Nifty below 23,700 level; private bank shares under pressure

The key equity benchmarks continued to trade with modest cuts in mid-morning trade as elevated crude oil prices continue to weigh on the macroeconomic outlook. The Nifty traded above the 23,700 level, while private bank shares extended losses for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 419.60 points or 0.55% to 75,713.21. The Nifty 50 index lost 99.30 points or 0.42% to 23,680.95.

In the broader market, the BSE 150 MidCap Index added 0.14% and the BSE 250 SmallCap Index rose 0.21%.

The market breadth was negative. On the BSE, 1,975 shares rose and 2,038 shares fell. A total of 232 shares were unchanged.

Initial Public Offer (IPO):

Pranav Constructions received bids for 20,60,29,080 shares as against 2,24,63,137 shares on offer, according to stock exchange data at 11:15 IST on 8 September 2026. The issue was subscribed 9.17 times.

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.

Prasol Chemicals received bids for 9,19,424 shares as against 54,43,229 shares on offer, according to stock exchange data at 11:15 IST on 8 September 2026. The issue was subscribed 0.17 times.

The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 643 and 676 per share. An investor can bid for a minimum of 22 equity shares and multiples thereof.

Glass Wall Systems (India) received bids for 1,10,81,808 shares as against 1,64,57,298 shares on offer, according to stock exchange data at 11:15 IST on 8 September 2026. The issue was subscribed 0.67 times.

The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 172 and 182 per share. An investor can bid for a minimum of 82 equity shares and multiples thereof.

Kanohar Electricals received bids for 84,44,013 shares as against 1,16,93,326 shares on offer, according to stock exchange data at 11:15 IST on 8 September 2026. The issue was subscribed 0.72 times.

The issue opened for bidding on 8 September 2026 and will close on 10 September 2026. The price band of the IPO is fixed between Rs 601 and 632 per share. An investor can bid for a minimum of 23 equity shares and multiples thereof.

Buzzing Index:

The Nifty Private Bank index declined 0.54% to 27,596.05. The index fell 0.81% in the two consecutive trading sessions.

ICICI Bank (down 1.11%), Axis Bank (down 1.05%), HDFC Bank (down 0.78%) and Kotak Mahindra Bank (down 0.01%) tanked.

Stocks in Spotlight:

Biocon rose 1.27% after the company announced the signing of a partnership agreement with Bahiafarma and Bionovis for Pertuzumab in Brazil. This agreement would mark an important milestone in advancing production and commercialisation of the HER2-positive breast cancer therapy under the country?s productive development partnership (PDP) program.

Shiprocket rallied 1.91% after the company reported a narrowing of its consolidated net loss to Rs 13.71 crore in Q1 FY27 from a net loss of Rs 18.03 crore in Q1 FY26. Revenue from operations declined 33.81% YoY to Rs 592.08 crore in Q1 FY27.

Global Markets:

The US stock market was set for a cautious reopening on Tuesday after the Labor Day holiday, with Dow futures down about 317 points amid heightened Middle East tensions.

Most Asian markets advanced, but gains were tempered by concerns over rising oil prices. Brent crude climbed above $97 a barrel as tensions around the Strait of Hormuz intensified following US-Iran military confrontations. Iran has threatened tighter controls around the strategic waterway, raising concerns over possible disruptions to global oil supplies.

The rise in crude has also strengthened inflation concerns and complicated the Federal Reserve's policy outlook. Markets are pricing in more than a 60% probability of a 25-basis-point Fed rate hike at the September meeting. US inflation data due later this week could influence those expectations.

Investors are also watching renewed US-Canada trade tensions. Canada is set to impose retaliatory tariffs on around $20 billion of US goods, while President Donald Trump has threatened to block Bombardier from selling aircraft in the US unless the company manufactures them domestically.

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