Indian Stocks Dip: Metal, IT Drag; US Markets Fall

Indian benchmark indices concluded Monday’s trading session in negative territory, with both the Sensex and Nifty50 recording declines. This downturn was primarily attributed to significant selling pressure observed in metal and IT sector stocks.

Key Index Movements

• Sensex: Down 0.40% to 76,597.27
• Nifty50: Down 0.39% to 24,080.40

The sentiment in the US stock market also remained subdued, with major indices opening lower. Renewed military tensions between the US and Iran concerning the Strait of Hormuz influenced this global market reaction.

Global Market Performance

• Dow Jones Industrial Average: Fell by 0.63%
• S&P 500: Declined by 0.38%
• Nasdaq Composite: Dropped by 0.32%

Several companies reported their first-quarter consolidated earnings, showcasing varied performances. MilkyMist and Leap India both posted strong revenue and profit growth for the period.

Q1 Corporate Earnings Highlights

• MilkyMist: Revenue up 43.6% YoY to Rs 973 crore; Net profit soared 890.4% YoY to Rs 65 crore; EBITDA rose 77% YoY to Rs 144 crore.
• Leap India: Revenue increased 19.2% YoY to Rs 203 crore; Net profit up 30.7% YoY to Rs 25 crore; EBITDA climbed 22.4% YoY to Rs 104 crore.

Corporate news flow remained active with several companies announcing strategic developments, financial ratings, and personnel changes. These updates provide specific insights into individual stock drivers.

Company-Specific Developments

• Cipla: Signed an exclusive license with SBP Group for HER2 ADC in India, South Africa, and five other markets.
• Welspun Corp: Incorporated Welspun Slagexcel Private Limited, holding a 26% stake.
• Lodha Developers: Acquired the remaining 20% stake in Bellissimo Infratech.
• Devyani International: Announced the resignation of Rohan Kichlu as CEO of Sanook Kitchen.
• Indo Borax: Bank facilities placed on negative rating watch by India Ratings following Kronox Lab acquisition.
• Avenue Supermarts: Received an AAA/Stable rating from CRISIL for its Rs 1,000 crore non-convertible debentures.
• Punjab National Bank: Raised its three-month MCLR by 5 bps to 8.50%, effective September 1.
• E2E Networks: Secured a Rs 1,000 crore contract with an India-based sovereign AI company for NVIDIA Blackwell cloud GPUs.
• PVR INOX: Board approved a Rs 300 crore buyback of 20.69 lakh shares at Rs 1,450 each.
• Happiest Minds and ITC: Promoters sold a 22.1% stake for Rs 1,329.7 crore; ITC board approved a merger with ITC Infotech.
• Lux Industries: Board approved demerger of its Vertical A and Vertical C businesses.
• Sanofi India: Received a GST show-cause notice for Rs 36.39 crore tax demand and penalty.

The primary market is set to see new offerings, with two IPOs opening on September 1, 2026. Recent listings have demonstrated robust investor interest, indicating strong demand for new issues.

IPO Market Activity

• Deepa Jewellers IPO: Rs 460 crore issue, September 1-3, 2026.
• Rays of Belief (Mom’s Belief) IPO: Rs 125 crore fresh issue, September 1-3, 2026.
• Symbiotec Pharmalab: Subscribed 75.08 times.
• Skyways Air: Subscribed 71.25 times.
• Hy-Tech Engineers: Subscribed 247.39 times.

In the derivatives segment, Nifty September futures saw an uptick, while specific stocks entered the F&O ban period, influencing trading strategies for the upcoming expiry.

Derivatives Snapshot

• Nifty September futures: Up 0.4% to 24,245 with a 165-point premium.
• Maximum Call Open Interest (September 1 expiry): At 24,500.
• Maximum Put Open Interest (September 1 expiry): At 24,000.
• Stocks in ban period: LICHSGFIN and SAIL.