At 14:28 IST, the barometer index, the S&P BSE Sensex, tanked 547.64 points or 0.71% to 76,546.43. The Nifty 50 index fell 187.80 points or 0.79% to 23,912.90.

In the broader market, the BSE 150 MidCap Index fell 0.45% and the BSE 250 SmallCap Index shed 0.40%.

The market breadth was weak. On the BSE, 2,720 shares rose and 1,400 shares fell. A total of 195 shares were unchanged.

Economy:

Growth in India's eight core industrial sectors slowed to 0.5% in May 2026, marking the second-lowest level in 21 months, according to official data released by the Ministry of Commerce and Industry on June 22, 2026.

Data from the Index of Eight Core Industries showed that five of the eight sectors recorded contractions during the month.

The crude oil sector contracted by 4.6% in May, worsening from a 3.9% decline in April and a 1.8% decline in May 2025. The natural gas sector also remained under pressure, shrinking by 4.9%, its weakest performance in the last three months.

The fertiliser sector contracted for the third consecutive month, declining by 0.9% in May. However, this was an improvement compared with contractions of 8.6% in April and 24.6% in March.

Among the eight core sectors, only steel, cement and electricity registered growth in May 2026.

The electricity sector recorded the strongest growth, with expansion accelerating to 8.7%, helped by a low base as the sector had contracted by 4.7% in May last year.

The steel sector continued to grow but at a slower pace, with growth easing to 5%, the lowest level in 13 months. Meanwhile, the cement sector saw growth improve slightly to 8.4% in May from 8.2% in April.

Overall, the latest data indicate a broad slowdown in core sector activity, with growth supported mainly by electricity, cement and steel output.

India's business activity expanded at a slower pace in June, with all three key PMI readings moderating, according to the latest flash data released by S&P Global and HSBC.

The HSBC Manufacturing Purchasing Managers' Index (PMI) eased to 54.5 in June from 55.0 in the previous month, indicating a slowdown in factory activity while remaining in expansion territory.

The Services PMI declined to 57.3 in June from 59.8 earlier, reflecting a moderation in service sector growth.

Consequently, the Composite PMI fell to 57.4 in June compared with 59.3 in the previous reading, signalling a softer but continued expansion in overall private sector activity.

Buzzing Index:

The Nifty IT index fell 1.94% to 27,092.50. The index jumped 0.74% in the past trading session.

Tata Consultancy Services (down 2.97%), Infosys (down 2.95%), Wipro (down 2.91%), Mphasis (down 2.17%) and LTM (down 1.87%), Tech Mahindra (down 1.7%), HCL Technologies (down 1.46%), Coforge (down 0.63%), Persistent Systems (down 0.38%) added. 

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.29% to 6.831 as compared with previous close 6.851.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.8700 compared with its close of 94.6300 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement declined 1.41% to Rs 146,030.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.17% to 101.17.

The United States 10-year bond yield fell 0.36% to 4.487.

In the commodities market, Brent crude for August 2026 settlement fell 32 cents or 0.41% to $77.58 a barrel.

Stocks in Spotlight:

Network People Services Technologies (NPST) surged 7.27% after the company has received an order from a Maharatna Public Sector Undertaking (PSU) to develop a UPI Third-Party Application Provider (TPAP) application.

Yash Highvoltage jumped 7.24% after the company announced the approval of a preferential issue aggregating up to approximately Rs 151 crore, subject to shareholder and other requisite statutory and regulatory approvals.

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