Stock Market Today Highlights, Aug 3: Nifty jumps 391 points to reclaim 24,750; Sensex gains 544 as IT, banks lead rally

The live blog is now closed.

Escorts Kubota posts rise in adjusted quarterly profit on stronger demand

Escorts Kubota posts rise in adjusted quarterly profit on stronger demand

Escorts Kubota reports a 26% rise in adjusted quarterly profit, driven by strong tractor sales and increased revenue.

GSK India Delivers Q1FY27 results today

GlaxoSmithKline Pharmaceuticals Ltd (GSK India) today announced its financial results for the first quarter ended June 30, 2026.

During the quarter, the company delivered strong growth across both its core and innovative portfolios. The performance reflects continued progress in the company’s portfolio transformation strategy, supported by execution excellence and a favourable base effect from the comparable period last year.

Revenue for the quarter stood at ₹924 crore, up 15% year-on-year. Profit after tax (PAT) increased 24% to ₹253 crore, while EBITDA margin stood at 32%.

Commenting on the results, Bhushan Akshikar, Managing Director, GSK India, said:

“GSK India’s broad-based growth demonstrates the resilience of the core General Medicines and Vaccines portfolio and the growing contribution of the innovative business. This growth was enabled by a relentless focus on scientific excellence, sharper execution in the field and meaningful investments in technology and talent development. With a strong innovation pipeline and launch opportunities ahead, we are well-positioned to deliver sustainable growth and meaningful impact for millions of patients in India.”

Nifty Midcap 100 hits record high at 63,681.80, ends up 1%; Jubilant Foodworks, APL Apollo, National Aluminium, Godfrey Phillips lead gains; Nifty Smallcap 100 touches 19,610.85

During the session, Nifty Midcap 100 hit a fresh high of 63,681.80, settled with over 1% gains. Top gainers: Jubilant Foodworks, APL Apollo, National Aluminium, Godfrey Phillips. Nifty Smallcap 100 index hit a high of 19,610.85.

Sri Lotus Developers & Realty Delivers Strong Q1 FY27 with Pre-Sales up by 567% YoY, Revenue up by 116% and PAT up by 77% YoY

Sri Lotus Developers & Realty Limited, a leading Mumbai-based developer of luxury and ultra luxury residential and commercial properties in Mumbai, with a strong focus in redevelopment & joint development projects announced its unaudited financial results for the quarter ended 30th June 2026.

Q1FY27 was a strong to the year for the company, marked by robust pre-sales growth, strong collections, healthy profitability, disciplined execution, and continued expansion of its redevelopment pipeline. The company continues to stand out as one of the most profitable and capital-efficient platforms in the real estate sector, supported by industry leading margins, strong return ratios, and a net debt-free balance sheet.

KEY BUSINESS & FINANCIAL UPDATES

Q1 FY27 pre-sales witnessed robust traction, increasing 567% YoY to INR 409 Crs.

Two projects were launched during Q1 FY27 – Lotus Trident (Andheri West) and Lotus Aquaria (Prabhadevi). Together, these projects have a GDV of INR 1,350 Crs.

Both projects were launched towards the end of June and are seeing good traction and enquiries, with construction commenced and strong customer interest, providing a healthy pipeline for future sales.

The company plans to launch four new projects in the remaining part of FY27, with an estimated combined GDV of ~INR 3,500–4,000 Crs. This includes Lotus Aurelia, Lotus Sky Plaza, Lotus Portofino, and Lotus Odyssey.

The company will continue to add new projects and developments to enhance the future pipeline.

KEY FINANCIAL HIGHLIGHTS for Q1 FY27

o Pre Sales stood at INR 409 Crs. Up by 567% YoY

o Collections of INR 150 Crs., up by 115% YoY

o Total Revenue stood at INR 132 Crs., Up by 116% YoY

o EBITDA stood at INR 48 Crs., Up by 63% YoY. EBITDA Margin stood at 36.4%

o Profit After Tax stood at INR 46 Crs. Up by 77% YoY

Rupee ends flat as robust importer hedging blunts oil price relief

Rupee ends flat as robust importer hedging blunts oil price relief

The Indian rupee ends flat as importer demand offsets oil price decline following geopolitical tensions and market volatility.

Sensex jumps 544 points to 78,639; Nifty surges 391 points to 24,774; IT, banking, cement, FMCG lead gains, media index slips

BSE Sensex settled 544.39 pts or 0.70% positive at 78,639.03; and Nifty 50 gained 390.70 pts or 1.60% to 24,774.30.

IT, banking & financials, cement and FMCG sectors led the gainers. while only the media index ended in red.

Monsoon Recovery Signals an Improving Economic Outlook Despite Near-Term Inflation Pressures: Bajaj AMC

• Rainfall Recovery: Improving rainfall may help offset the monsoon’s weak start. • Adequate foodgrain stocks: Healthy reserves may help contain supply pressures and food inflation. • Resilient rural demand: Stable consumption could support broader economic activity. • Supportive monetary conditions: A favourable interest-rate environment may cushion the economy from monsoon-related risks. Mumbai/ Pune, 3rd August: India’s southwest monsoon has gained momentum in recent weeks, although cumulative rainfall remains 16% below the long-term average due to uneven regional distribution. While improving rainfall is expected to support kharif sowing in the coming weeks, the area under kharif sowing remains below last year’s level. The progress of the monsoon over the remainder of the season will be key to assessing its impact on agricultural output and inflation. According to an analysis by Bajaj Asset Management Limited (Formerly known as Bajaj Finserv Asset Management Limited.), temporary supply-side pressures may keep food prices elevated in the near term. However, the recovery in rainfall, comfortable foodgrain stocks, resilient rural indicators and a supportive interest-rate environment may prevent the delayed monsoon from becoming a broader economic challenge. Historical trends also suggest that the start of the monsoon does not necessarily determine the final outcome. Although June 2026 was among India’s driest in more than a century, the eventual impact on the economy will depend largely on how rainfall progresses through July, August and September. In 1926, for instance, the monsoon experienced one of its weakest starts on record before staging a strong recovery between July and September. The season eventually ended with rainfall 11% above normal. The analysis indicates that consecutive years of deficient rainfall generally have a more significant impact on farm incomes, rural consumption and economic growth than a single delayed monsoon.

