Stock Market Crash Live: Nifty Below 23,700, Sensex Falls Nearly 800 Points As Infosys Weighs After Guidance Cut

• MedPlus Health said war-related disruptions and price fluctuations affected its financial performance. The company sees growth potential in the pharmacy business, which remains at an early stage.
• MedPlus Health has paused capital expenditure plans as it prepares to enter the healthcare business.

• Caliber Mining management said its Ebitda margin has remained between 23% and 25% and expects to sustain this range.
• The company operates in Maharashtra, Madhya Pradesh and Uttar Pradesh. It has received one new order and two repeat orders.

HSBC India’s Services PMI stood at 53.1 in July, while the Manufacturing PMI was at 53.9. Both readings remained above the 50 mark.

• David Roche said disruption in the Red Sea and the US-Iran war were affecting trade routes and increasing political instability. He said there were limited alternatives to key shipping routes.
• Roche said crude oil could reach $125 a barrel if the war continued, with available inventories insufficient to offset supply losses.

• Teva has received approval for Tolvaptan, introducing competition for Lupin’s generic product. Lupin’s version had remained without competition so far.
• Analysts estimate that the drug could contribute around $250 million to Lupin. Teva’s entry could affect Lupin’s revenue and margins.

• Fractal Analytics said it is using AI across its operations to support decision-making and organise data. The company has divided its AI portfolio into three verticals and plans to invest further in AI infrastructure.
• TMT degrowth affected the company’s overall performance. Fractal Analytics expects growth in healthcare and TMT, with the decline in the TMT vertical showing signs of bottoming out.

• Mphasis management said demand showed signs of improvement in the first quarter, with the company signing three large deals. It expects further merger and acquisition activity and growth opportunities in the BFSI segment.
• The company is seeing short-duration AI deals as clients invest in infrastructure and seek efficiency. Rupee depreciation did not support margins during the quarter.

• Hartmut Issel of UBS Wealth Management said the investment approach to Indian markets was not limited to large-cap stocks. UBS Wealth remains positive on AI, data centre and industrial companies, while IT services firms face revenue and pricing pressure.
• Issel said the rupee was gradually stabilising and banking growth was not reflected in share prices. Higher crude oil prices and risks around the Strait of Hormuz remain concerns, with the next six to 12 months important for the US-Iran conflict.

• Flipkart plans to start a food delivery service in India within a month, beginning with a pilot in Bengaluru before expanding to other markets.
• The company is considering a separate app and plans to offer the service through ONDC. Flipkart has not officially announced the launch timeline.

• Vedanta fell 1.53%, while Vedanta Iron & Steel declined 1.19% and Vedanta Oil & Gas dropped 0.82%.
• Vedanta Power slipped 0.43%, while Vedanta Aluminium traded 0.16% lower.


 

• Tribhovandas Bhimji Zaveri fell 2.11%, followed by Goldiam at 2.03% and Vaibhav Global at 1.84%. Senco Gold, Motisons Jewellers and Sky Gold also declined.
• Kalyan Jewellers fell 0.84%, Titan Company declined 0.59% and PC Jeweller slipped 0.43%. KDDL traded 0.02% higher.


 

Swiggy shares fell 6.04%, while Barbeque-Nation Hospitality declined 4.99%. Eternal dropped 2.40%, Westlife Foodworld lost 1.55% and Jubilant FoodWorks slipped 0.17%.

• Zensar Technologies rose 2.09%, followed by Persistent Systems at 1.36%, Coforge at 0.90% and HCLTech at 0.76%.
• Fractal Analytics fell 3.88%, while Infosys declined 1.78%. Newgen Software, Sonata Software, Wipro, Hexaware Technologies, Happiest Minds Technologies, KPIT Technologies, Latent View Analytics and Tech Mahindra also traded lower.


