India Market Recap

Indian equity benchmarks ended lower on Tuesday as investors remained cautious ahead of the RBI's monetary policy decision, while F&O expiry-related volatility also weighed on sentiment. The NSE Nifty 50 declined 159.40 points, or 0.64%, to close at 24,614.90, while the BSE Sensex slipped 210.08 points, or 0.27%, to settle at 78,428.95. Profit booking in select heavyweight stocks and cautious positioning ahead of the policy announcement kept the benchmarks under pressure. On the technical front, Nifty support is placed in the 24,500–24,400 range, while resistance is seen between 24,700 and 24,800.

US Market Recap

Wall Street extended its rally on Tuesday, with the Dow Jones Industrial Average touching a fresh record high, supported by upbeat corporate earnings and optimism over progress in negotiations between the United States and Iran that could restore shipping through the Strait of Hormuz. In early trade, the Dow jumped 758.29 points, or 1.43%, while the S&P 500 gained 0.57% and the Nasdaq Composite advanced 1%. Meanwhile, US index futures were mixed in early Asian trading, with S&P 500 futures and Dow futures edging higher, while Nasdaq-100 futures traded marginally lower.

Asian Market Update

Asian markets traded firmly higher on Wednesday, tracking another strong session on Wall Street and optimism surrounding potential progress in US-Iran negotiations. South Korea's Kospi surged 4.69%, Japan's Nikkei 225 advanced 3.13%, and Australia's ASX 200 gained 0.25%. Improved global risk appetite and expectations of easing geopolitical tensions supported regional equities.

Commodity Check

Precious metals traded mixed, with 24K gold priced at Rs.1,44,280 per 10 grams and 22K gold at Rs.1,32,257 per 10 grams. Gold prices have declined modestly over the past month but remain more than 42% higher compared with a year ago. Silver (999 fine) traded at Rs.2,22,130 per kg, while Sterling Silver (925) stood at Rs.2,05,470 per kg. Silver has corrected over the past month but continues to post strong annual gains. Crude oil prices edged higher amid reports of renewed tensions between the United States and Iran. Brent crude rose 0.58% to $79.78 per barrel, while US West Texas Intermediate (WTI) gained 0.26% to $75.94 per barrel, reflecting lingering concerns over global energy supplies.

What To Watch: RBI MPC Decision

The RBI is expected to leave the repo rate unchanged at 5.25% and maintain its neutral policy stance. The central bank's assessment of inflation will remain in focus, particularly as the Middle East conflict keeps energy prices elevated. Policymakers are likely to watch whether higher fuel costs spill over into broader prices. Inflation, however, remains within the RBI's tolerance band of 2% to 6%.

