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India Market Recap

Indian equity benchmarks witnessed a broad-based sell-off on Friday as renewed geopolitical tensions in the Middle East triggered a sharp rise in crude oil prices, dampening investor sentiment. The NSE Nifty 50 fell 0.43% to 23,767.45, while the BSE Sensex declined 0.43% to 76,059.77. During the session, the Nifty touched an intraday low of 23,611.20, while the Sensex dropped to 75,504, reflecting broad-based weakness across sectors. On the technical front, Nifty support is placed in the 23,550–23,650 range, while resistance is seen between 23,900 and 24,000.

US Market Recap

Wall Street ended another weak week as selling pressure in semiconductor stocks and uncertainty surrounding the Iran conflict continued to weigh on investor sentiment. On Friday, the S&P 500 declined 0.6%, while the Nasdaq Composite dropped 2.1%, marking a second consecutive week of losses for both indices. The Dow Jones Industrial Average fell 0.4%, extending its losing streak to a third straight week as investors remained cautious amid geopolitical risks and volatility in technology stocks.

Asian Market Update

Asian markets traded mostly higher on Monday as easing geopolitical tensions supported investor sentiment across the region. Japan's Nikkei 225 gained 0.24%, while the Topix advanced 0.60%. South Korea's Kospi rose 0.44%, and the Kosdaq outperformed with a 1.49% gain. Australia's S&P/ASX 200 climbed 0.97%, reflecting improved risk appetite despite lingering global uncertainties.

Commodity Check

Crude oil prices fell sharply after Iran stated it would suspend attacks as long as the United States also maintained a pause in hostilities, easing immediate concerns over supply disruptions. Brent crude declined more than 5% to around $92 per barrel, while US West Texas Intermediate (WTI) dropped 5% to approximately $85 per barrel. However, geopolitical risks remain elevated after Ukraine reportedly struck an Iranian commercial vessel in the Caspian Sea, prompting Tehran to condemn the incident as a "hostile and criminal act," keeping energy markets alert to further developments.

