The Indian stock market opened on a weak note on Tuesday, August 26, tracking global cues and investor caution ahead of fresh US tariff decisions.
At 9:32 AM, the Sensex was down over 560 points, while the Nifty 50 hovered near 24,800. All major sectoral indices were trading in the red.
Key Gainers and Losers
On the Nifty, Bajaj Auto, HUL, Hero MotoCorp, and TCS were among the top gainers.
Losers included Dr Reddy’s Laboratories, Tata Steel, ICICI Bank, HDFC Bank, and Bharat Electronics.
The BSE Metal Index dropped 1%, with Vedanta (-3.9%), Adani Enterprises (-1.5%), and Tata Steel (-1.3%) leading losses.
Block Deals in Focus
- Edelweiss Financial Services: 6.43 million shares traded in two block deals; stock up 3.37% at ₹104.30.
- UPL: 9.8 lakh shares worth ₹71 crore exchanged at ₹723/share; stock down 1.13%.
- Sai Life Sciences: 3.2 crore shares worth ₹2,810 crore traded at ₹874/share; stock down 3.75%.
Other Corporate Updates
- Protean eGov Technologies won a ₹1,160 crore UIDAI contract for district-level Aadhaar centres.
- Paytm board approved additional investments of ₹455 crore across its subsidiaries and announced internal restructuring.
- OYO is expected to file for IPO in November, targeting a $7–8 billion valuation.
- Government of India appointed Goldman Sachs as the sole banker for stake sales in four PSU banks.
Global and Macro Factors
- Gold prices hit a two-week high as the dollar weakened after President Trump fired Fed Governor Lisa Cook.
- Oil eased after hitting a two-week high amid Russia-Ukraine supply concerns.
- Asian markets traded lower, with Kospi and Nikkei down 1% each.
- The rupee opened weaker at 87.73 per dollar, down 15 paise.
Expert Views
Analysts flagged caution as global trade tensions rise.
- Prashanth Tapse, Mehta Equities: Warned that Trump’s planned 50% tariff on Indian exports could shave off 0.2–0.4% of GDP, weighing on growth.
- VK Vijayakumar, Geojit Investments: Said domestic liquidity from DIIs is supporting markets despite FII selling.
- Rupak De, LKP Securities: Noted Nifty’s support at 24,800 and resistance near 25,150; range-bound trade expected.
IPO Buzz
- Patel Retail debuts on exchanges today after 95.7x oversubscription.
- Vikram Solar also lists, with a likely 11% premium, following strong demand.
- SFC Environmental refiled IPO papers with SEBI to raise funds.
Source: Moneycontrol / Bloomberg / NDTV / PTI
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