The frontline equity indices traded with major losses in the mid-afternoon trade as investor sentiment remained cautious following the escalation of tensions between Iran and the US over the weekend. The sell-off was further aggravated by a moderate rise in crude oil prices, which raised concerns over inflationary pressures and their potential impact on the global economy.
Going ahead, investors will closely monitor movements in crude oil and gold prices, as well as the progress of the monsoon, for further cues on market direction. Nifty slipped below 24,000 level. Media shares extended losses for the second consecutive trading session.
At 14:30 IST, the barometer index, the S&P BSE Sensex declined 386.39 points or 0.50% to 76,714.08. The Nifty 50 index fell 103.25 points or 0.43% to 23,951.40.
In the broader market, the BSE 150 MidCap Index tumbled 0.33% and the BSE 250 SmallCap Index lost 0.49%.
The market breadth was weak. On the BSE, 1,663 shares rose and 2,622 shares fell. A total of 232 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.28% to 13.87.
In the commodities market, Brent crude for August 2026 settlement rose 84 cents or 1.16% to $73.44 a barrel.
Economy:
India's forex reserves increased by $963 million to $672.587 billion during the week ended June 19, the RBI said on Friday. Foreign currency assets decreased by $3.072 billion to $541.217 billion, according to the RBI.
However, the value of gold reserves increased by $4.110 billion to $107.930 billion during the week. The Special Drawing Rights (SDRs) were down $52 million to $18.647 billion, the apex bank said.
India's reserve position with the IMF slipped $22 million to $4.793 billion in the reporting week, according to the apex bank's data.
Buzzing Index:
The Nifty Media index dropped 1.26% to 1,490.80. The index fell 1.87% in the two consecutive trading sessions.
Hathway Cable & Datacom (down 3.75%), Zee Entertainment Enterprises (down 3.65%), Network 18 Media & Investments (down 3.62%), D B Corp (down 2.82%), PVR Inox (down 2.39%), Tips Music (down 1.77%) and Sun TV Network (down 0.29%) declined.
On the other hand, Saregama India (up 3.07%), Nazara Technologies (up 0.53%) and Prime Focus (up 0.03%) edged higher.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was down 0.22% to 6.759 as compared with previous close 6.774.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.4325 compared with its close of 94.4500 during the previous trading session.
MCX Gold futures for 5 August 2026 settlement declined 0.46% to Rs 143,500.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 101.07.
The United States 10-year bond yield rose 0.16% to 4.376.
Stocks in Spotlight:
Bajaj Healthcare soared 14.70% after the company said that Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended for grant of approval for manufacturing and marketing of Cenobamate Tablets.
Omaxe hit an upper circuit of 20% after announcing its entry into the hospitality segment with plans to develop 19 hotels across five states over the next 4'5 years.
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