Sensex slides 210 pts; IT shares decline for 2nd day

The frontline indices traded with modest losses in mid-morning trade, weighed down by global trade concerns after the United States imposed steep tariffs on several key trade partners and reaffirmed a 25% import duty on Indian goods.

The Nifty traded below the 24,700 level. IT shares extended losses for the second consecutive trading session

At 11:30 IST, the barometer index, the S&P BSE Sensex declined 209.52 points or 0.26% to 80,977.23. The Nifty 50 index lost 75.85 points or 0.31% to 24,692.95.

In the broader market, the S&P BSE Mid-Cap index slipped 0.39% and the S&P BSE Small-Cap index fell 0.23%.

The market breadth was negative. On the BSE 1,815 shares rose and 1,888 shares fell. A total of 195 shares were unchanged.

Results Today

Adani Power (up 0.34%), Tata Power (down 0.55%), UPL (up 1.44%), Godrej Properties (up 0.51%), ITC (up 1.62%), MCX (down 0.60%), Narayana Hrudayalaya (up 1.51%), Alivus Life Sciences (down 3.12%), Aditya Vision (down 0.44%), Capri Global Capital (up 1.31%), Delhivery (up 1.88%), Dhanuka Agritech (up 0.38%), GlaxoSmithKline Pharmaceuticals (down 0.93%), Go Fashion (India) (up 0.53%), Graphite India (up 0.92%), G R Infraprojects (up 0.40%), HealthCare Global Enterprises (down 2.42%), Honeywell Automation India (down 0.14%), JK Lakshmi Cement (up 1.07%), Jupiter Life Line Hospitals (up 0.28%) will announce their quarterly results later today.

Economy

India's manufacturing sector saw its strongest performance in four months in July, according to the HSBC India Manufacturing Purchasing Managers Index (PMI). The index rose from 58.4 in June to 59.1 in July, indicating a solid improvement in business conditions. A score above 50 signals growth, while below 50 indicates contraction.

The rise was mainly driven by a sharp increase in new orders, as companies benefited from strong demand and effective marketing efforts. In fact, sales grew at their fastest pace in nearly five years, highlighting growing confidence in the manufacturing sector.

IPO Update:

The initial public offer (IPO) of National Securities Depository received bids for 24,93,41,760 shares as against 3,51,27,002 shares on offer, according to stock exchange data at 11:1 IST on Friday (01 August 2025). The issue was subscribed 7.10 times.

The initial public offer (IPO) of M&B Engineering received bids for 5,34,74,170 shares as against 97,98,309 shares on offer, according to stock exchange data at 11:15 IST on Friday (01 August 2025). The issue was subscribed 5.46 times.

The initial public offer (IPO) of Sri Lotus Developers and Realty received bids for 56,48,42,600 shares as against 3,96,58,730 shares on offer, according to stock exchange data at 11:15 IST on Friday (01 August 2025). The issue was subscribed 14.24 times.

Buzzing Index:

The Nifty IT index dropped 0.93% to 34,971.65. The index fell 1.43% in two consecutive trading sessions.

Wipro (down 1.51%), Tech Mahindra (down 1.28%), Infosys (down 1.17%), HCL Technologies (down 0.86%) and Coforge (down 0.64%), LTIMindtree (down 0.6%), Oracle Financial Services Software (down 0.58%), Persistent Systems (down 0.42%), Tata Consultancy Services (down 0.39%) and Mphasis (down 0.26%) declined.

Stocks in Spotlight:

Chalet Hotels soared 7.49% after the companys consolidated net profit zoomed 234.89% to Rs 203.15 crore on 147.79% increase in revenue from operations to Rs 894.55 crore in Q1 FY26 over Q1 FY25.

Bajaj Auto added 0.28%. The company has reported 3% rise in total auto sales for July 2025, selling 3.66 lakh units as against 3.54 lakh units sold in July 2024.

Global Markets:

Most Asian markets traded lower on Friday after U.S. President Donald Trump announced sweeping new tariffs on American trading partners, citing trade imbalances and national security concerns.

The decision, signed late Thursday, is set to go into effect on 7 August and covers a wide range of goods from 69 countries and the 27-member European Union.

Countries facing the highest rates include Syria at 41 percent, Switzerland at 39 percent, Laos and Myanmar at 40 percent, Iraq and Serbia at 35 percent, and Libya and Algeria at 30 percent. Others like Taiwan, India, and Vietnam fall in the 20 to 25 percent range.

The European Union reached a deal under which goods with existing duty rates above 15 percent are exempt, while others will see adjusted levies. For countries not listed, a default rate of 10 percent will apply.

Meanwhile, Japans unemployment rate was unchanged at 2.5% in June, from the previous month, government data released Friday showed. There were 122 job openings for every 100 job seekers in June, lower than the 124 openings for every 100 job seekers in the previous month.

Stocks on Wall Street closed lower on Thursday, with the S&P 500 posting its third consecutive losing session.

The broad market index fell 0.37% to settle at 6,339.39, while the Nasdaq Composite edged down 0.03% to 21,122.45. The Dow Jones Industrial Average declined 330.30 points, or 0.74%, closing at 44,130.98.

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