Stocks In News

• ITI: India Ratings assigned a BB+/Positive/A4+ rating to the company's bank loans worth Rs 4,221.39 crore and revised the outlook to Positive.
• Escorts Kubota: Groundbreaking ceremony for its greenfield manufacturing facility is scheduled for August 20, 2026, at YEIDA, Uttar Pradesh.
• Nykaa: Acquired a 51% stake in Aminu Wellness Pvt. Ltd. for a consideration of up to Rs 32 crore.
• Billionbrains (Groww): State Street Global Advisors completed its investment in Groww AMC, acquiring 4.85% voting rights and a 22.94% economic interest.
• Varun Beverages: Subsidiary incorporated a 70:30 joint venture, Varun Beverages Holding (Zimbabwe) Private Limited, on August 3, 2026.
• Bannari Amman Sugars: Madras High Court granted an interim stay on recovery proceedings seeking Rs 12.72 crore in electricity tax and interest.
• S.J.S. Enterprises: Subsidiary SJS Decoplast commissioned a new manufacturing facility at Ranjangaon, Pune, adding plastic plating capacity of 13,243 sq. ft. per day with an investment of Rs 100 crore.
• Jeena Sikho Lifecare: Approved an agreement to establish and operate an integrated wellness centre at Ajna Resorts, Manali. The board also approved an 11-month licence agreement with a fee of Rs 7.66 crore, with operations to begin within 60 days, and launched the Ayurvedic product Amrit Dhara Drops 20 ml.
• LIC: Government exercised the oversubscription option in the OFS, increasing the offer size from 2.5% to 6.5% of paid-up equity share capital, or 82.22 crore shares.
• HFCL: Board approved a Rs 400 crore expansion of optical fibre and optical fibre cable manufacturing capacities, with completion targeted by July 2028.
• Transrail Lighting: India Ratings upgraded the company's long-term bank loan rating to IND AA-/Stable from IND A+.
• ASK Automotive: Commenced commercial production of high-pressure die-cast alloy wheels for two-wheelers on August 4, 2026.
• Deepak Nitrite: Appointed Lohit Shringi as Chief Executive Officer of the Advanced Intermediates Business with effect from August 4, 2026. Separately, subsidiary DCTL approved a BPA project with a capacity of up to 240 KTA involving an investment of about Rs 2,500 crore.
• India Glycols: Wholly owned subsidiary IGL Spirits appointed Manoj Kumar Rai as Executive Director and Chief Operating Officer for a five-year term effective August 4, 2026.
• Ceinsys Tech: Received a letter of intent worth Rs 16.91 crore from Bhandara Municipal Council for AMR water meters under AMRUT 2.0.
• Thomas Cook India: Wholly owned subsidiary Sterling Holiday Resorts reported its best-ever quarterly performance, with revenue up 21%, profit before tax up 30%, a 37% EBITDA margin, its 26th consecutive profitable quarter, and a pipeline of more than 35 resorts.
• Ambuja Cements: ICRA assigned and reaffirmed AAA (Stable) ratings for long-term bank facilities and A1+ for short-term facilities covering Rs 7,000 crore.
• Bank of Baroda: Capital Raising Committee will meet on August 7 to consider issuing AT1 and/or Tier-II bonds under the previously approved Rs 6,000 crore capital raising plan.
• Axis Bank: S&P Global Ratings assigned a BBB rating to the bank's US$300 million 5.348% senior notes issued under its GMTN programme.
• Power Grid Corporation: Commissioned the transmission system for evacuation of power from the Rajasthan renewable energy zone under Phase III Part H.
• Metro Brands: Board approved the reappointment of Managing Director Farah Malik Bhanji for a further five-year term from April 1, 2027.
• Pondy Oxides & Chemicals: Board approved the amalgamation of wholly owned subsidiary Harsha Exito Engineering Pvt. Ltd. with the company.
• Arvind Fashions: Anurag Pandey resigned as CEO of the Footwear Division.
• Manaksia Coated Metal: Twenty lakh warrants issued on January 31, 2025, lapsed, with application money of Rs 3.25 crore forfeited.
• Electrotherm India: The Enforcement Directorate filed a PMLA complaint against the company, Shailesh Bhandari and Mukesh Bhandari. The court copy was received on August 3, 2026.
• Motisons Jewellers: Completed the redemption of 50 lakh 2.5% preference shares on June 30, 2026.
• Muthoot Microfin: SEBI granted an exemption from open offer requirements for the proposed promoter family trust restructuring. There will be no change in promoter shareholding, control or public shareholding.
• Avenue Supermarts: Opened a new store at Deva Road, Barabanki, Uttar Pradesh, taking its total store count to 506.
• Jupiter Wagons: Signed shareholder and share subscription agreements with Lucchini RS and Simest. The investors will acquire 25% plus one share in JTRWF for about €28 million.
• Globus Spirits: Launched a QIP on Aug. 4, 2026, with a floor price of Rs 883.67 per share. The company may offer up to a 5% discount to the floor price.
• Persistent Systems: Shareholders approved the Nagarro acquisition offer, related financing arrangements and corporate guarantee. The offer document has been submitted to BaFin for approval and publication.
• Ventive Hospitality: Approved the merger of subsidiary Sun Leisure India into subsidiary Soham Leisure Ventures to consolidate hospitality operations, improve operational efficiency and create a unified business structure. The company also approved a Letter of Comfort in favour of ICICI Bank for a loan facility of up to Rs 175 crore availed by wholly owned subsidiary Urbanedge Hotels.
• Rashi Peripherals: Announced a joint venture with Restar Corporation, a Japanese technology company, to accelerate growth in the embedded and semiconductor business.
• Caliber Mining: CRISIL upgraded the company's long-term rating to CRISIL A-/Positive from CRISIL BBB+/Stable and the short-term rating to CRISIL A2+ from CRISIL A2.
• Meesho: Invested Rs 75 crore in wholly owned subsidiary Meesho Grocery through a rights issue. The company's shareholding remains unchanged at 100%.
• Life Insurance Corporation of India (LIC): The government exercised the oversubscription option in the OFS, increasing the sale size to 82.22 crore shares (6.5% stake) from 31.62 crore shares (2.5% stake). Retail investors and employees can bid at Rs 373.10 per share, while the non-retail cut-off price remains Rs 383.10 per share.
• Larsen & Toubro: Shareholders approved the transfer of the company's realty undertaking to wholly owned subsidiary L&T Realty Properties with 99.07% votes in favour. The restructuring involves a slump sale of the realty business at an enterprise value of Rs 6,300 crore, with no dilution in shareholder ownership. L&T Realty has an estimated development potential of around 71 million sq ft and achieved pre-sales of around Rs 10,000 crore in FY26.
• Poonawalla Fincorp: Exercised the call option to redeem Rs 3 crore of 12.10% perpetual non-convertible debentures.
• Smartworks Coworking Spaces: Added around 1.41 lakh sq ft of capacity in Aerocity, Delhi NCR, with an investment of up to Rs 25 crore. The facility is expected to become operational in August or September 2026. Existing leased capacity stands at 14.5 million sq ft, while operational capacity is 10.4 million sq ft.
• Sigma Advanced Systems: Allotted 4.33 lakh equity shares at Rs 347 per share on a preferential basis. Post-allotment paid-up equity share capital increased to 18.99 crore shares.
• Metro Brands: Appointed Sonny Iqbal as an Independent Director for five years from Aug. 5, 2026, and re-appointed Farah Malik Bhanji as Managing Director for five years from Apr. 1, 2027.
• Waaree Energies: Wholly owned subsidiary Waaree Clean Energy Solutions incorporated WH Clean Fuels, a wholly owned subsidiary focused on green hydrogen and green ammonia projects. The new entity will become a step-down subsidiary of Waaree Energies.
• SPR Auto Technologies: Appointed Arun Kumar Shukla as an Additional Director.
• Reliance Infrastructure: The Enforcement Directorate provisionally attached certain company assets, including its shareholding in Reliance Power, aggregating Rs 179.66 crore under an alleged PMLA matter. The company said it will take appropriate legal steps to safeguard its interests.