Markets stage some recovery in early noon deals

Indian equity benchmarks witnessed some recovery during early afternoon deals, however trade remained in red, amid spiking rising crude oil prices and global bond yields. Market sentiment was soured on renewed US-Iran tensions after US forces struck two Iranian rocket launchers near the Strait of Hormuz over the weekend.

Both the indices, Sensex and Nifty, recovered part of their initial losses as selective buying has emerged at lower levels, helping ease the pressure seen earlier in the session. On the global front, Asian markets were trading mixed, after the manufacturing sector in China continued to contract in August, albeit at a slower pace, with a Purchasing Managers Index score of 49.8. That's up from 49.2 in July, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 76978.55, down by 285.96 points or 0.37% after trading in a range of 76751.32 and 77177.27. There were 5 stocks advancing against 25 stocks declining on the index.

The only gaining sectoral indices on the BSE were Telecom up by 0.60% and Auto up by 0.14%, while Metal down by 1.80%, IT down by 1.36%, Utilities down by 1.23%, Basic Materials down by 1.07% and Realty down by 0.97% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 0.43%, ICICI Bank up by 0.41%, HDFC Bank up by 0.34%, Sun Pharma up by 0.08% and Mahindra & Mahindra up by 0.06%. On the flip side, Tata Steel down by 2.09%, NTPC down by 2.02%, Infosys down by 1.97%, Interglobe Aviation down by 1.71% and Tech Mahindra down by 1.59% were the top losers.

Meanwhile, aiming to deepen bilateral relations, India and Uzbekistan have decided to elevate their ties to a comprehensive strategic partnership across trade, economy and investment, transport connectivity, digital transformation (IT, AI, space, cybersecurity), energy transition, critical minerals, food security, healthcare, pharmaceuticals and education. Both sides will also elevate their existing joint commission from the level of secretaries to that of ministerial level. Further, they have agreed to establish Foreign Ministers led mechanism to provide high level coordination and oversight of the implementation of the agreements and arrangements reached between the two countries, as well as to facilitate the timely realisation of priority bilateral initiatives and projects.

Both countries have agreed to explore for cooperation in the fields of geology, mining, nuclear energy, industrial cooperation, and critical & strategic minerals, including projects for the processing of mineral resources, production of value- added products and recycling initiatives. Moreover, they are in the process of establishing a framework for long-term supply of Uranium. Besides, they emphasized the importance of enhancing and diversifying bilateral trade by identifying and harnessing new opportunities. They also expressed their interest in strengthening cooperation in the fields of e-commerce, the digitalization of trade procedures, and the introduction of digital platforms to support small and medium-sized enterprises and facilitate bilateral trade. 

India and Uzbekistan have set a target of $5 billion in bilateral trade by 2030 and will systematically address issues related to market access, connectivity, banking, and payment systems, to achieve the target. Meanwhile, the bilateral trade between both countries stood at around $1.32 billion during 2025 with Indian exports valuing at around $1.15 billion, while imports stood at $164.60 million. Further, total Indian investments in Uzbekistan amount to around $451 million. Indian investments by Indian companies include in pharmaceuticals, healthcare, education and residential building.

The CNX Nifty is currently trading at 24073.95, down by 101.70 points or 0.42% after trading in a range of 23993.60 and 24128.70. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were ICICI Bank up by 0.89%, Bajaj Auto up by 0.76%, Grasim Industries up by 0.62%, Mahindra & Mahindra up by 0.51% and Sun Pharma up by 0.36%. On the flip side, Adani Enterprises down by 2.90%, Tata Steel down by 2.21%, Hindalco Industries down by 2.01%, Infosys down by 1.84% and Bajaj Finance down by 1.69% were the top losers.

Asian markets were trading mixed; Jakarta Composite gained 3.59 points or 0.06% to 6,521.71, KOSPI increased 31.14 points or 0.46% to 6,820.02, Straits Times rose 33.04 points or 0.58% to 5,732.97 and Shanghai Composite strengthened 34.12 points or 0.86% to 3,986.30, while Taiwan Weighted lost 202.98 points or 0.44% to 46,128.47, Hang Seng declined 80.79 points or 0.32% to 25,504.00 and Nikkei 225 slipped 232.56 points or 0.35% to 66,173.00.