ValuePitch and SMVIT Strengthen Partnership with Centre for Advanced AI Innovation & Research to Build India’s Next Generation of AI Innovators

The Centre builds on a six-year partnership that has enabled 30–40 internships and benefited nearly 1,200 students.

ValuePitch, a leading AI and Decision Intelligence company, has strengthened its long-standing partnership with Sir M. Visvesvaraya Institute of Technology (SMVIT) through the establishment of the Centre for Advanced AI Innovation & Research, a dedicated hub designed to bridge the gap between academia and industry by enabling students to work on real-world AI challenges. The partnership builds on a relationship that began in 2018 with a sponsored research project and has since evolved into one of ValuePitch’s flagship industry-academia initiatives.

The Centre will focus on emerging technologies such as Generative AI, Agentic AI, Computer Vision, Artificial Intelligence & Machine Learning, Decision Intelligence, Data Analytics, and Cybersecurity, equipping students with practical exposure to technologies shaping the future of businesses, governments, and smart cities.

Over the years, the partnership has already created a positive impact. Around 30–40 students have completed internships at ValuePitch, while nearly 1,200 students have benefited through hackathons and innovation initiatives. This partnership has also resulted in placement opportunities for students, reflecting the industry’s growing demand for applied AI talent.

Pre-MPC Quote by Prachi Kele, Lead Economist, PL Capital

We expect MPC to adopt a cautious tone amid ongoing war-related uncertainties, while reiterating a data-dependent approach for future policy decisions. For the August meeting, we expect a status quo, with the policy rate maintained at 5.25%.

A favourable response to FCNR(B) measures, improving FPI inflows as the AI- and semiconductor-led equity rally cools amid improved kharif sowing support the thesis for a pause. Food inflation is likely to remain contained in FY27 as El Niño risks recede and monsoon conditions remain favourable, while growth risks stay broadly balanced.

Nifty50 sees EPS downgrades, lags in performance

Strategy | Nifty50 Analyser – Jul’26

JM Financial Q1 review

In our Nifty50 Analyser, we take a close look at Nifty50 EPS movements in Jul’26. In the last 12 months from Jul’25 to Jul’26, Nifty50 has delivered a return of -1.6% while FY27E and FY28E EPS have seen cuts of 9.8% and 8% respectively. In Jul’26, EPS estimates for FY27 and FY28 fell by 0.7% and 0.5% MoM respectively. In Jul’26, 58% of Nifty companies saw a cut in FY27E EPS with Metals & Mining, Telecom, Cement, Pharmaceuticals, Banks, IT Services and Automobiles being the key contributors. In Jul’26, stocks with the biggest EPS cuts were Interglobe Aviation, Eternal, Dr Reddy’s, Bajaj Finserv and Grasim, whereas those with the largest upgrades were Adani Enterprises, Kotak Mahindra Bank, Asian Paints, Bajaj Auto and Nestle.

Industry veteran Willie Walsh assumes charge as IndiGo CEO

Industry veteran Willie Walsh assumes charge as IndiGo CEO

Willie Walsh, an aviation veteran, becomes IndiGo’s CEO, aiming to enhance its global growth and operational excellence.

Hindustan Zinc’s HZAPL facility earns ISO 9001, 14001, and 45001 certifications for quality, environment, and safety standards

Hindustan Zinc, one of the world’s largest integrated zinc producers and among the leading global silver producers, has secured internationally recognised ISO 9001, ISO 14001 and ISO 45001 certifications for its Hindustan Zinc Alloys Private Limited (HZAPL) facility.

Mastek and Innovaccer Partner to Accelerate AI-Powered Healthcare Transformation

Jindal Stainless Q1 standalone PAT at ₹606 crore, consolidated PAT rises to ₹769 crore; shares flat at ₹730.30 on NSE

Jindal Stainless reported standalone PAT of Rs 605.89 crore in Q1FY27 as against Rs 641.64 crore in Q1FY26.

On consolidated basis, PAT was at Rs 768.66 crore against Rs 714.66 crore in Q1FY26.

Shares flat at Rs 730.30 on the NSE.

Essar Group’s $5.8 billion investment supports UK’s energy transition: Prashant Ruia

Essar Group’s $5.8 billion investment to accelerate UK’s energy transition: Prashant Ruia

Essar Energy Transition will invest £4.3 billion through 2035 to expand hydrogen, modernise Stanlow and support the UK’s low-carbon economy and jobs.

UPL reports consolidated net loss of ₹73 crore in Q1 FY27 as against ₹176 crore loss in Q1 FY26

Standalone PAT stood at Rs 89 crore in the quarter under review against Rs 122 crore in the year-ago period.

Shares were up 3% to Rs 621.45 on the NSE.

Butterfly Gandhimathi Appliances reports net profit of ₹8.89 crore in Q1 FY27 as against ₹6.43 crore in Q1 FY26; shares trade at ₹730.15 on NSE, up 1%

Kotak Mahindra AMC announces launch of Kotak Nifty Bank Index Fund

Kotak Mahindra Asset Management Company Ltd. (”KMAMC”/”Kotak Mutual Fund”) announces the launch of Kotak Nifty Bank Index Fund, an open-ended scheme that seeks to replicate and track the Nifty Bank Index, subject to tracking error. The New Fund Offer (NFO) opens on 3rd August 2026 and closes on 17th August 2026.

