Benchmarks extends slide as crude, geopolitical risks keep investors cautious

Key benchmark indices extended their losing streak on Wednesday as elevated crude oil prices, higher global bond yields and persistent geopolitical uncertainty kept investors cautious. The Nifty settled below the 24,100 level. The broader market remained under pressure, with both midcap and smallcap indices ending lower. Most sectoral indices closed in the red, led by weakness in defence and energy stocks, while IT shares bucked the trend and gained amid bargain hunting. Brent crude remained elevated near $92 a barrel as uncertainty over the US-Iran conflict and the Strait of Hormuz kept supply concerns in focus.

The S&P BSE Sensex dropped 325.78 points or 0.42% to 76,909.68. The Nifty 50 index lost 76.60 points or 0.32% to 24,078.30. The Sensex declined 1.49% in four consecutive trading sessions, while the Nifty fell 2.05% in seven consecutive trading sessions.

 

Reliance Industries (down 0.83%), ICICI Bank (down 0.71%) and HDFC Bank (down 0.41%) were major Nifty drags today.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.44% and the BSE 250 SmallCap Index dropped 0.67%.

The market breadth was negative. On the BSE, 1,807 shares rose and 2,483 shares fell. A total of 244 shares were unchanged.

Cabinet clears Rs 13,041 crore rail-road projects:

The Cabinet Committee on Economic Affairs approved five infrastructure projects worth a combined Rs 13,041 crore, including four railway multitracking projects worth Rs 9,450 crore across West Bengal, Odisha, Tamil Nadu and Andhra Pradesh, and an Rs 3,590.73 crore upgrade of the Muzaffarpur-Sitamarhi-Sonbarsa section of NH-22 in Bihar. The railway projects will add about 410 km to the network, ease congestion, improve connectivity to around 6,448 villages and support additional freight traffic of 76 million tonnes per annum, while the Bihar highway project will upgrade 82.578 km to four-lane standards and strengthen connectivity with the India-Nepal border.

Numbers to Track:

In the commodities market, Brent crude for October 2026 settlement gained 97 cents or 1.07% to $91.99 a barrel.

The yield on India's 10-year benchmark federal paper was shed 0.01% to 6.830 as compared with 6.831 previous sessions close.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.7550 compared with its close of 95.7450 during the previous trading session.

MCX Gold futures for 5 October 2026 settlement rose 0.02% to Rs 1,54,290.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 99.40.

The United States 10-year bond yield lost 0.23% to 4.695.

Global Markets:

Most European indices declined as UK annual consumer price inflation accelerated to 2.9% in July from 2.6% in June, driven by the sharpest increase in gas prices since October 2022, according to official data.

The rise in inflation was led by a 3.4% increase in services prices, while goods prices rose 1.7%. Housing and household services, particularly gas and electricity, made the largest upward contribution to inflation, while transport costs provided the biggest downward offset, the UK Office for National Statistics said.

Asian indices ended lower on Wednesday following a sharp selloff in US technology and semiconductor stocks. Elevated Treasury yields and rising oil prices also weighed on risk assets as investors reduced exposure to richly valued growth stocks amid concerns over borrowing costs, inflation and geopolitical tensions.

South Korea's KOSPI fell more than 5%, with semiconductor heavyweights SK Hynix and Samsung Electronics tumbling sharply. The steep decline triggered a temporary halt in program selling, known as a "sidecar", which is designed to provide a brief pause during sharp market moves.

The semiconductor selloff also reflected growing concerns over valuations in the artificial intelligence trade and the scale of investment in AI infrastructure. The Philadelphia Semiconductor Index fell 5% on Tuesday, with Nvidia, Micron Technology and other chip stocks among the major decliners.

Higher oil prices added to inflation concerns, with Brent crude trading around $91-$92 a barrel on Wednesday as uncertainty over crude exports through the Strait of Hormuz persisted amid escalating US-Iran tensions.

Investors will also focus on minutes from the US Federal Reserve's July meeting, due on Wednesday, for clues on the policymakers' interest-rate outlook.

US stocks ended lower on Tuesday, led by technology and semiconductor shares as rising Treasury yields and Middle East tensions weighed on sentiment. The Dow Jones Industrial Average declined 116.38 points or 0.22% to 53,343.40, while the S&P 500 dropped 53.30 points or 0.69% to 7,691.76. The Nasdaq Composite fell 355.20 points or 1.33% to 26,289.71.

New Listing:

Shiprocket ended its debut session at Rs 143.50 on the BSE, a 47.94% premium to its issue price of Rs 97. The stock debuted at Rs 129.50 on the BSE, a premium of 33.51% over its issue price and traded between Rs 129.50 and Rs 155.40 during the session. More than 171.11 lakh shares changed hands on the BSE.

