The equity benchmark indices Sensex and Nifty traded in a volatile but in a narrow range and ended marginally lower, extending the ongoing consolidation phase. After an initial dip, the Nifty attempted to recover in the first half; however, a sharp decline in select heavyweights during the final hours derailed the recovery and dragged the index lower.
2/10
Vedanta shares dropped over 3% to close at Rs 441.30 apiece. This came after short seller Viceroy Research issued a report on its parent firm Vedanta Resources (VRL), claiming that the Anil Agarwal-led conglomerate "resembles a Ponzi scheme". The US-headquartered short seller took a short position of VRL’s debt, calling it a "parasite holding company with no significant operations of its own, propped up entirely by cash extracted from its dying host, Vedanta Limited".
3/10
Mall operator Phoenix Mills Ltd shares tumbled over 3% after international brokerage Nomura initiated coverage on the stock with a 'reduce' call, given slowing growth and stretched valuations. Nomura issued shares of Phoenix Mills with a 'reduce' call and a price target of Rs 1,400, indicating an 11 percent downside from the previous session's closing price.
4/10
The shares of IT companies declined in trade as investors actively awaited the release of the first set to Q1 FY26 results from the pack. HCL Tech shares were the top loser on the Nifty IT index, dropping over 2% to trade at Rs 1,673 apiece.
The shares of Godrej Properties dropped nearly 2% after Nomura initiated a 'Reduce' rating on the stock. Nomura initiated a 'Reduce' rating on the shares of the real estate major, with a target price of Rs 1,900 apiece. This implies a downside potential of nearly 18 percent from the stock's previous closing price of Rs 2,310 apiece.
6/10
BSE, Angel One, other capital market stocks rose around 2% as SEBI clarified there is no proposal to link options exposure with cash market holdings. In a social media post, the market regulator said it will ensure transparent public consultation for any future regulatory changes.
7/10
Pharmaceutical companies saw their shares trade with gains, even after U.S. President Donald Trump threatened to levy 200 percent tariff on all pharmaceutical imports. He did note that pharmaceutical manufacturers manufacturers would be given time to relocate their operations into the United States before rolling out fresh duties. "We're going to give people about a year, a year and a half to come in, and after that, they're going to be tariffed," Trump said. Mankind Pharma shares gained over 3 percent.
8/10
The shares of Syrma SGS Technology closed 5% higher after reports said that the firm is set to build India's largest multi-layer Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) manufacturing facility in Andhra Pradesh. The shares of the company recorded the biggest gain in over eight weeks to hit a fresh 52-week high of Rs 663 apiece in the morning.
Logistics player Ltd shares ran up 3% after domestic brokerage Motilal Oswal initiated coverage with a bullish outlook. Motilal Oswal issued a 'buy' rating on Delhivery shares, with a target price of Rs 480 per share, indicating an upside potential of around 17 percent.
10/10
Shares of Union Bank of India fell nearly 4% after the lender reported a weak business update for the first quarter of the current financial year. The bank's loan book grew 6.8 percent year-on-year, marking the slowest pace in the last four quarters and the fourth consecutive quarter of single-digit loan growth. As of June-end, the bank’s loan book stood at Rs 22.1 lakh crore, compared to Rs 21.08 lakh crore in the year-ago period.
