The Indian equity benchmark indices traded lower in the afternoon session on Wednesday, July 8, as investors turned cautious after geopolitical tensions resurfaced in West Asia, sending crude oil prices higher. According to reports from The Economic Times, at 1:50 PM, the S&P BSE SENSEX was down 982.50 points, or 1.26%, at the 77,198.22 level, while NSE's NIFTY50 was trading at the 24,102.65 level, falling 296.05 points, or 1.21%. The market decline was attributed to renewed geopolitical concerns that pushed crude oil prices above $76 per barrel during the trading session. In a concerning development, 11 stocks in the Nifty500 pack crossed below their 200 DMAs on July 7, according to stockedge.com's technical scan data, indicating negative signals for these securities.
Aviation stocks faced significant pressure as both major carriers witnessed market share declines in May. According to DGCA data reported by The Economic Times, IndiGo's market share in May slipped to 64.9%, while SpiceJet saw its market share shrink to 2.5% during the month. On the positive side, Air India Group's market share climbed to 25.6% and Akasa Air's market share remained unchanged at 5.8%. The aviation sector also declined following the surge in crude oil prices to more than $76 per barrel during Wednesday's trading session.
Shares of Kalyan Jewellers staged a strong bounce back on Wednesday after falling as much as 9% in the previous session. As reported by The Economic Times, the Thrissur-based jewellery retailer's shares advanced as much as 8% to hit an intraday high of ₹382.80 on NSE amid a spike in trading activity. Citi investment firm noted that Kalyan Jewellers' footfalls in the Middle East were impacted by geopolitical tensions, but its asset-light model will aid deleveraging and improve return on capital employed (RoCE) going ahead. The company reported consolidated revenue growth of around 38% in Q1 FY26 compared with the same period last year, with same-store-sales growth at 28% at the end of June quarter.
Knack Packaging shares were listed at a 11% premium on NSE at ₹188 apiece during Wednesday's trading session, according to exchange data reported by The Economic Times. The company shares were listed at an 11% premium against the upper price band of the initial public offering (IPO) of ₹170 per share. With the IPO's lot size of 88 shares per lot, stock market investors witnessed an increase in investment value by ₹1,584 per lot to ₹16,544 per lot. Uno Minda shares gained as much as 2.4% to touch an intraday high of ₹1,156.90 after announcing a ₹320 crore investment to set up a new manufacturing facility for four-wheeler passenger vehicle seating systems in Maharashtra, with operations expected to commence by Q4 FY28.
Inox India shares surged more than 5.6% to hit their intraday high of ₹1,908 after the company disclosed that it has secured multiple orders worth a total of ₹939 crore since May 21 to date. According to the NSE filing reported by The Economic Times, Inox India has received orders across several business segments including Industrial Gas, Cryo-scientific Solutions and LNG. PC Jeweller shares rallied as much as 9% to ₹10.28 as the company said it has repaid all its outstanding debt under the settlement agreement with two of the 14 consortium banks. The jewellery retailer cleared all outstanding dues under the settlement terms with two consortium lenders, marking a significant milestone in its ongoing turnaround journey.
Ceigall India shares slipped 3% to an intraday low of ₹368.05 despite securing an order worth ₹704.7 crore for the construction of a road stretch from 85.60 km to 168 km of the Lada–Sarli section of NH-913 (Frontier Highway) in Arunachal Pradesh. The project will be executed under the Engineering, Procurement, and Construction (EPC) mode and involves upgrading the existing alignment to an intermediate lane configuration, with completion expected in 48 months. Inox India CEO Deepak Acharya noted strong momentum in the adoption of cryogenic technologies for increasingly sophisticated applications, particularly in the space sector.
