Nifty 50: Nifty 50 opened with a gap down of around 200 points but the market recovered meaningfully from its morning lows. Nifty opened at 23,858 and traded as low as 23,786.80 before recovering toward 23,914.45. So despite the negative headline, there was some buying/support at lower levels.
Sensex: Sensex saw a similar move and opened with a gap down of around 500 points, making a low of around 800 points from the previous day close but recovered from the low and closed at 76,570.
- Markets recovered after seeing a sharp fall contributed by giants like HDFC Bank, ICICI Bank, M&M, SBI, Infosys.
- India VIX rose by 3.60% reaching 11.6
Indices Snapshot:
- Top Losers: Nifty Auto saw the sharpest fall at -1.79%, followed by Nifty Media at -1.75% and Nifty IT at -1.25%.
- Top Gainers: Nifty Oil and Gas gained +0.33%, primarily due to uncertain geopolitical scenarios and rising crude oil prices, followed by Nifty Realty at +0.21% and Nifty PSU Bank at 0.07%.
Corporate Action: Key Company Updates
- PVR INOX announced buyback of 20,68,965 shares at ₹1,450 each, totaling up to ₹300 crore.
- Great Eastern Shipping approved ₹900 crore open-market buyback at up to ₹1,530 per share, opening by September 4, 2026.
- Mahindra Holiday received GST show cause notice demanding Rs. 9.78 crore for FY23.
- Pine Labs appoints Jayaram Karthik as COO to lead operations across India and international markets.