Nifty below 23,800 level; IT shares under pressure
At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 417.25 points or 0.55% to 76,098.18. The Nifty 50 index lost 131.10 points or 0.55% to 23,769.50.
In the broader market, the BSE 150 MidCap Index fell 0.55% and the BSE 250 SmallCap Index rose 0.05%.
The market breadth was negative. On the BSE, 1,931 shares rose and 2,232 shares fell. A total of 263 shares were unchanged.
Initial Public Offer (IPO):
Pranav Constructions received bids for 2,24,16,000 shares as against 2,24,63,137 shares on offer, according to stock exchange data at 11:15 IST on 1 September 2026. The issue was subscribed 1 time.
The issue opened for bidding on 7 September 2026 and will close on 9 September 2026. The price band of the IPO is fixed between Rs 118 and 124 per share. An investor can bid for a minimum of 120 equity shares and multiples thereof.
Buzzing Index:
The Nifty IT index declined 2.24% to 30,007.10. The index fell 4.99% in the four consecutive trading sessions.
Infosys (down 3.31%), LTM (down 2.95%), Mphasis (down 2.86%), Oracle Financial Services Software (down 2.65%), Tech Mahindra (down 2.59%), HCL Technologies (down 1.91%), Coforge (down 1.8%), Wipro (down 1.75%), Persistent Systems (down 1.56%) and Tata Consultancy Services (down 1.3%) tanked.
Stocks in Spotlight:
Axiscades Technologies gained 2.26% after the company announced that its board approved raising up to Rs 200 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.
Ola Electric Mobility shed 0.13%. The company said that its board has approved a proposal to raise funds for an aggregate amount not exceeding Rs 1,500 crore through one or more equity-based fundraising mechanisms.
Global Markets:
Most Asian stocks advanced on Monday after a stronger-than-expected US jobs report boosted optimism over global growth. However, the data also increased expectations of a Federal Reserve rate hike in September. At the same time, rising oil prices and fresh US-Iran tensions kept investors cautious.
US cash equity markets will remain closed on Monday for the Labor Day holiday. Regular trading will resume on Tuesday. US stock futures were down 147 points in early Asian trade.
Wall Street ended lower on Friday after the stronger-than-expected jobs report revived concerns over the Fed's interest-rate outlook. The Dow Jones Industrial Average fell 0.51%, while the S&P 500 declined 0.38% and the Nasdaq Composite shed 0.29%.
The US Labor Department reported that nonfarm payrolls increased by 162,000 in August, well above economists' expectations for a 56,000 rise. The unemployment rate remained at 4.1%. The labour-force participation rate edged up to 61.6%. Payroll gains for June and July were also revised higher by a combined 55,000.
The strong employment data strengthened expectations of a Fed rate hike at its 15-16 September meeting.
Attention will now shift to US inflation data due later this week. The August consumer price index report, scheduled for Friday, could provide further clues on the Fed's policy path. A stronger inflation reading could reinforce expectations of a rate hike, while softer data could support the case for keeping rates unchanged.
Oil prices moved higher as tensions between the US and Iran escalated over the weekend. Brent crude rose to around $96.80 a barrel.
The latest escalation followed US strikes on three Iranian oil tankers. Iran's Islamic Revolutionary Guard Corps said it had targeted three tankers and several US-linked vessels in retaliation. Iran also indicated that it plans to establish a restricted zone outside the Strait of Hormuz. The claims regarding the Iranian attacks have not been independently verified.
The developments have raised concerns over possible disruptions to oil shipments through the Strait of Hormuz, a critical route for global energy supplies. The rise in crude prices is also adding to inflation concerns at a time when major central banks are reassessing their interest-rate paths.
Investors are also watching the European Central Bank, which is widely expected to raise its policy rate to 2.75% this week.
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