Indian markets witnessed sharp decline on Tuesday, with Sensex and Nifty plunging over 1% amid global market weakness, IT sector losses, a weaker rupee and fresh foreign fund outflows. According to reports from The Economic Times, the selloff was triggered by a significant downturn in technology stocks, with a sharp selloff in Korean chipmakers raising concerns about the sustainability of the AI-driven market surge. The index is now approaching a crucial support zone in the 23,750–23,650 range, which coincides with the 20-day EMA and a recent gap area. Investors will track technical levels, global cues, FII activity and key stock movements on Wednesday as markets look for direction after the sharp decline.
Twin Star Holdings, one of the promoter entities of Vedanta Ltd, executed a significant block deal on Tuesday. As reported by The Economic Times, the company sold 6.51 crore shares of the mining and metals company through a block deal worth approximately ₹1,896 crore. The transaction involved selling 6,50,72,990 shares at a price of ₹291.36 apiece, with the total transaction valued at ₹1,895.97 crore. The identities of the buyers were not immediately available. This block deal comes as Vedanta continues to execute its broader restructuring strategy following the listing of its demerged businesses. Shares of Vedanta have remained in focus amid the group's ongoing demerger, commodity price movements and expectations of further value unlocking.
Honasa Consumer, the parent company of beauty and personal care brands such as Mamaearth and The Derma Co, announced a significant acquisition move. According to a joint statement reported by The Economic Times, the company will acquire 58% stake in nutraceuticals firm Fluence Pharma at an enterprise value of ₹135 crore. This strategic move expands the company's portfolio into the nutraceuticals segment.
The block deal comes as Vedanta continues to execute its broader restructuring strategy following the listing of its demerged businesses. Earlier this month, four demerged entities of the Vedanta group, including Vedanta Aluminium and Vedanta Power, made their stock market debut. Vedanta has also been focused on reducing debt and simplifying its corporate structure while pursuing growth across its metals, mining and energy businesses. The company recently completed one of India's largest corporate restructurings, with separate listed entities for its key businesses aimed at improving capital allocation and attracting sector-specific investors.
Other notable developments include Kotak Mahindra Bank's CEO indicating the lender is seeking acquisitions including loan portfolios while expanding into alternative assets. According to The Economic Times, Infosys co-founder Nandan Nilekani emphasized that artificial intelligence will amplify IT firms rather than replace them, with the company targeting a USD 400 billion AI-first services opportunity by 2030. These developments highlight continued corporate activity despite market volatility, though the recent tech sector selloff has prompted investors to reassess valuations and demand for AI infrastructure.