The fund offers investors an opportunity to participate in India’s banking sector through a passive investment strategy linked to the Nifty Bank Index which captures the capital market performance of India’s largest and most liquid banking companies. The index comprises of 14 NSE-listed banking stocks and is rebalanced on a semi-annual basis to ensure continued representation of the sector.

Ather Energy reports standalone net loss of ₹51 crore in Q1 FY27 as against ₹178.23 crore in Q1 FY26; shares flat at ₹1,267 on NSE

Imagicaaworld Entertainment signs investment agreement to buy 50% stake in Mehsana Next Parks Private Limited (MNPPL) for a consideration of ₹50 crore

Top gainers and losers of Nifty 50

Top gainers of Nifty 50: IndiGo (+4.34%), TCS (+3.44%), Infosys (+3.42%), Shriram Finance (+3.39%), Eternal (+2.63%)

Top losers: Sun Pharma (-2.43%), Apollo Hospitals (-1.47%), Cipla (-1.08%), ONGC (-0.89%), Maruti (-0.88%)

Markets at 3 pm: Sensex trades 647.63 pts or 0.83% higher at 78,742.27; and Nifty 50 gains 208.25 pts or 0.85% to 24,591.85

JM Financial reports standalone PAT of ₹2.50 crore in Q1 FY27 as against ₹133.45 crore in Q1 FY26; shares down 2% to ₹119.46 on NSE

Varroc Appoints Eric Hamon as Chief Technical Officer

MV Electrosystems IPO sees 111.27 times subscription, led by strong NII and retail demand

MV Electrosystems IPO sees 111.27 times subscription, led by strong NII and retail demand

The IPO is priced in the range of ₹400-425 per share and comprises entirely a fresh issue of equity shares aggregating up to ₹290 crore

Sundaram Finance reports standalone PAT of ₹521.61 crore in Q1 FY27, up 21.6% from ₹428.72 crore in Q1 FY26; shares rise 2% to ₹4760.10 on NSE

Remsons Industries appoints auto industry veteran Rahul Prabhakar Desai as CEO

Remsons Industries appoints auto industry veteran Rahul Prabhakar Desai as CEO

Desai is widely recognised for driving operational excellence, strategic transformation, business expansion and sustainable profitability across global manufacturing organizations.

Juniper Green Energy IPO subscribed 2.67x so far on final day, QIB demand at 8.47 times

Juniper Green Energy IPO subscribed 2.67x so far on final day, QIB demand at 8.47 times

Juniper Green Energy’s IPO subscribed 2.67x on final day, driven by robust QIB demand at 8.47 times.

Escorts Kubota posts 72.3% fall in Q1 FY27 PAT at ₹387.24 crore from ₹1,400.24 crore in Q1 FY26

Approved the formation of a Special Purpose Vehicle (SPV) in form of a Private Limited Company having the main object of solar power generation for the Company’s captive power consumption, with an overall capital commitment, in one or more tranches, not exceeding Rs. 3.80 Crore

Shares flat at Rs 3109 on the NSE.

Niyo Forex (Kanji Forex Pvt Ltd) secures perpetual ADII Licence from RBI

Dhanuka Agritech reports net profit of ₹36.30 crore in Q1 FY27 as against ₹55.50 crore in Q1 FY26; shares fall 2% to ₹1,003.80 on NSE

Follow businessline’s live coverage of Q1 results here.

Force Motors: Records 3,770 units of overall sales in July 2026 as against 2,755 units in July 2025; shares trade 3% positive at ₹18,479 on NSE

Ethos Q1 FY27 results: Standalone PAT at ₹27.99 crore as against ₹20.30 crore in Q1 FY26; shares trade 12.5% higher at ₹2,918.60 on NSE

Shares traded 12.5% higher at Rs 2,918.60 on the NSE.

Kotak Securities empowers 3.6 lakh youth with financial literacy through Kona Kona Shiksha

Kotak Securities Limited (KSL) through its flagship CSR initiative Kona Kona Shiksha, has empowered about 3.6 lakhs youth with financial literacy since its launch in July 2021. In FY26 alone, the programme reached 72,624 students nationwide, reinforcing its scale and relevance in building financial knowledge among India’s young population.

Implemented in partnership with the National Institute of Securities Markets (NISM), the programme was conducted across 293 cities and 909 colleges during the year. The programme delivers a structured 10-hour learning module covering personal finance, investment fundamentals, securities markets and financial planning, culminating in an online assessment and NISM certification that equips students with practical, industry-relevant financial skills.

Computer Age Management Services Q1 results: Standalone PAT at ₹121.81 crore in Q1 FY27 as against ₹105.19 crore in Q1 FY26

Board declared Interim Dividend of Rs. 2.50 per equity share.

Shares up 1% to Rs 803.90 on the NSE.

Sandeep Neema, Director & Fund Manager, PL Asset Management, on market outlook

“Although there might still be volatility due to global uncertainties and political events, in our view, most of the macro headwinds have already been discounted for the Indian stock market. The domestic economic environment is in a very good shape, thanks to the declining inflation rate, stable policies, positive domestic liquidity conditions, and increasing corporate profitability. It would be a mistake to try to time the market; instead, investors should use volatile situations to increase their exposure to well-managed businesses.”

Ashish Agarwal, Director, AU Real Estate, on monetary policy expectations

The real estate market has demonstrated strong resilience despite global economic uncertainties, and we expect this momentum to continue. An unchanged repo rate can strengthen. For developers, stability in the interest rate cycle is an important enabler as it encourages buyer confidence and supports long-term business planning. Homebuyers today are driven by product quality, location, lifestyle offerings and trust in the developer, with financing being one of several considerations. A stable policy environment will help sustain demand, encourage new project launches and strengthen the overall market. 