Stocks In News

Landmark Cars: Gets LoI from JSW MG Motor India to open an MG Experia showroom in Ahmedabad.
NBCC (India): Secures two project management consultancy (PMC) orders worth Rs. 108.85 crore. The orders include construction of boys' and girls' hostels in Odisha worth Rs. 88.43 crore and a Clean Plant Centre laboratory and office building at ICAR-CITH, Srinagar worth Rs. 20.42 crore.
Sarda Energy: Arm Sarda Metals & Alloys approves Rs. 300 crore capex for the Vizianagaram plant to install a waste heat recovery power plant and expand the mineral wool manufacturing unit.
Craftsman Automation: Shareholders approve the reappointment of Srinivasan Ravi as CMD for five years from Oct. 1.
Infosys: French authority imposes a €175,000 penalty over shortcomings in the company's working time recording system. Company says the penalty will have no material impact on operations or financials.
Zydus Life: Suspends some operations in the Ahmedabad zone due to heavy rains and waterlogging. Operations are expected to resume as weather conditions improve.
ONGC: Spuds the first deepwater well in the Mahanadi Basin under the Samudra Manthan Mission.
Jeena Sikho Lifecare: To establish a new client support centre in Noida.
Rail Vikas Nigam: Approves closure of its South Africa arm.
LMW: Shareholders approve the reappointment of Sanjay Jayavarthanavelu as Managing Director from Apr. 1, 2027.
TeamLease Services: ICICI Prudential Mutual Fund sells over a 2.1% stake, reducing its holding to 3.2%.
Gandhar Oil Refinery: Manufacturing plant in Silvassa affected by flood-like conditions. Company is assessing the impact on production and taking measures to restore normal operations.
Indo Count Industries: Bhilad plant operations halted due to flooding following heavy rainfall.
NTPC: Commissions 64.76 MW of the 225 MW Khavda Solar PV project, taking NTPC Group's installed capacity to 91,030 MW. Board also approves issuance of NCDs worth up to Rs. 12,000 crore in up to 12 tranches.
Bluspring Enterprises: BNHTPL signs a Rs. 125 crore secured term loan to fund the acquisition of LSG Sky Chefs India.
Timken India: NCLT approves the first motion for the merger of Timken GGB Technology. Second motion application to follow.
Rane Holdings: BSE and NSE grant in-principle approval for issuance of 338,030 promoter warrants.
IREDA: Appoints J.V.N. Subramanyam as Government Nominee Director with effect from Jul. 24.
Indo Tech Transformers: Receives NTPC approval for supply of two 90 MVA, 400 kV transformers for BESS projects.
Cyient: Elevates Andrew Smith as Chief Operating Officer.
Hindustan Zinc: Designates Munish Vasudeva and Kishor Kumar Sugumaran as Senior Management Personnel with effect from Jul. 24.
3M India: Temporarily suspends Ahmedabad plant operations due to heavy rains. Restoration is expected within the next few days.
Welspun Living: Vapi plant operations remain disrupted due to floods, with impact under assessment. Also approves sale of a 51% stake in Welspun Captive Power Generation to Welspun Corp for Rs. 67.66 crore, reducing it to an associate, and approves Rs. 121 crore capex for debottlenecking and modernisation at the Anjar plant.
Kalpataru: Supreme Court stays the 50% deposit order for KRVL pending consideration of interim relief.
Standard Engineering Tech: Completes Phase-I investment in GL HAKKO, acquiring a 19.19% stake with plans to increase it to 51.07%.
NRB Bearings: Clarifies that the AGM proposal under Section 185 is only an enabling approval to provide loans, guarantees or security to subsidiaries, associates, joint ventures and group entities under its control.
Tata Communications: Issues, allots and lists Rs. 750 crore of commercial paper maturing on Jan. 19, 2027.
Bank of Baroda: Board approves a US$1 billion Green & ESG Bond sub-limit under its US$4 billion MTN programme and raises the overseas borrowing limit to US$10 billion from US$5 billion. Separately, IndiaFirst Life shareholder Caramel Point Investments signs an agreement to sell its 25.96% stake to BNP Paribas Cardif. Bank says its shareholding and control remain unchanged.
Sumeet Industries: Completes its Rs. 199.75 crore rights issue and allots 16.84 crore equity shares to fund capacity expansion, debt repayment and working capital.
ICICI Bank: Moody's and S&P Global Ratings assign Baa3 and BBB ratings, respectively, to the bank's USD-denominated senior unsecured fixed-rate notes under its Global Medium Term Note Programme.
Tata Steel: Bombay High Court restores the company's writ petition in connection with the waiver of a Rs. 25,185.51 crore loan.
Aditya Birla Capital: Allots 26,000 NCDs aggregating Rs. 260 crore at 8.10%.
Texmaco Rail & Engineering: Touax Texmaco JV issues shares and CCDs to TrinityRail, revising ownership to 34% each for the JV partners and 32% for TrinityRail.
CONCOR: Vijoy Kumar Singh gets additional charge as Director (Projects & Services) for three months from Aug. 1.
JSW Cement: Issues a US$29.24 million guarantee for its UAE subsidiary's 1.65 MTPA grinding unit loan.
HDFC Bank: To redeem its US$1 billion 3.7% Additional Tier-I bonds in full on Aug. 25 after exercising the call option.
Maruti Suzuki: Launches the new Brezza Turbo Boosterjet.
Piramal Pharma: Temporarily suspends operations at its Ahmedabad manufacturing facilities due to heavy rainfall and flooding. The facilities account for less than 3% of consolidated revenue. Assets are insured and operations are expected to normalise over the next few days.
Bank of Maharashtra: Revises MCLR from Jul. 25. Cuts overnight MCLR to 7.30% from 7.50%, raises six-month MCLR to 8.90% from 8.80% and one-year MCLR to 9.00% from 8.95%, while one-month and three-month MCLR remain unchanged.
Lemon Tree Hotels: DDA extends the validity of the LOA for development and operation of the five-star Aurika hotel project at Nehru Place, New Delhi by one year to Aug. 14, 2027.
Patanjali Foods: Food Safety Department in Kottayam orders recall of a wheat flour batch after pesticide residue exceeded permissible limits. Company says the impact is limited to the value of the affected batch.