Investors are also closely tracking the first-quarter earnings season, with the focus on TCS' Q1 FY27 results due later in the day. Market participants will watch the IT major's management commentary for cues on discretionary technology spending by global clients and the demand outlook for the sector.
Consumer durables shares rebounded after declining in the past trading session.
At 12:25 IST, the barometer index, the S&P BSE Sensex declined 585.92 points o 0.76% to 77,091.46. The Nifty 50 index fell 183.45 points or 0.77% to 24,067.55.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 1.48% and the BSE 250 SmallCap Index jumped 1.64%.
The market breadth was strong. On the BSE, 2,878 shares rose and 1,086 shares fell. A total of 231 shares were unchanged.
In the commodities market, Brent crude for September 2026 settlement fell 30 cents or 0.38% to $77.72 a barrel.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 10.43% to 13.15. The Nifty 28 July 2026 futures were trading at 24,103 at a premium of 35.45 points as compared with the spot at 24,067.55.
The Nifty option chain for the 28 July 2026 expiry showed a maximum call OI of 57.3 lakh contracts at the 25,000 strike price. A maximum put OI of 64.1 lakh contracts was seen at the 24,000 strike price.
Buzzing Index:
The Nifty Consumer Durables index jumped 2.01% to 37,957.50. The index declined 1.33% in the past trading session.
Kalyan Jewellers India (up 16.48%), Dixon Technologies (India) (up 4.99%), PG Electroplast (up 2.97%), Amber Enterprises India (up 2.44%), Kajaria Ceramics (up 2.07%) were the top gainers. Among the other gainers were Blue Star (up 1.99%), Whirlpool of India (up 1.24%), Bata India (up 1.02%), LG Electronics India (up 0.9%) and Crompton Greaves Consumer Electricals (up 0.89%) surged.
Stocks in Spotlight:
Dr Reddy's Laboratories tumbled 5.24% after the company said commercial supplies of certain batches of its semaglutide product will be delayed following a quality-related issue involving the active pharmaceutical ingredient (API).
The Phoenix Mills added 3.96% after the company reported a strong operational performance across its retail, commercial office, hospitality and residential businesses for the quarter ended June 2026 (Q1 FY27). The company's retail portfolio continued to deliver robust growth, with consumption rising 32% year-on-year (YoY) to Rs 4,727 crore during the quarter across its existing operational assets.
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