Key gauges extend losing streak to fourth consecutive day

Indian equity benchmarks surrendered all of their initial gains and ended lower for fourth consecutive day on Thursday, as rising crude oil prices and a significant sell-off in IT stocks weighed on investor sentiment. Besides, profit-booking in the final hour of trade further dragged the benchmarks lower. 

The BSE Sensex ended over half percent lower as buying in Realty and Capital Goods stocks was outweighed by selling in IT, TECK and Consumer Durables stocks. Similarly, the Nifty 50 gave up its opening gains and ended marginally lower as weak global cues and elevated geopolitical risks kept investors in a cautious mood. Among Nifty constituents, Bajaj Auto, Tech Mahindra and Trent were the biggest laggards, weighing on the benchmark index. However, losses remain capped as exchange data showed Foreign institutional investors (FIIs) remained net buyers, purchasing equities worth Rs 6,688.37 crore on Wednesday.  

Some of the important factors in trade: 

India’s services sector gains momentum with PMI at 54.1 in August: India’s services sector expanded further in the month of August, as demand conditions remained supportive and new business inflows continued to rise. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index rose to 54.1 in August from 53.3 in July.

India records ‘remarkable growth’ of 7.8% in Q1FY27 despite global disruptions: Finance Minister Nirmala Sitharaman has said that India recorded a 'remarkable growth' of 7.8 per cent in the first quarter (Q1) of FY27 despite global disruptions, and against all odds, remains the fastest-growing major economy in the world.

India in discussions with several countries to develop critical minerals for domestic needs: Commerce and Industry Minister Piyush Goyal has said that India is in discussions with several countries, including the US, to establish partnerships and collaborations for processing and development of critical minerals according to domestic requirements. 

India must review green finance to meet 100 GW nuclear capacity target by 2047: NITI Aayog Member Abhay Karandikar has said that India must urgently reassess its green finance frameworks and invest in developing a robust nuclear workforce to achieve its ambitious target of 100 gigawatt (GW) nuclear capacity by 2047. 

Global front: European markets were trading mostly in red as Eurostat reported Eurozone producer price inflation accelerated in July, largely reflecting the surge in energy prices. Producer prices increased 5.8 percent in July after climbing 4.6 percent in June and 5.9 percent in May. Asian markets ended mixed amid concerns about global inflation risks after a report showed weaker than expected US private sector job growth.

Finally, the BSE Sensex fell 417.49 points or 0.55% to 76,152.86 and the CNX Nifty was down by 41.00 points or 0.17% to 23,873.45.    

The BSE Sensex touched high and low of 76,924.48 and 76,152.86, respectively. There were 7 stocks advancing against 23 stocks declining on the index.        

The top gaining sectoral indices on the BSE were Realty up by 2.39%, Capital Goods up by 0.95%, Industrials up by 0.75%, Power up by 0.46% and Basic Materials up by 0.25%, while IT down by 1.00%, TECK down by 0.66%, Consumer Durables down by 0.61%, Auto down by 0.47% and FMCG down by 0.45% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 0.89%, Adani Ports &SEZ up by 0.82%, Asian Paints up by 0.53%, HDFC Bank up by 0.44% and Bharti Airtel up by 0.23%. On the flip side, Titan Company down by 2.17%, Trent down by 1.93%, ITC down by 1.63%, Mahindra & Mahindra down by 1.62% and Bajaj Finserv down by 1.61% were the top losers.

Meanwhile, expressing optimism over India’s growth, Finance Minister Nirmala Sitharaman has said that India recorded a 'remarkable growth' of 7.8 per cent in the first quarter (Q1) of fiscal year 2026-27 (FY27) despite global disruptions, and against all odds, remains the fastest-growing major economy in the world. She added that with its strong reform orientation, India has also provided greater regulatory certainty through a range of reforms, including the Insolvency and Bankruptcy Code.

She also said that among the key areas on which the government has focused are creation of capital assets and providing sustained support to industry through infrastructure development, particularly aviation; fostering a friendly and conducive investment climate; promoting the development of AI and data centres; supporting global capability centres; ensuring credit availability to MSMEs; and reducing non-performing assets (NPAs) of banks. She noted that these measures have helped create a more enabling business environment for banks and industry to thrive, grow and emerge stronger.

She further said that India has consistently remained committed to the path of fiscal prudence and fiscal discipline over the past several years, despite the ongoing challenges confronting the global economy since the onset of COVID-19. She highlighted the investment climate in India that has improved significantly, with both the central government and state governments demonstrating greater keenness and competitiveness in attracting and facilitating investments in their respective regions. She said such efforts are part of the larger national endeavour towards achieving the vision of Viksit Bharat 2047. 

CNX Nifty touched high and low of 24,025.40 and 23,873.45, respectively. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Adani Ports &SEZ up by 2.02%, Axis Bank up by 1.04%, HDFC Bank up by 0.83%, Tata Consumer Products up by 0.71% and Bharat Electronics up by 0.70%. On the flip side, Bajaj Auto down by 1.73%, Tech Mahindra down by 1.54%, Trent down by 1.29%, Cipla down by 1.28% and Mahindra & Mahindra down by 1.25% were the top losers. 

European markets were trading mostly in red; France’s CAC fell 24.03 points or 0.29% to 8,256.60 and Germany’s DAX lost 24.13 points or 0.09% to 25,815.20, while UK’s FTSE 100 increased 18.45 points or 0.17% to 10,774.90.

Asian markets ended mixed on Thursday amid a weaker-than-expected US private-sector jobs data. A report released by payroll processor ADP has showed private sector employment rose by 38,000 jobs in August after climbing by an upwardly revised 46,000 jobs in July. Meanwhile, US President Donald Trump stated that renewed US attacks on Iran would likely be short-lived, helping ease concerns over a prolonged Middle East conflict, while falling Brent crude prices provided some relief regarding inflationary pressures. Chinese markets ended largely flat after the RatingDog China General Services PMI rebounded to 51.4 in August from 50.4 in July, though it was still the second-lowest reading ?in 14 months. Japanese markets declined marginally as the yen strengthened sharply, while traders weighed the possibility of further Japanese currency intervention against rising expectations for Bank of Japan rate hikes.