Anil Godara, Founder and Managing Director, J Estates, on MPC expectations

“The market is entering the second half of the year with healthy buyer sentiment, and at this stage, stability in monetary policy is more valuable than frequent rate changes. We expect the RBI to maintain the repo rate, which would provide continuity for both homebuyers and developers. A stable interest rate gives buyers greater confidence while planning long-term financial commitments and helps sustain momentum in residential sales. With infrastructure-led growth creating new residential hotspots, demand is increasingly being driven by genuine end-users rather than speculative investors. Policy stability will help ensure this positive trend continues in the coming quarters.” 

Avadh Sugar & Energy reported PAT of Rs 23.43 lakh in Q1FY27 as against Rs 8.41 crore loss in Q1FY26. Shares increased over 6% to Rs 535.40 on the NSE.

Bandhan AMC, one of India’s leading asset management companies, welcomes Saurabh Jain as its Chief Business Officer (CBO)

Iran talks, crude crash fuel midday rally; IT joins financials at the top, pharma bleeds

Iran talks, crude crash fuel midday rally; IT joins financials at the top, pharma bleeds

Sensex and Nifty 50 rally amid falling crude prices and positive sentiment, with IT stocks gaining while pharma struggles.

Crizac reported standalone PAT of Rs 53 crore in Q1FY27 as against Rs 41.04 crore in Q1FY26. Shares traded at Rs 193 on the NSE.

ICICI Lombard launches 25 insurance innovations on Silver Jubilee milestone

ICICI Lombard General Insurance, India’s largest private general insurance company, today unveiled 25 Innovative solutions across multiple lines of business as part of its Silver Jubilee celebrations. The company has surpassed its earlier record of 14 new launches on one single day and is now launching 25 innovations on one day, with 5 industry-firsts.

GACM Technologies has Entered MOU with Meridian Intelligence Private Limited.

UltraTech Cement board approved issuance of NCDs aggregating to Rs 5000 crore.

Hero Motocorp: Anuj Dua has been appointed as the Chief Business Officer – Premium Segment.

Wonder Electricals informed its associate, Integrated Motion & Control LLP, has commenced manufacturing operations of PCB cards.

Why are global investors buying up South Korean stocks?

Why are global investors buying up South Korean stocks?

Big investors are shifting to buy South Korean stocks, signaling renewed faith in heavyweight chipmakers despite recent market volatility.

Stanley Lifestyles Strengthens Presence in Rajasthan with New Store Launch in Jaipur

Karnataka Bank launches KBL Finsurance- Insurance Platform

Shares surged 3% to Rs 293.85 on the NSE.

PVV Infra bags two wayside amenities projects on national highway in MP

PVV Infra bags two wayside amenities projects on national highway in MP

PVV Infra secures two projects for wayside amenities on national highways in Madhya Pradesh, enhancing traveler safety and comfort.

Gold firms as oil prices slump after Trump holds off on Iran attack

Gold rose on Monday as oil prices fell after U.S. President Donald Trump held off ⁠on fresh attacks on Iran in hopes of a swift deal, slightly easing concerns over inflation and higher interest rates.

Gold firms as oil prices slump after Trump holds off on Iran attack

Gold rises as oil prices fall following Trump’s decision to delay Iran attacks, easing inflation concerns amid market uncertainty.

Greaves Electric Mobility’s rights issue offer of Rs 530 crore fully subscribed

ITC shares climb 4% as resilient cigarette volumes ease tax-hike concerns

Shares of ITC rose on Monday to their highest levels in more than a ‌month after brokerages said higher cigarette volumes suggested the worst impact of a recent tax hike ⁠may be over, with phased price hikes likely to boost profitability in the coming quarters.

ITC shares climb 4% as resilient cigarette volumes ease tax-hike concerns

ITC shares rise as strong cigarette volumes alleviate tax concerns, suggesting improved profitability and market recovery ahead.

Keto Motors unveils Urbanova KE9, marking its entry into India’s commercial electric bus segment. Shares traded at its lower circuit on the BSE at Rs 205.50, down 5%.

Dr. Uday N. Harle appointed Chief Executive Officer – Shilpa Biologicals Pvt Ltd, a wholly-owned subsidiary of Shilpa Medicare, w.e.f August 3.

Oil, dollar inflows blunt impact on Indian bonds from index inclusion snub

Government bonds slipped after a volatile start to Monday’s trading session, as falling oil prices and dollar inflows through the ‌central bank’s schemes helped cushion the impact of a delay in the inclusion of debt in a ⁠global bond index.

Oil, dollar inflows blunt impact on Indian bonds from index inclusion snub

Oil prices and dollar inflows stabilize Indian bonds despite disappointment over delayed global index inclusion.

Persistent Systems Q1 profit rises 13.7% to ₹483 crore

IT firm Persistent Systems has reported a 13.67 per cent increase in consolidated net profit to ₹483.04 crore in the April-June quarter.

Persistent Systems Q1 profit rises 13.7% to ₹483 crore

The Software, Hi-Tech and Emerging Industries vertical remained the largest revenue contributor at 40.7%, recording a y-o-y growth of 15.7%

Rupee rises 31 paise to 95.12 against US dollar in early trade

The rupee surged 31 paise to 95.12 against the US dollar in early trade on Monday over a steep fall in global crude oil prices and a softer greenback after US President Donald Trump decided to hold off strikes against Iran.

Rupee rises 31 paise to 95.12 against US dollar in early trade

Rupee strengthens 31 paise to 95.12 against the US dollar, boosted by falling oil prices and increased foreign investments.