Behari Lal Engineering ended its debut session at Rs 502.55 on the BSE, a 76.33% premium to its issue price of Rs 285. The stock debuted at Rs 458, marking a premium of 60.7% to the issue price and traded between Rs 458 and Rs 537.35 during the session. More than 29.68 lakh shares changed hands on the BSE.

Stocks in Spotlight:

RailTel Corporation of India rose 3.50% after the company received a work order worth Rs 166.80 crore from the Employees Provident Fund Organisation (EPFO).

Prism Johnson rallied 5.10% after the company was declared the successful bidder for supply of 1,28,000 metric tonnes (MT) of coal per annum by subsidiaries of Coal India.

L&T Technology Services (LTTS) added 1.05% after the company said that it has secured a five-year engagement worth over $75 million from a leading global technology enterprise.

Refex Industries shed 0.93%. The company has received a domestic work order worth approximately Rs 40.42 crore from an entity based in Maharashtra. The order involves a slab-wise rate contract for transportation of ash and is to be executed over a period of 12 months.

Ceigall India advanced 2.06%. The company, jointly with Rajinder Infrastructure, announced the receipt of letter of acceptance (LoA) from the Ministry of Road Transport & Highways (MoRTH) for road construction project. The contract involves construction of a 37.57-km road on the BileMigging section of NH-913 in Arunachal Pradesh, under the EPC mode. The projects has an aggregate bid cost of Rs 274.08 crore.

CG Power and Industrial Solutions slipped 3.47%. In a regulatory filing made post market hours yesterday, the company said that there has been a suspected cyber event on the firm's IT systems. "However, the event has not impacted the core systems and operations of the company," CG Power stated.

Krystal Integrated Services added 0.98% after the company received a work order worth approximately Rs 134 crore from Maharashtra State Road Transport Corporation (MSRTC).

Indegene shed 0.14%. The company said its wholly owned US subsidiary, Indegene Inc., has substantially concluded settlement negotiations in the TCPA class-action litigation filed by Progressive Health and Rehab Corp.

Arkade Developers slipped 1.81%. The company said that it has added four redevelopment projects across Malad West, Kandivali West, Kandivali East and Borivali West, covering a combined area of around 45,204 square meters or 11.17 acres.

Interarch Building Solutions slipped 1.33%. The company received Rs 128 crore contract from a domestic FMCG player of international repute to construct a manufacturing facility for homecare/beauty and wellness products.

IPO Update:

Gaja Alternative Asset Management received bids for 2,09,24,070 shares as against 2,53,28,946 shares on offer, according to stock exchange data at 16:36 IST on 19 August 2026. The issue was subscribed 0.83 times.

The issue opened for bidding on 19 August 2026 and will close on 21 August 2026. The price band of the IPO is fixed between Rs 152 and Rs 160 per share. An investor can bid for a minimum of 93 equity shares and multiples thereof.

Sunshine Pictures received bids for 9,91,31,973 shares as against 54,86,051 shares on offer, according to stock exchange data at 16:36 IST on 19 August 2026. The issue was subscribed 18.07 times.

The issue opened for bidding on 18 August 2026 and will close on 20 August 2026. The price band of the IPO is fixed between Rs 342 and Rs 360 per share. An investor can bid for a minimum of 41 equity shares and multiples thereof.

Shankesh Jewellers received bids for 2,55,92,800 shares as against 2,76,37,400 shares on offer, according to stock exchange data at 16:36 IST on 19 August 2026. The issue was subscribed 0.93 times.

The issue opened for bidding on 18 August 2026 and will close on 20 August 2026. The price band of the IPO is fixed between Rs 88 and 93 per share. An investor can bid for a minimum of 160 equity shares and multiples thereof.

Horizon Industrial Parks received bids for 36,28,23,500 shares as against 25,13,56,273 shares on offer, according to stock exchange data at 16:36 IST on 19 August 2026. The issue was subscribed 1.44 times.

The issue opened for bidding on 17 August 2026 and will close on 19 August 2026. The price band of the IPO is fixed between Rs 57 and 60 per share. An investor can bid for a minimum of 250 equity shares and multiples thereof.

Lalithaa Jewellery Mart received bids 3,94,60,66,354 shares as against 6,27,61,403 shares on offer, according to stock exchange data at 16:36 IST on 18 August 2026. The issue was subscribed 62.87 times.

The issue opened for bidding on 17 August 2026 and will close on 19 August 2026. The price band of the IPO is fixed between Rs 190 and 201 per share. An investor can bid for a minimum of 74 equity shares and multiples thereof.

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