Nifty 50 declined 203 points or 0.82% to close at 24,565.35. Bank Nifty fell 344.30 points or 0.62% to 55,617.60. Sensex dropped 585.67 points or 0.72%, ending the session at 80,599.91.
Dow Jones Futures fell 0.82%. In Europe, FTSE slipped 0.50% but remained very bullish, while CAC and DAX dropped 1.86% and 1.70% respectively, both turning bearish.
Global events/updates:
- US Secretary of State Marco Rubio said India’s relationship with Moscow is a “point of irritation”
- Trump raises Canada tariff to 35% as US announces new levies on dozens of countries.
- India and the US are set to advance trade discussions, with a US delegation scheduled to visit Delhi on August 24.
Stock news
- Pudumjee Paper Products: – 5% upper circuit Revenue – 3% QoQ | (3%) YoY PAT – 92% QoQ | 31% YoY
- Larsen & Toubro: The company’s Minerals & Metals (M&M) business vertical has secured an order of up to Rs. 5,000 crores from Hindustan Zinc Limited (HZL), a Vedanta Group company.
- Nelcast: Revenue – 1% QoQ | 11% YoY, PAT – (14%) QoQ | 57% YoY, EBITDA – 44% YoY.
- Coal India: Reported a weak operational performance for July, with production dropping 15.5% year-on-year and sales declining 11.3% YoY.
- Safari Industries: Posted a strong Q1, with net profit at ₹50.5 crore, revenue at ₹530 crore, and EBITDA at ₹79.3 crore. Margins improved to 15% from 14.64% YoY.
- Graphite India: Plans to expand its graphite electrodes capacity by 25,000 TPA over the next 3 years.
- Hyundai Motors: Reported July sales of 60,073 units, slightly below last year’s 60,924 units and the estimate of 63,300 units.
- UPL: Reported a Q1 net loss of ₹88 crore, narrowing from ₹384 crore YoY. Revenue stood at ₹9200 crore, with EBITDA rising to ₹1396 crore and margin improving to 15.15% from 12.14%.
- Steel Strips Wheels: Posted a Q1 net profit of ₹49.9 crore vs ₹46.2 crore YoY. Revenue grew to ₹1,200 crore, and EBITDA increased to ₹122 crore from ₹114 crore.Adani Power’s Q1 net profit fell 13.5% YoY to ₹3,385 Cr, revenue declined 5.7% to ₹14,109 Cr, and EBITDA dropped 8.2% to ₹5,685 Cr. Margin stood at 40.3%. The board approved a 1:5 stock split.
Top gainer/Top loser (Nifty 500):
| Top gainers | Top losers |
| Suzlon Energy Ltd. (7.1%) | PNB Housing Finance Ltd. (-17.8%) |
| Netweb Technologies India Ltd. (5.29%) | IIFL Finance Ltd. (-11.0%) |
| Radico Khaitan Ltd. (5.1%) | GlaxoSmithKline Pharmaceuticals Ltd. (-8.30%) |
| GE Vernova T&D India Ltd. (5.0%) | Graphite India Ltd. (-8.0%) |
| Indegene Ltd. (5.0%) | HEG Ltd. (-7.2%) |
Conclusion:
Indian equity benchmarks witnessed a sharp decline amid weak global cues and profit booking. All major indices closed in the red, with Nifty slipping below 24,600 and Sensex losing over 580 points. The sell-off was broad-based, indicating cautious investor sentiment and global market uncertainty.
Written by Manideep Appana
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