HCL Technologies traded flat at Rs 1,351 on the NSE following the acquisition of Guardian India Operations Private Limited

ZEE Entertainment shares fall 11% to Rs 102.4 on NSE. SEBI imposes ₹1.48-crore penalty ‌on ZEEL Chief Executive Punit Goenka and Founder-Chairman Emeritus Subhash Chandra for securities law violations

Vodafone Idea shares flat at Rs 13.03 on the NSE. Telecom Department issues notice to company for payment of Rs 26.83 crore in liquidated damages

Vodafone Idea shares flat at Rs 13.03 on the NSE. Telecom Department issued a notice to Vodafone Idea for payment of Rs 26.83 crore in liquidated damages, citing alleged default in minimum rollout obligations in respect of spectrum allocated under auctions of 2022

Biocon Announces US commercial launch of Yesafili , a biosimilar to Regeneron s Eylea® 2 mg Shares flat at Rs 426.25 on the NSE.

Ashok Leyland: Total vehicle sales in July 2026 increased to 19,590 units from 15,064 units in July 2025. Shares surged 3% to Rs 171.72 on the NSE.

Urban Company shares jump 18% despite Q1 loss, Morgan Stanley upgrades to overweight

Shares of Urban Company jumped nearly 18 per cent in early trade on Monday after brokerages highlighted strong growth, improved execution and profitability prospects despite the company reporting a consolidated net loss for the June quarter.

Urban Company shares jump 18% despite Q1 loss, Morgan Stanley upgrades to overweight

The home services platform reported a consolidated net loss of ₹92.12 crore for Q1FY27, compared with a consolidated net profit of ₹6.94 crore in the year-ago period.

TVS Motor Company part of TVS VENU, recorded monthly sales growth of 38% with sales of 629,675 units in July 2026 as against 456,350 units in July 2025. Shares flat at Rs 4329.90 on the NSE.

Goldman Sachs on Divis Lab

Recommendation: Accumulate Target Price: ₹9,070 (Earlier: ₹8,025) Key Takeaways: * Q1 performance above estimates, led by strong Custom Synthesis business * Revenue growth inflection driven by Custom Synthesis, while generics business stabilizes * Margin expansion supported by a better product mix and operating leverage * Continued capex investments to support long-term sustainable growth

 Kotak Inst Eqt on Shree Cements

Sell, TP Rs 20100

• 1QFY27 EBITDA was below est on lower margins, partially offset by better volumes.

• Blended volume growth of 17.2% yoy firmly signals co’s strategy to improve utilization (~62% in 1QFY27)

• Gulf conflict impacted contracted fuel shipments, leading to elevated fuel costs and an adverse trade mix.

• Greenfield project of 0.95/0.99 mtpa clinker/grinding capacity in Meghalaya will be commissioned by March 2028

• Expect near-term margin pressure to be transient, notwithstanding continued conflict

• Cut EBITDA estimates by 5.1%/1.7% for FY2027/28E on lower margins, partially offset by higher volumes.

Morgan Stanley on Auto Sales

Key Takeaways: * July 2026 retail auto sales remained healthy, reflecting resilient underlying demand * Underlying consumer demand continues to stay strong despite a high base * July–August wholesale dispatches are expected to outpace retail sales as OEMs build inventory ahead of the festive season * Maruti Suzuki and Eicher Motors sales trends are tracking ahead of Morgan Stanley’s expectations

Stock in focus: Bajaj Auto

Bajaj Auto recorded 4,74,677 unit sales in July 2026 as against 3,66,000 units in July 2025.

Stock traded flat at Rs 11,487 on the NSE.

APSEZ stock in focus

APSEZ handles cargo volume of 46.3 MMT in Jul’26, registering 15% YoY growth

Shares flat at Rs 1,707.50 on the NSE.

Morgan Stanley on GAIL

Recommendation: Equal-weight

Target Price: ₹190 (Earlier: ₹152)

Key Takeaways:

* Current environment may represent peak earnings (”as good as it gets”)

* GAIL is increasingly leveraged to LNG imports into China and Europe, with potential upside from a U.S. natural gas glut expected in 2027

* European gas inventories are near three-year lows, while U.S. LNG export capacity is ramping up more slowly than expected

* Morgan Stanley believes the 2027 gas glut thesis remains intact despite supply disruptions from Qatar

JPM on ITC: Neutral, TP Rs 310

• Q1 missed estimates owing to weaker than anticipated cigarette EBIT trends
• Quarter saw a significant reset across cigarette portfolio as company navigated a shift towards an unprecedented high taxation regime.
• FMCG and Paper revenue were in-line but margins were lower than expected.
• ITC has undertaken multiple interventions (staggered price hikes & launch of new brands across price points) to mitigate risk of consumer downtrading to illicit brands and defend market share.
• It has also introduced new brands/variants to ladder its pricing architecture.
• Even as cigarette price hikes are yet to fully neutralize tax hike (resulting in a steep 35% decline in cigarette EBIT in Q1), anticipate gradual price increases (largely in RSFT and DSFT segments) in the coming quarters which should narrow the decline, & expect EBIT (per stick) neutrality closer to Q4

Pre-market analysis | Gaurav Udani, Founder – ThinCredBlu Securities 

“Nifty is expected to open sharply higher around 24,550, up nearly 170 points, supported by easing geopolitical tensions and a decline in crude oil prices, both of which have improved global risk sentiment.

The reduction in war-related concerns and softer crude prices are positive for India, as they ease inflationary pressure and improve the outlook for corporate earnings.

Technically, the index remains in a strong uptrend. 24,400–24,300 will act as the immediate support zone, while 24,700–24,800 is the next key resistance area. A decisive move above 24,800 could trigger fresh momentum and extend the rally towards higher levels.