 

• Bharti Airtel pulled the Nifty 50 down by 26.25 points, followed by HDFC Bank at 25.02 points, ICICI Bank at 15.28 points, Infosys at 14.44 points and Larsen & Toubro at 13.93 points.
• Cipla contributed 4.71 points to the index, while Nestle India and HCLTech added 2.31 points and 2.04 points, respectively.


 

• HCLTech shares rose as much as 2.51% to Rs 1,276 after 27.6 lakh shares changed hands in a block deal. A separate bunched trade involved about 28 lakh shares.
• The identities of the buyers and sellers and the transaction value were not immediately known. Trading volumes exceeded the stock’s 30-day average.

• Nifty Realty fell 1.34%, while Nifty Auto and Nifty Metal declined 0.98% each. Consumer Durables, Oil and Gas, Defence, Financial Services, Bank, Energy and PSU Bank also traded lower.
• Nifty FMCG gained 0.13%. IT, Media and Pharma recorded losses of up to 0.10%.


 

• Nifty fell as much as 0.9% to 23,646
• Sensex fell as much as 778 points or 1% lower at Rs 75,613.43

Goldman Sachs maintained its Buy rating on PTC Industries with a target price of Rs 25,770. It said the titanium cradle order linked to the Zorawar Light Tank programme marked the company’s entry into complex defence design programmes and opened a new growth opportunity.

• Jefferies maintained its Buy rating on Vishal Mega Mart with a target price of Rs 160. It cited double-digit same-store sales growth, margin expansion and the contribution from own brands.
• The brokerage said the foreign ownership cap could result in a private equity stake sale.

Kotak Securities maintained Reduce on CIE Automotive and cut its target price to Rs 450 from Rs 470. It cited weak execution, a margin miss and continued pressure on the European business.

The Nifty 50 indicated a decline of 203.25 points, or 0.85%, to 23,666.35 in pre-market trade. The Sensex indicated a fall of 683.20 points, or 0.89%, to 75,708.19.

Jefferies upgraded SRF to Hold from Underperform and raised its target price to Rs 2,540 from Rs 2,450. Technical Textiles and Packaging Films drove the earnings beat, while the recovery in Specialty Chemicals remained slow.

Morgan Stanley maintained its Overweight rating on Mphasis with a target price of Rs 2,730. It expects the second quarter to deliver the strongest growth, supported by healthy deal wins, despite the margin miss.

The Indian rupee depreciated by as much as 10 paise to 96.67 against the US dollar.

UBS maintained its Buy rating on Swiggy with a target price of Rs 355. It said the 49.5% foreign ownership cap could provide strategic flexibility and improve Instamart’s Ebitda margin by 50-70 basis points.

Cantor maintained its Overweight rating on Adani Energy Solutions with a target price of Rs 1,819. The transmission and energy solutions businesses drove the Ebitda beat, while the company’s earnings conversion phase continued.

Cantor maintained its Overweight rating on Adani Green Energy with a target price of Rs 1,570. Ebitda exceeded expectations, while the brokerage said the focus would shift from project execution to monetisation.

Cantor maintained its Overweight rating on Adani Power with a target price of Rs 266. Record dispatches and higher contracted volumes supported the Ebitda beat, while the brokerage said the focus would shift to earnings quality and funding.

Morgan Stanley maintained its Underweight rating on Cyient with a target price of Rs 820. It said the first-quarter performance was better than feared and the large-deal pipeline reached a 12-quarter high, but expects a gradual growth recovery.

• Citi maintained Buy and raised its target price to Rs 830 from Rs 700 after revenue growth supported the first-quarter performance. It said commodity and labour costs weighed on margins.
• Jefferies retained Buy and increased its target to Rs 900 from Rs 700. It cited growth in the traction motor business, the Denso partnership and opportunities in robotics.

• UBS maintained Buy with a target price of Rs 210 after revenue growth and margins exceeded expectations. It expects marketing spending to increase before the festive season.
• Jefferies retained Buy and raised its target to Rs 240 from Rs 225. Macquarie maintained Underperform with a target of Rs 125, citing moderated sequential growth and the expectations reflected in the current valuation.

