The Nifty settled below the 23,900 level. All the sectoral indices ended in the red on the NSE, with PSU bank, private bank and FMCG stocks declining the most.

As per provisional closing data, the S&P BSE Sensex tanked 1,677.12 points or 2.15% to 76,503.60. The Nifty 50 index lost 516.65 points or 2.12% to 23,882.05.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 1.74% and the BSE 250 SmallCap Index fell 2.00%.

The market breadth was weak. On the BSE, 1,093 shares rose and 3,186 shares fell. A total of 184 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 24.85% to 14.54.

In the commodities market, Brent crude for September 2026 settlement rose $4.63 or 6.24% to $78.79 a barrel.

Initial Public Offer (IPO):

Kusumgar received bids for 3,17,52,630 shares as against 1,14,68,094 shares on offer, according to stock exchange data at 15:25 IST on 08 July 2026. The issue was subscribed 2.77 times.

The issue opened for bidding on 08 July 2026 and it will close on 10 July 2026. The price band of the IPO is fixed between Rs 398 and 419 per share. An investor can bid for a minimum of 39 equity shares and multiples thereof.

New Listing:

Shares of Knack Packaging settled at Rs 182.70 on the BSE, representing a premium of 7.47% as compared with the issue price of Rs 170.

The stock debuted at Rs 186, marking a premium of 9.41% to the issue price.

The stock has hit a high of Rs 192 and a low of Rs 180.25. On the BSE, over 25.32 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty PSU Bank index fell 2.72% to 8,072.30. The index declined 5.94% in the five consecutive trading sessions.

Bank of India (down 4.88%), Union Bank of India (down 4.1%), Bank of Maharashtra (down 3.01%), Canara Bank (down 2.94%), Bank of Baroda (down 2.76%), Punjab & Sind Bank (down 2.7%), Punjab National Bank (down 2.69%), Central Bank of India (down 2.65%), State Bank of India (down 1.79%) and Indian Bank (down 1.65%) declined.

Stocks in Spotlight:

Jayant Infratech rose 0.67%. The company announced that it has received a Letter of Acceptance (LoA) worth Rs 13.31 crore from West Central Railway for the execution of railway overhead electrification works.

Rashtriya Chemicals and Fertilizers (RCF) fell 1.37%. The company's board approved raising up to Rs 1,500 crore through a further public offering (FPO).

Innovision fell 1.96%. The company has secured an Rs 9.23 crore Letter of Award (LoA) from the National Highways Authority of India (NHAI) for toll collection at the Vaddupalli fee plaza in Andhra Pradesh.

Marksans Pharma rose 0.96%. The company said that it has entered into a definitive agreement to acquire 100% of the share capital of Germany-based ABCnow GmbH.

Advait Energy Transitions fell 2.08%. The company announced that it has secured a Rs 51.62 crore turnkey contract from Dakshin Gujarat Vij Company (DGVCL) under the Vanbandhu Kalyan Yojana-2 (VKY-2) scheme.

3i Infotech jumped 4.24% after the company's subsidiary, 3i Infotech Software Solutions L.L.C., secured an IT consulting services contract worth AED 17.65 million (about Rs 45.85 crore), from UAE-based Vedant Consultancy FZ LLC.

Orchid Pharma surged 8.26% after the company entered into a licensing and supply agreement with Pharmasyntez JSC (Pharmasyntez) to commercialize an antibiotic, Exblifep, in Russia. The company said the partnership represents a potential opportunity of approximately $178 million over the first 10 years, driven by significant unmet clinical needs and large hospital procurement volumes in the Russian market.

Silver Touch Technologies rallied 3.67% after the company secured an order from RITES to develop an artificial intelligence (AI)-based detailed project report (DPR) appraisal & intelligence platform, PARAKH.

Global Markets:

The Dow Jones index futures were down 721 points, hinting at a negative opening in US stocks today.

European shares traded lower on Wednesday as renewed US-Iran tensions pushed oil prices higher and dampened investor sentiment, with losses led by airline and auto stocks while energy shares gained.

Asian markets ended lower as investors assessed escalating Middle East tensions and rising crude oil prices.

The U.S. started a 'series of powerful strikes' against Iran on Tuesday evening, retaliating for attacks against three commercial vessels traveling in the Strait of Hormuz, U.S. Central Command said. Earlier, the Treasury Department revoked a license that permitted Iran to sell its oil around the world in light of the attacks in the Hormuz Strait.

The West Texas Intermediate futures for August delivery rose 2.1% to $71.87 per barrel in Asia trading. Futures for the international benchmark Brent crude for September delivery jumped 1.9% to $75.53 per barrel.

Investors' attention now turns to the minutes from the Federal Open Market Committee's June meeting, due at 2 p.m. ET Wednesday. The release is expected to provide more insight into Federal Reserve Chairman Kevin Warsh's first policy meeting, where officials left interest rates unchanged while signaling that additional rate hikes could be warranted if inflation pressures persist.

Overnight on Wall Street, US stocks fell on Tuesday after Samsung's quarterly results and reports that China's DeepSeek is developing its own AI chip triggered renewed selling in the semiconductor sector.

The tech-heavy Nasdaq Composite suffered the steepest decline, falling 1.16% to 25,818.69. The Dow Jones Industrial Average lost 0.25% to 52,925.15, while the S&P 500 dropped 0.45% to 7,503.85.

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