The overall market structure remains bullish, and traders may consider a buy-on-dips strategy as long as Nifty continues to hold above the 24,300–24,400 support zone. Momentum remains with the bulls, and sustained buying could lead to a breakout above the immediate resistance.”

Global bits

China: Factory growth slowed, PBOC signaled timely policy support, yuan internationalization accelerated via Hong Kong products, while no major stimulus was announced.

India: RBI is expected to keep rates unchanged, Rupee remains supported by intervention, bond index delay weighs on debt markets, August monsoon may be below normal, and capital inflows continue to strengthen.

Japan: Government confirmed joint FX intervention with the U.S. to support the yen, BOJ kept rates unchanged but maintained a tightening bias.

South Korea: Exports and manufacturing beat expectations on strong AI chip demand, alongside rare currency intervention to support the won.

Vietnam: July trade deficit widened due to higher fuel imports despite moderating inflation.

Hungary: Government shut down the Paks nuclear plant due to record-low Danube water levels, raising energy supply concerns.

Romania: Fitch warned political instability could delay fiscal consolidation beyond 2026.

United Kingdom: BoE kept rates on hold, hiring softened despite strong AI job demand, while recession risks rise if the Strait of Hormuz remains disrupted.

Eurozone: Inflation edged higher, supporting expectations of further ECB rate hikes, while economic growth remained resilient on AI investment.

Germany: Inflation accelerated and unemployment increased slightly, though GDP growth surprised positively.

France: Inflation came in above expectations while economic growth remained modest.

Spain: Q2 economic growth accelerated, outperforming several Eurozone peers.

Italy: Consumer and business confidence improved despite elevated inflation.

Switzerland: SNB posted strong profits driven by equity market gains despite weaker gold prices.

Poland: Inflation accelerated, reinforcing expectations that the central bank will keep rates unchanged.

United States: Treasury yields hit multi-year highs, Fed remains cautious on inflation, AI-driven earnings boosted equities.

Mexico: Q2 growth was stronger than expected, supporting the government’s GDP outlook despite external headwinds.

Brazil: Fiscal concerns persist as deficits widen, household debt remains elevated, and ethanol blending rules were tightened.

Nigeria: Government said subsidy savings have largely been offset by higher debt-servicing costs.

Argentina: Government proposed stronger central bank independence while shale-led growth continues to reshape the economy.

Egypt: Household electricity tariffs were raised by an average of 12% to strengthen public finances.

Kazakhstan: Discussing processing Russian crude domestically amid Russian fuel shortages.

Source: Reuters

Market analysis | Cryptocurrency | Vikram Subburaj, CEO, Giottus.com

Bitcoin traded near $63,125 on Monday, gaining about 0.3% over 24 hours, as falling oil prices eased some inflation concerns. However, weak institutional flows and subdued spot-market activity continued to limit the recovery. Immediate support lies around $62,900-$63,000, followed by $62,000. Resistance is visible near $63,700-$64,000, with the stronger $65,100-$66,700 region remaining the next major hurdle.

On-chain conditions continue to indicate cautious consolidation. Exchange liquidity has contracted and aggressive selling has moderated, while long-term holders have largely retained their Bitcoin. However, active addresses, transaction pressure and broader capital inflows remain subdued. Perpetual-futures buying has also weakened, while options markets are pricing the possibility of greater volatility ahead.

Institutional demand remained inconsistent during the final week of July. US spot Bitcoin ETFs recorded a $49.7 million outflow on July 28, followed by inflows of $32.1 million and $233.1 million over the next two sessions. A $265.4 million withdrawal on July 31 reversed most of that improvement. The week ending July 31 consequently produced a net outflow of approximately $61.5 million, showing that ETF demand is not yet providing reliable support.

Large-cap altcoins were modestly higher. Ethereum gained 0.64% to $1,866, BNB rose 1.28% to $584, XRP advanced 0.83% to $1.07, Solana added 0.41% to $72.92, and TRON increased 0.51% to $0.326. BNB led the group, but Bitcoin dominance near 58.5% indicates selective participation rather than a broad altcoin rally.

The macro backdrop has improved slightly after Brent crude fell more than 6% to $82.41 on hopes of US-Iran talks. Lower energy prices may ease pressure on the Federal Reserve, although futures pricing on Friday still indicated roughly a 64% probability of a September rate increase. This week’s US manufacturing, job-openings and services data will lead into the August 7 employment report, where economists expect payroll growth of about 83,000.

Our advice: Investors should avoid chasing short-term gains. Staggered accumulation, limited leverage and disciplined position sizing remain preferable until Bitcoin clears $64,000 and ETF inflows become more consistent.

US Market Outlook: Mixed picture

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices snapped their fall last week. The Dow Jones and S&P 500 were up 1 per cent, while the Nasdaq Composite index rose about 1.6 per cent. Broadly, the benchmark indices are giving a mixed picture. The Dow Jones has to get a strong follow-through rise from here. The S&P 500 seems to be stuck in a sideways range. The Nasdaq Composite index, on the other hand, is witnessing a corrective bounce within its downtrend.

Overall, the US markets are not looking very bullish at the moment. So, we continue to maintain our cautious stance. Read more here

Expert Take | Market & FII flows | Vinit Bolinjkar – Head of Research- Ventura

Indian equity markets wrapped up the week on a firm footing, with the benchmark Nifty 50 closing at 24,366. Domestic sentiment has been bolstered by a decisive turnaround in foreign capital flows. Foreign Institutional Investors (FIIs) registered aggressive net inflows totaling ₹5,672.48 crores over consecutive recent sessions, highlighted by a buying surge of ₹3,127.29 crores. While the USD/INR hovering near 95.42 and Brent crude consolidating around $87/bbl demand cautious vigilance on the imported inflation front, strong domestic institutional buAering and robust bluechip buying have established a solid market floor. The near-term outlook remains constructively bullish as investors price in healthy earnings momentum and strengthening macro-liquidity.

