Markets extended their losses for the fourth consecutive session on Thursday, with both benchmark indices slipping below their 50-day exponential moving averages for the first time in over a month. According to The Economic Times, the BSE Sensex declined around 364 points to close at 76,391, while the NSE Nifty 50 fell nearly 127 points to end Thursday's session below 23,870. The Nifty's advances-declines ratio stood at a weak 19:31, with broader market breadth on the BSE showing 1,757 advances against 1,860 declines across 3,835 traded stocks. Seventy-one stocks hit 52-week highs, while 59 touched 52-week lows, indicating mixed sentiment across market segments. Nifty Midcap 100 and Nifty Smallcap 100 indices fell up to 1%, extending the selloff across all market segments.
The selloff was driven primarily by domestic factors, with Adani Enterprises leading losses at 3.88% to ₹3,025.70 from its previous close of ₹3,147.70, making it the steepest loser on the Nifty 50. As reported by Business Standard, Cipla extended its decline to 3.09%, trading at ₹1,371.40 against a previous close of ₹1,415.10. Other significant decliners included Nestlé India dropping 2.72% to ₹1,452.90, Shriram Finance falling 2.66% to ₹1,030.60, and Grasim Industries shedding 1.98% to ₹3,103.70. Banking stocks remained under pressure, with HDFC Bank cited as the top loser within the Nifty Bank, which was the worst-performing sectoral index of the day.
Cipla declined 3.34% after the company reported a 39.19% decline in consolidated net profit to ₹789.05 crore in Q1 FY27, compared with ₹1,297.62 crore posted in Q1 FY26. However, revenue from operations increased 3.51% YoY to ₹7,077.02 crore in the quarter ended June 30, 2026. HEG rallied 5.48% after the company's consolidated net profit climbed 16.71% to ₹122.34 crore on an 11.1% increase in revenue to ₹680.79 crore in Q1 FY27. Hindustan Petroleum Corporation (HPCL) fell 2.67% after the state-run oil marketing company reported a standalone net loss of ₹11,526.41 crore in Q1 FY27, compared with a net profit of ₹4,370.87 crore in Q1 FY26. Oracle Financial Services Software (OFSS) declined 1.45% despite reporting a 120.52% increase in consolidated net profit to ₹1,415.5 crore on a 68.73% rise in revenue to ₹3,125.2 crore in Q1 FY27. Waaree Renewable Technologies declined 7.64% after the company reported a 25.58% decline in consolidated net profit to ₹115.90 crore for the quarter ended June 30, 2026.
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the frontline indices fell below their respective 50-day EMAs for the first time in over a month, indicating a bearish tone in the market. He placed Nifty's crucial support at 23,820–23,840 and resistance at 24,070–24,090, warning that a break below 23,820 could drag the index toward 23,670–23,690. On the gainers' side, Bajaj Auto climbed 2.50% to ₹11,273.50, extending its morning gains, while Mahindra & Mahindra rose 1.59% to ₹3,225.80, Eternal advanced 1.51% to ₹288.70, SBI Life Insurance gained 1.34% to ₹1,830.90, and Eicher Motors added 0.98% to ₹7,707.00. The Nifty Auto remained the best-performing sectoral index, underscoring continued investor preference for automobile stocks. Rupak De from LKP Securities noted that Nifty 50 has broken down below the upward consolidation on the daily chart, suggesting rising bearishness in the market. He added that the index has fallen below the critical short-term moving average, with the RSI indicator showing a bearish crossover and falling sentiment.
Global markets faced pressure from escalating geopolitical tensions, with Brent crude futures climbing above $100 per barrel after the US military completed its 12th successive night of strikes on Iran. According to The Economic Times, with crude oil prices approaching $100 per barrel amid concerns over further disruptions to global energy supplies, investor sentiment remained subdued as markets reassessed inflation risks and corporate margins. Vinod Nair from Geojit Investments noted that elevated energy prices have reinforced expectations of a higher-for-longer global interest rate environment, dampening risk appetite toward emerging markets. The Indian rupee continued trading near ₹96.4–₹96.5 against the dollar. MCX Gold was trading near ₹1,45,000, facing resistance at ₹1,46,000, while COMEX Gold struggled to hold above $4,140. Investors also kept a watch on domestic political developments, including ongoing student protests in Delhi, alongside the first-quarter earnings season. Infosys results, due after market close, remained the key corporate event of the day, with traders awaiting management commentary on demand outlook and margins before taking fresh directional positions in the IT sector.
