NIFTY SLIDES BELOW 24,700; OIL & GAS SHARES DECLINE

The headline equity benchmarks traded with substantial losses on Thursday, snapping a two-day winning streak. The sell-off was triggered after U.S. President Donald Trump announced a 25% tariff on Indian goods, effective August 1, along with an additional, unspecified penalty for India�s purchase of items from Russia. Trading could be volatile due to the monthly Nifty50 F&O series expiry today.

The Nifty traded below the 24,700 level. Oil & gas shares extended losses for the second consecutive trading session.

At 10:35 IST, the barometer index, the S&P BSE Sensex declined 603.62 points or 0.74% to 80,878.74. The Nifty 50 index lost 180.55 points or 0.75% to 24,673.30.

In the broader market, the S&P BSE Mid-Cap index slipped 1.19% and the S&P BSE Small-Cap index fell 0.84%.

The market breadth was weak. On the BSE 1,116 shares rose and 2,409 shares fell. A total of 167 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 6.06% to 11.89.

New Listing

Shares of Brigade Hotel Ventures were currently trading at Rs 84.01 at 10:30 IST on the BSE, representing a discount of 6.66% compared with the issue price of Rs 90.

The scrip was listed at Rs 82, exhibiting a discount of 8.89% to the issue price.

So far, the stock has hit a high of Rs 86.53 and a low of Rs 81.49. On the BSE, over 12.12 lakh shares of the company were traded in the counter so far.

Trump Tariffs:

The U.S. President Donald Trump announced on Wednesday that India will face a 25% tariff starting August 1, along with an additional `penalty` over what he considers unfair trade practices and India�s purchases of military equipment and energy from Russia.

The 25% tariff is slightly lower than the 26% rate he declared on �Liberation Day� for the key trading partner but remains at the higher end of the range he was weighing. On Tuesday, Trump had indicated he was considering a rate between 20% and 25%.

India�s Ministry of Commerce and Industry has reportedly said the `government is studying` the implications of Trump�s tariff announcement.

"India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months,� the ministry said in a statement. �We remain committed to that objective.�

Result today:

Coal India (down 1.17%), Dabur India (up 0.55%), Eicher Motors (down 0.81%), Hindustan Unilever (down 3.90%), Dr. Lal Path Labs (down 1.22%), Maruti Suzuki India (down 1.11%), Sun Pharmaceutical Industries (down 1.02%), Vedanta (down 1.04%), Adani Enterprises (down 2.12%), Ambuja Cements (down 0.42%), TVS Motor Company (down 0.30%), Aptus Value Housing Finance India (down 0.82%), Barbeque-Nation Hospitality (down 3.34%), JSW Energy (down 1.95%), Chalet Hotels (down 0.89%), Chambal Fertilisers & Chemicals (down 1.94%) will declare their Q1 results later today.

Buzzing Index:

The Nifty Oil & Gas index slipped 1.54% to 11,255.80. The index jumped 1.65% in the past trading session.

Hindustan Petroleum Corporation (down 3.38%), Bharat Petroleum Corporation (down 2.98%), Indian Oil Corporation (down 2.89%), Mahanagar Gas (down 2.06%), Gujarat State Petronet (down 1.47%), Reliance Industries (down 1.45%), GAIL (India) (down 1.41%), Petronet LNG (down 1.3%), Oil India (down 1.29%) and Adani Total Gas (down 1.24%) declined.

On the other hand, Indraprastha Gas (up 1.52%) and Aegis Logistics (up 0.12%) edged higher.

Stocks in Spotlight:

ITD Cementation India shed 0.52%. The company�s consolidated net profit jumped 36.96% to Rs 137.21 crore on a 6.75% rise in revenue from operations to Rs 2,542.36 crore in Q1 FY26 over Q1 FY25.

HEG soared 11.08% after the company�s consolidated net profit surged 354.99% to Rs 104.83 crore on a 7.96% increase in revenue from operations to Rs 616.93 crore in Q1 FY26 over Q1 FY25.

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