Indian markets remain sluggish during early noon deals

Indian equity benchmarks remained sluggish during early afternoon deals, tracking weak cues from other Asian markets, as continuing West Asia tensions weighed on investor sentiment. The markets witnessed profit-taking, with investors offloading positions into Banking and Consumer Durables counters on the BSE.

Both indices, Sensex and Nifty were trading below their neutral lines, with traders closely monitoring crude oil prices and geopolitical developments, particularly the potential US sanctions on Iran, which could add to inflationary pressures.

On the global front, all Asian markets were trading lower, after Singapore's consumer price inflation increased for the second straight month in July to the highest level in nearly two years. The data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed that the consumer price index, or CPI, climbed 2.2 percent year-over-year in July, faster than the 1.9 percent rise in June.

The BSE Sensex is currently trading at 77294.26, down by 246.57 points or 0.32% after trading in a range of 77291.26 and 77789.40. There were 7 stocks advancing against 23 stocks declining on the index.

The top gaining sectoral indices on the BSE were Telecom up by 1.24%, Metal up by 1.21%, IT up by 0.67%, Basic Materials up by 0.53% and TECK up by 0.41%, while Bankex down by 0.58%, Consumer Durables down by 0.45%, Capital Goods down by 0.35%, PSU down by 0.34% and Utilities down by 0.31% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 1.38%, Tata Steel up by 1.18%, HCL Technologies up by 1.09%, Sun Pharma up by 0.93% and Tech Mahindra up by 0.67%. On the flip side, Bharat Electronics down by 1.17%, Power Grid down by 1.14%, Axis Bank down by 1.08%, Adani Ports & SEZ down by 1.06% and State Bank Of India down by 0.99% were the top losers.

Meanwhile, Indian Construction Equipment Manufacturers Association (ICEMA) Vice President Shalabh Chaturvedi said India’s construction equipment industry likely to see moderated growth in the current financial year (FY27) amid rising steel and bitumen prices, heightened geopolitical uncertainty and continued execution challenges in infrastructure projects. He said the industry began FY27 on expectations of double-digit growth, but subsequent developments have necessitated a more measured outlook.

Chaturvedi said escalation in input costs had emerged as key challenge as the financial year progressed. The conflict in West Asia had disrupted supply chains and pushed up the prices of several key commodities and construction inputs. Steel prices witnessed a significant rise, while bitumen prices also increased considerably. Bitumen is a petroleum-derived material used extensively in road surfacing. Its price climbed from Rs 40,000-45,000 per tonne to nearly Rs 80,000 per tonne. While prices have subsequently eased to around Rs 75,000 per tonne this month, they remain well above their earlier levels.

According to ICEMA Vice President, the sharp rise in construction input costs has put pressure on project economics, particularly for contractors that had bid for projects before the escalation in commodity prices. As a result, this has affected the pace of project execution in parts of the road construction sector, which remains one of the most important demand drivers for construction equipment in India. Despite these challenges, he noted that sales across several major equipment categories recorded modest growth during the January-July period of 2026.

The CNX Nifty is currently trading at 24180.10, down by 71.90 points or 0.30% after trading in a range of 24173.75 and 24313.00. There were 15 stocks advancing against 35 stocks declining on the index.

The top gainers on Nifty were Hindalco Industries up by 1.75%, JSW Steel up by 1.47%, Infosys up by 1.28%, HCL Technologies up by 1.26% and Dr. Reddy's Labs. up by 1.12%. On the flip side, Adani Ports & SEZ down by 1.57%, Bharat Electronics down by 1.40%, State Bank Of India down by 1.38%, Bajaj Finserv down by 1.30% and Power Grid down by 1.28% were the top losers.

All Asian markets were trading lower; Jakarta Composite plunged 32.89 points or 0.5% to 6,492.80, KOSPI dropped 215.99 points or 3.23% to 6,696.96, Taiwan Weighted lost 461.97 points or 1.03% to 44,762.32, Hang Seng declined 472.46 points or 1.82% to 25,537.00, Nikkei 225 slipped 471.36 points or 0.72% to 65,545.00, Straits Times fell 7.54 points or 0.13% to 5,681.42 and Shanghai Composite weakened 23.19 points or 0.6% to 3,882.01.