Investors will closely monitor further developments in the West Asia conflict for cues on global risk sentiment and crude oil prices. The progress of the southwest monsoon and the ongoing Q1 FY27 earnings season will also remain key factors influencing market direction in the near term.

Realty, PSU Bank, and Pharma stocks witnessed the sharpest declines, while FMCG and Auto shares bucked the trend to trade in the green.

At 13:25 IST, the barometer index, the S&P BSE Sensex tumbled 748.43 points or 0.97% to 76,715.93. The Nifty 50 index fell 202.65 points or 0.84% to 23,986.55.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 1.10% and the BSE 250 SmallCap Index declined 1.44%.

The market breadth was weak. On the BSE, 1,340 shares rose and 2,728 shares fell. A total of 208 shares were unchanged.

In the commodities market, Brent crude for September 2026 settlement surged $3.42 or 3.76% to $94.43 a barrel.

Gainers & Losers:

Bajaj Auto (up 5.37%), Nestle India (up 2.38%), Tata Consumer Products (up 1.32%), ONGC (up 0.78%) and Power Grid Corporation of India (up 0.51%) were the major Nifty50 gainers.

Indigo (down 3.40%), Infosys (down 2.38%), Jio Financial Services (down 2.19%) and State Bank of India (SBI) (down 2.07%) and Tata Motors Passenger Vehicles (TMPV) (down 1.68%) were the major Nifty50 losers.

Stocks in Spotlight:

Nestle India jumped 2.38% after the company's standalone net profit climbed 47.92% to Rs 975.12 crore in Q1 FY27, compared with Rs 659.23 crore in Q1 FY26. Revenue from operations climbed 25.16% YoY to Rs 6,378.18 crore, while total sales increased 25.4% to Rs 6,363.27 crore, led by strong domestic sales growth of 25% during the quarter.

Bharat Coking Coal tumbled 6.75% after the company reported a net loss of Rs 68.09 crore in Q1 FY27 as against a net profit of Rs 176.87 crore in Q1 FY26. Revenue from operations for the period under was Rs 3,587.27 crore, down 3.56% YoY.

Pharmaceutical companies came under pressure on Wednesday after US President Donald Trump unveiled a phased tariff plan on imported generic medicines. Trump announced that generic medicines imported into the US will continue to attract zero tariffs for two years from 1 August 2026. The tariff will then rise to 100% from 1 August 2028 for one year, before increasing to 200% from 1 August 2029.

Lupin fell 3.83%, followed by Piramal Pharma (3.52%), Aurobindo Pharma (2.89%), Sai Life Sciences (2.62%), and Ajanta Pharma (2.39%). Other notable losers included Zydus Lifesciences (2.03%), Gland Pharma (2.03%), Wockhardt (1.87%), Alkem Laboratories (1.77%), and Dr. Reddy's Laboratories (1.63%).

Crisil rallied 4.48% after the company reported 26.2% rise in consolidated net profit to Rs 216.5 crore on a 27.6% increase in income from operations to Rs 1,075.4 crore in Q2 CY26 as compared with Q2 CY25.

Sunteck Realty declined 5.88% after the company's consolidated net profit fell 33.68% to Rs 42.28 crore on a 43.5% drop in revenue from operations to Rs 191.56 crore in Q1 FY27 over Q4 FY26.

Cyient DLM surged 11.34% after the company's consolidated net profit soared 118.23% to Rs 16.28 crore in Q1 FY27, compared with Rs 7.46 crore in Q1 FY26. Revenue from operations increased 34.26% YoY to Rs 373.80 crore in Q1 FY27.

Mahindra & Mahindra Financial Services surged 6.63% after the non-banking finance company (NBFC) reported a strong rise in quarterly profit, supported by record first-quarter disbursements, higher margins and lower credit costs. On a standalone basis, profit after tax increased 69.6% YoY to Rs 899 crore in Q1 FY27. Total income rose 12.1% YoY to Rs 4,974 crore in the quarter ended 30 June 2026.

Bandhan Bank tumbled 15.92% after the lender lowered its FY27 exit return on assets (RoA) guidance and warned of sustained pressure on margins. In its post-earnings conference call, the bank revised its FY27 exit RoA guidance to 1.2%-1.4% from 1.6%-1.8% earlier.

For the quarter ended 30 June 2026, the bank reported a standalone net profit of Rs 501.67 crore, up 34.9% from Rs 371.96 crore a year earlier but down 6.1% from Rs 534.14 crore in the previous quarter. Net interest income rose 5.9% YoY to Rs 2,921 crore, while net revenue increased 1.2% YoY to Rs 3,524 crore.

MPS surged 13.92% after the company reported a 42.99% year-on-year increase in consolidated net profit to Rs 50.39 crore in the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 35.24 crore in Q1 FY26. Revenue from operations grew 20.38% YoY to Rs 224.24 crore in Q1 FY27.

Global Markets:

European market advance after the UK inflation rate eased to 2.6% year-on-year in June 2026, down from 2.8% in May, according to the Office for National Statistics (ONS). The reading moved closer to the Bank of England's 2% inflation target.

June's U.K. inflation print was lower than the euro zone's 2.8% reading for June, and well below the U.S. inflation rate of 3.5% recorded for the same month.

Asian markets traded in the green on Wednesday as investors took cues from a rebound in U.S. markets, shrugging off climbing oil prices as Houthi rebels threatened to open a front in the widening Middle East conflict.

In the commodity markets, brent crude jumped after two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats of ⁠attack from Yemen's Iran-aligned Houthis.

Overnight in the US, the S&P 500 fell on Monday as oil prices advanced in response to the latest bout of military exchanges between the U.S. and Iran.

The broad market index dropped 0.19% to close at 7,443.28, while the Nasdaq Composite lost 0.05% and ended at 25,508.07. The Dow Jones Industrial Average fell 307.16 points, or 0.59%, to 51,839.26.

The U.S. completed its ninth consecutive day of strikes on Iran overnight, but investor sentiment improved by midmorning in London after Iranian Foreign Ministry spokesman Esmail Baghaei lifted hopes for a diplomatic settlement.

Baghaei was quoted by the media saying that intermediaries had continued to exchange messages with Iran amid the latest round of U.S. strikes, and said negotiations between the two adversaries could be pursued based on national interests.

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