Sensex, Nifty trade sideways; European markets trade near flatline

The benchmark indices traded sideways in afternoon trade as elevated crude oil prices weighed on the macroeconomic outlook. The Nifty traded below the 23,450 mark. Metals, pharma and IT shares declined while banks & financials managed to trade with some gains.

At 12:25 IST, the barometer index, the S&P BSE Sensex advanced 12.30 points or 0.02% to 74,776.53. The Nifty 50 index shed 3.85 points or 0.02% to 23,427.65.

In the broader market, the BSE 150 MidCap Index shed 0.34% and the BSE 250 SmallCap Index added 0.09%.

The market breadth was negative. On the BSE, 1,918 shares rose and 2,265 shares fell. A total of 245 shares were unchanged.

Gainers & Losers:

Power Grid Corp (up 1.94%), HDFC Life (up 1.83%), Bharti Airtel (up 1.09%), HDFC Bank (up 1.04%) and Axis Bank (up 0.90%) were the top gainers.

HCL Tech (down 2.20%), Tata Steel (down 1.77%), Hindalco (down 1.57%), Eicher Motors (down 1.07%) and JSW Steel (down 0.99%) were the top losers.

Stocks in Spotlight:

Hindustan Zinc fell 1.20%. The company said that it has signed a six-year transportation contract with MFL India for the deployment of 30 electric trucks for concentrate transportation. Under the contract, extendable by a further two years, electric trucks will be progressively inducted to replace conventional diesel vehicles used for transporting zinc and lead concentrate from Rampura Agucha to the smelting operations in Rajasthan.

Systematic Industries rose 3.13%. The company secured an Rs 82.42 crore order from Power Grid Corporation of India (POWERGRID). The order is for the supply, execution and erection of optical ground wire (OPGW) under the OPGW-06 package.

Kolte Patil Developers rose 2.78%. The real estate developer announced that its latest residential project in Pune generated sales of over Rs 600 crore within 60 hours of launch.

Global Markets:

The US Dow Jones index futures are currently up by 192 points, signaling a positive opening for US stocks today.

European markets traded near the flatline while Asian shares traded lower on Thursday, tracking overnight losses on Wall Street as a sharp rise in crude oil prices and higher US Treasury yields heightened concerns over inflation and interest rates. The escalation in the US-Iran conflict and growing risks to energy supplies kept investors cautious.

Wall Street ended lower for the third consecutive session on Wednesday as Brent crude climbed above $100 a barrel for the first time since July. The Dow Jones Industrial Average declined 0.77% to 52,380.66, while the S&P 500 fell 0.48% to 7,636.36. The Nasdaq Composite closed 0.64% lower at 26,253.34.

The renewed rise in oil prices followed an escalation in the US-Iran conflict, with attacks on oil tankers and shipping in the Middle East raising fears of prolonged disruption to crude supplies.

The Strait of Hormuz remains a key concern for markets because the waterway historically handles roughly one-fifth of global oil and gas supplies.

Higher oil prices have also complicated the outlook for global central banks. Markets are increasingly concerned that sustained energy inflation could delay interest-rate cuts or force policymakers to maintain a tighter stance for longer.

Investors are therefore watching upcoming US inflation data closely, with the Producer Price Index due on Thursday and the Consumer Price Index on Friday. The data will be important for expectations around the Federal Reserve's policy decision on 15-16 September.

US Treasury yields also moved higher. The benchmark 10-year Treasury yield rose to 4.848% after touching 4.86%, its highest level since November 2023. The 30-year yield increased to 5.297%.

Apple unveiled its first foldable iPhone, the iPhone Duo, along with the iPhone 18 Pro and Pro Max. The new Pro models start $100 higher than their predecessors. Apple shares fell 0.3% on Wednesday but gained 0.6% in after-hours trading.

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