Market Outlook | Improving Positioning Supports a Potential Range Shift: Kruti Shah, Quant Analyst, Equirus Securities

NIFTY enters the coming week with improved momentum and a more constructive underlying setup. FII index shorts have begun to unwind, cash-market flows have turned supportive, while the volatility index slipping below 13 provides a favourable backdrop for the recovery. With NIFTY approaching the 24,500 zone, the gradual migration of put writing towards higher strikes (24,000–24,200) suggests the possibility of an upward shift in the trading range.

The new series has commenced with relatively low index OI, leaving scope for fresh position accumulation as conviction improves, while market-wide positioning remains broadly balanced, indicating that existing long exposure remains largely intact. Sector rotation remains constructive, led by IT and metals, while banking continues to undergo repositioning, with financials attracting the strongest traction.

Globally, softer DXY and crude remain supportive of risk appetite, although elevated US yields could keep volatility contained. Overall, the bias remains constructive, but broader participation and fresh long accumulation will be critical for a sustained move beyond 24,500 when Midcap and small cap Index continue to climb higher.

Monthly Outlook report by Bajaj Broking Prive Research

• India’s economy shows resilience in FY27: IIP grew 5.7% YoY in Q1FY27, while ISP rose 15.3% YoY during the first two months of the quarter.
• Inflation rises above RBI target: CPI inflation increased to 4.38% in June 2026, crossing the RBI’s 4% target amid higher global commodity prices due to the West Asia conflict.
• Trade deficit widens: Merchandise trade deficit hit a five-month high of $30.43 billion in June 2026, while the overall trade deficit (merchandise + services) reached an 8-month high of $15.32 billion.
• Imports outpace exports: Total imports rose 26.8% YoY in June, compared with 9.5% YoY growth in exports. For Q1FY27, cumulative trade deficit nearly doubled to US$33.6 billion, with exports up 11.6% YoY and imports rising 17.3% YoY.
• Monsoon concerns ease: Rainfall deficit narrowed to around 14% by end-July 2026, reducing risks of food inflation linked to a weak monsoon.
• Finance Ministry optimistic: The July Monthly Economic Review said domestic demand is expected to remain resilient, though commodity price volatility remains a key risk.
• Q1 earnings reflect steady demand: Corporate results indicate steady top-line growth, but margins remain under pressure from elevated input costs and geopolitical uncertainties.
• Companies build inventories: Businesses accelerated inventory build-up in July to meet strong consumer demand and guard against higher commodity prices and supply chain disruptions.
• Top-performing sectors:Banking & Financial Services, select IT & ITES, capital goods and infrastructure have delivered better-than-expected Q1FY27 results.
• Banking & Financial Services: Asset quality remained stable, with loan and credit growth of 17-20%. Major NBFCs and private lenders reported strong profit growth driven by retail and SME lending.
• Capital Goods & Infrastructure: Continued government capex and strong execution backlogs supported steady revenue and profit growth, boosting confidence in future earnings.
• Midcap IT outperforms: While large-cap IT saw flat sequential growth, select midcap technology and digital infrastructure firms posted strong revenue gains on the back of deal wins and data centre projects.
• Other bright spots: Airlines, fragrances & flavours, and recycling companies also delivered healthy quarterly performances despite disruptions from the ongoing West Asia conflict.
• Outlook: The company remains optimistic about the remaining Q1FY27 earnings season and expects market sentiment to strengthen further.

Stock Market LIVE: Muthoot Finance Names Alexander George Muthoot as Managing Director

The Board of Directors has recommended the appointment of Mr. Alexander George Muthoot as Managing Director, effective October 1, 2026 (subject to shareholder approval), as part of a carefully planned leadership succession aimed at ensuring continuity, stability, and long-term growth. As part of this transition, Mr. George Alexander Muthoot will assume the role of Executive Vice Chairman

Repo rate expectation | Expert Take | Anil Godara, Founder and Managing Director, J Estates

“The market is entering the second half of the year with healthy buyer sentiment, and at this stage, stability in monetary policy is more valuable than frequent rate changes. We expect the RBI to maintain the repo rate, which would provide continuity for both homebuyers and developers. A stable interest rate gives buyers greater confidence while planning long-term financial commitments and helps sustain momentum in residential sales. With infrastructure-led growth creating new residential hotspots, demand is increasingly being driven by genuine end-users rather than speculative investors. Policy stability will help ensure this positive trend continues in the coming quarters.”

Rainfall remains weak despite normal rains in July: Emkay Global research

Cumulative rainfall as of 1-Aug-26 was 12% below the long-period average (LPA), as the monsoon improved but remained weak in some areas. Weekly rainfall (as of 29-Jul-26) was 1% above LPA but showed wide spatial divergence. This was also the case for cumulative rainfall, with North and West India in deficit (-12%), the Southern Peninsula (-22%) and East and North-East India (-29%) in heavy deficit; however, Central India (6%) moved into positive territory. July recorded normal rainfall (~99% of LPA), despite fears of an El Niño-led shortfall. However, rainfall was highly uneven, with short spells of heavy rain followed by prolonged dry periods, which will continue to pose a threat to crops.

