.98%) and Mphasis (down 0.84%) declined.
Stocks in Spotlight:
EMS surged 6.33% after the company received the Lowest Bidder (L-1) status from the Directorate of Local Bodies, Government of Rajasthan, for a sewerage project. The estimated order value, including GST, is approximately Rs 218.65 crore. The project involves sewerage and septage management, including sewer systems with sewage treatment plants and the laying, jointing, testing and commissioning of sewerage systems across six urban local bodies in Ganganagar, Hanuman Nagar and Churu districts.
Adani Ports and Special Economic Zone (APSEZ) added 0.67%. The company said that the company had handled its highest ever monthly cargo volume of 50MMT in a single month during August 2026. The cargo volume is higher by 19% as compared with the figure of 41.9 MMT recorded in August 2025.
Global Markets:
Asian market traded sharply lower on Wednesday, tracking overnight losses on Wall Street as renewed US-Iran hostilities pushed crude oil prices higher and heightened concerns over inflation, interest rates and global growth.
Wall Street extended its decline on Tuesday, with the Dow Jones Industrial Average falling 418.97 points, or 0.79%, to 52,766.93. The S&P 500 declined 54.67 points, or 0.71%, to 7,631.47, while the Nasdaq Composite dropped 271.11 points, or 1.03%, to 26,099.77.
The selloff followed a sharp rise in oil prices after renewed military action between the US and Iran raised concerns over supply disruptions through the Strait of Hormuz. Brent crude rose to around $95 a barrel on Wednesday, its highest level in five weeks, after gaining for a second consecutive session.
Higher energy prices have intensified inflation concerns and contributed to a global bond selloff. The US 10-year Treasury yield climbed to around 4.80%, while Japan's 10-year government bond yield approached 3%, adding to pressure on equity valuations.
Markets are also reassessing the Federal Reserve's interest-rate outlook. The probability of a 25-basis-point rate hike at the Fed's 16 September meeting has risen to about 67%, compared with 39.6% a week earlier, following hawkish comments from Fed officials.
US economic data released overnight presented a mixed picture. The ISM Manufacturing PMI eased to 54.6 in August from 55.6 in July, indicating that manufacturing activity continued to expand, but at a slower pace. The New Orders Index declined to 53.7 from 56.7, while the Employment Index fell to 51.2 from 52.8. The Prices Index remained elevated at 71.1, pointing to continued input-cost pressures.
The US labour market remained relatively resilient, with JOLTS job openings rising by 89,000 to 7.271 million in July. However, hiring fell by 278,000 to 5.054 million, while the hires rate declined to 3.2%, suggesting some moderation in labour-market momentum despite continued demand for workers.
US construction spending also weakened, falling 0.5% in July to a seasonally adjusted annual rate of $2.158 trillion. The decline added to signs of softer activity in parts of the US economy.
Investors will now track upcoming US labour-market data, including the nonfarm payrolls report due Friday, for further clues on the Federal Reserve's policy path. The combination of elevated oil prices, persistent price pressures and signs of softer economic activity is likely to keep markets volatile.
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