Nifty below 24,450; metal shares lose sheen

The key equity benchmarks traded with modest cuts in the morning trade. The Nifty traded below the 24,450 mark. Metal shares extended losses for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 339.86 points or 0.42% to 80,204.13. The Nifty 50 index declined 137.90 points or 0.56% to 24,436.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% and the S&P BSE Small-Cap index shed 0.46%.

The market breadth was weak. On the BSE, 1,346 shares rose and 2,031 shares fell. A total of 134 shares were unchanged.

Earnings Today:

Kalyan Jewellers India (down 1.01%), Life Insurance Corporation of India (down 0.78%), Biocon (down 0.04%), Apollo Tyres (down 0.85%), Bajaj Electricals (down 1.84%), Biocon (down 0.17%), Birlasoft (down 0.73%), Century Plyboards (India) (up 2.37%), Crompton Greaves Consumer Electricals (up 0.77%), Cummins India (down 0.28%), Data Patterns (India) (down 0.22%), DCX Systems (up 1.33%), Edelweiss Financial Services (down 1.23%), Emcure Pharmaceuticals (up 0.23%), General Insurance Corporation of India (down 0.46%), GMM Pfaudler (down 1.19%), Godrej Consumer Products (down 0.48%), Greenlam Industries (down 0.58%), Gujarat State Fertilisers & Chemicals (down 2.43%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Metal index shed 0.87% to 9,218. The index dropped 1.26% in two consecutive trading sessions.

Jindal Stainless (down 3.56%), Adani Enterprises (down 1.71%), Steel Authority of India (down 1.52%), Vedanta (down 1.37%), NMDC (down 1.24%), APL Apollo Tubes (down 1.22%), Hindustan Copper (down 1.16%), Welspun Corp (down 1.04%), Tata Steel (down 1%), and Lloyds Metals & Energy (down 0.95%) declined.

On the other hand, Jindal Steel & Power (up 0.49%) edged up.

Stocks in Spotlight:

IRCON International declined 2.79% after the company's consolidated net profit dropped 26.75% to Rs 164.10 crore in Q1 FY26, compared to Rs 224.03 crore in Q1 FY25. Revenue from operations declined 21.89% to Rs 1,786.28 crore during the quarter, compared to Rs 2,287.13 crore in the same quarter last year.

VIP Industries rose 0.48%. The firm reported a consolidated net loss of Rs 13.10 crore in Q1 FY26 compared with a net profit of Rs 4.04 crore in Q1 FY25. Revenue from operations declined 12.12% year on year (YoY) to Rs 561.43 crore in the quarter ended 30 June 2025.

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