■ Sowing activity stabilizes: Kharif sowing remains below last year’s level, although the shortfall narrowed significantly in July. Total sown area as of 31-Jul-26 (89mnha) was 3% lower than last year’s. The decline was led by most major food crops—rice (30.1mnha; -2% yoy), pulses (9.5mnha; -6% yoy), and coarse cereals (15.8mnha; -7.5% yoy). Oilseeds (17.2mnha; 1% yoy) was the only food group to record positive growth. Among non-food crops, cotton sowing (10mnha; -2% yoy) also remained below last year. Overall sown area was 81% of the normal area, compared with 84% at the same stage in CY25. With the sowing window for most major crops nearly over, overall kharif acreage is likely to be marginally lower than last year.

■ Food price inflation remains contained: Average weekly retail price increases for cereals, spices, and eggs (all 0.5% week-on-week) were modest, while pulses (0.3%), oils and fats (0.2%), milk (0.2%), and vegetables (0.1%) recorded smaller increases. On an annual basis, average prices of eggs (13%) and oils and fats (11%) remained sharply higher, while spices (4%), milk (3%), cereals (2%), pulses (2%), and vegetables (1%) recorded much lower increases. While healthy cereal buffer stocks should keep prices contained, there are upside risks to prices for perishables such as vegetables, fruits, and pulses due to crop damage from untimely and/or deficient rains.

■ Reservoir levels remain under pressure despite improvement: Overall basin-wise reservoir levels improved but remained well below last year’s levels and the LPA. As of 31-Jul-26, pan-India reservoir levels stood at 44% of capacity, 36% lower than the same period last year and 8% below the LPA for this period. West India had the highest capacity (51%), followed by Central India (39%) and North India (36%). Storage levels were the lowest in Eastern India (36%) and Southern India (30%).

India Strategy | Interim review 1QFY27 (OMCs temper Financials and Metal strength): Motilal Oswal

– The earnings of the aforesaid 211 MOFSL Universe companies inched up 2% YoY (vs. our est. of a 10% YoY dip), primarily weighed down by OMCs. Barring OMCs, the MOFSL Universe posted a 17% YoY earnings growth (vs. our est. of +13% YoY).

– The overall earnings growth was led by BFSI (+20% YoY), Metals (+53% YoY), Technology (+11% YoY), and Automobiles (+7% YoY). In contrast, earnings growth was hit by OMCs (loss of INR181b), Cement (-8% YoY), Healthcare (-6% YoY), and Interglobe (loss of INR3.8b).

– Earnings of the 39 Nifty companies that have declared results so far have grown 11% YoY (vs. our est. of +7% YoY). The earnings growth was led by Reliance Ind., JSW Steel, ICICIB, Bajaj Finance, and Axis Bank. Conversely, Interglobe, ITC, Dr Reddy’s Labs, Cipla, and Maruti Suzuki dragged Nifty earnings lower.

– The Nifty EPS estimates for FY27E and FY28E remained largely unchanged at INR1,225 (vs. INR1,225) and INR1,424 (vs. INR1,422), respectively.

Expert Take | July GST collections | Pratik Jain, Partner, Price Waterhouse & Co LLP

After remaining broadly stable at around Rs 1.95 lakh crore in May and June, GST collections have risen sharply to Rs 2.11 lakh crore in July.

The 15.4% year-on-year increase indicates that economic activity, consumption and tax compliance have remained resilient, while the impact of recent geopolitical disruptions appears to be gradually easing.

If this momentum continues over the next few months, it could provide the Government with the confidence to accelerate the next phase of GST reforms as the regime approaches its 10-year milestone. These reforms may span structural, legislative and administrative measures. GST 3.0 may no longer be a distant idea. It could be closer than many expect.

Govt to introduce Bill to replace 125-year-old law on presenting bank records as evidence in courts

Finance Minister Nirmala Sitharaman will introduce the Bankers’ Books Evidence Bill, 2026 in Parliament on Monday, replacing the 125-year-old Bankers’ Books Evidence Act, 1891

Read the full story here

Stock Markets today LIVE: Japan’s Nikkei drops over 2% as yen jumps after joint intervention

Japan’s Nikkei share average fell on Monday from a one-week high in the previous session, hurt by a rapid appreciation ‌in the yen after Tokyo and Washington confirmed they had carried out a rare ⁠joint currency intervention late last week.

The Nikkei sank 2.2% to 62,956.48 by 0058 GMT, while the broader Topix lost ‌2.8% to 3,893.17. Of the Nikkei’s 225 components, 212 fell and only 13 rose.

The ‌yen gained as much as 1.4% to ‌a ⁠four-week high of 155.20 per U.S. dollar, ⁠adding to a 3.8% surge over the previous two sessions. A stronger yen reduces the value of overseas revenue for Japan’s many heavyweight exporters. (Reuters)

BL Explainer: SEBI’s new Closing Auction Session, what investors need to know

Beginning August 3, exchanges will move from the existing volume-weighted average price mechanism, based on the last 30 minutes of trading, to a Closing Auction Session, a 20-minute call auction designed to arrive at a single equilibrium closing price. Read more here

Index derivatives turnover falls as RBI tightens bank funding to prop traders

Index derivatives turnover falls as RBI tightens bank funding to prop traders

RBI’s tighter funding norms lead to a decline in index derivatives turnover, with potential market shifts favoring foreign investors.

Cognizant Targets 16–16.2% Margin In 2026 | Cognizant: Ravi Kumar, CEO

BFSI In US Has Kind Of Seen An Inflection Point: Company

A Good Q1 For AWL Agri Business: AWL Agri Bus: Shrikant Kanhere, MD CEO

If Oil Prices Remain Stable, Revenue Growth Could Be 18%: Shrikant Kanhere, MD CEO

Kotak Institutional Equities Upgrade Zee Entertainment Rating to ADD (from REDUCE) & Raise FV to Rs130 (Rs90 earlier)

India’s gross GST collections rose 15.4% to Rs 2.11 lakh crore in July.