• Morgan Stanley maintained Equal-weight and cut its target price to Rs 1,075 from Rs 1,112, citing a challenging growth outlook. BofA retained Buy but reduced its target to Rs 1,300 from Rs 1,570.
• Jefferies maintained Hold and lowered its target price to Rs 1,020 from Rs 1,235. It cut estimates by 1-3% as the growth outlook weakened. All three brokerages noted Infosys’ deal wins, while Morgan Stanley said investors would monitor the CEO transition.

• Citi maintained Buy and raised its target price to Rs 5,800 from Rs 5,100, while Jefferies retained Buy and increased its target to Rs 5,840 from Rs 5,380. Both cited yields as a support despite higher fuel costs.
• BofA maintained Buy but cut its target price to Rs 5,350 from Rs 5,800 after the first-quarter miss. It flagged fuel costs and capacity reductions as risks.

JPMorgan maintained an Overweight rating and raised its target price to Rs 1,600 from Rs 1,550. It expects launches to support a recovery in the US business and branded prescriptions to drive growth in India.

Citi retained a Buy rating with a target of Rs 1,700, while Jefferies maintained Underperform and raised its target to Rs 1,170 from Rs 1,120. Morgan Stanley retained Underweight with a target of Rs 1,218 and expects the US revenue run rate to improve from the second half.

• ACC, Bank of Baroda, Bank of India, Hindustan Zinc, Jindal Steel, NTPC, REC, Shriram Finance, Steel Authority of India and Tata Consumer Products are among the companies scheduled to report earnings today.
• Other companies due to announce results include CG Power, Container Corporation of India, CreditAccess Grameen, Dalmia Bharat, Dr. Lal PathLabs, KFin Technologies, Laurus Labs, Lodha Developers, SBI Cards, SBI Life Insurance, V-Mart Retail and Welspun Corp.

• Panacea Biotec’s price band has been narrowed to 5% from 10%, while Elitecon International’s price band has been reduced to 10% from 20%.
• Cyient DLM, Huhtamaki India and MPS have been shortlisted under the short-term Additional Surveillance Measure framework. GNG Electronics has been removed from the framework.

• HDFC Mutual Fund bought and sold 71 lakh CIE Automotive India shares at Rs 418.50 each. In Gandhar Oil Refinery, Societe Generale bought 6.84 lakh shares at Rs 280.93 apiece, while Arham Share and Setu Securities sold 2.41 lakh shares and 99,995 shares, respectively.

• Onix Renewable sold 5.32 lakh Indo Thai Securities shares at Rs 218.19 each. VQ Fastercap Fund sold 5.98 lakh Oswal Pumps shares at Rs 343.61 apiece, while Rajdipkumar Chandrakant Gupta bought 8 lakh Tanla Platforms shares at Rs 635.42 each.

• Route Mobile recorded purchases by Irage Broking Services, IMC India Securities and Anupama Shetty. Other deals were reported in AGIIL, Asian Granito India, BlueStone, Huhtamaki India, Lotus Developers, Motisons Jewellers, Oracle Financial Services Software and Wakefit.

• Caliber Mining & Logistics will list on July 24 after its IPO was subscribed 146.64 times. The issue received 240.71 times subscription from qualified institutional buyers, 267.36 times from non-institutional investors and 41.15 times from retail investors.
• The IPO price band was Rs 402 to Rs 424 per share.

Shadowfax Technologies’ six-month lock-in ends for 25.98 crore shares, representing 45% of its outstanding shares.

Turtlemint Fintech Solutions’ one-month lock-in ends for 1.30 crore shares, or 4% of its outstanding shares.

Abbott India and Intellect Design Arena will trade ex-special dividend. Central Mine Planning & Design Institute and Shyam Metalics and Energy will trade ex-interim dividend, while Jupiter Life Line Hospitals will trade ex-stock split.

Neogen Chemicals, NTPC, Shriram Finance, Share India Securities, CreditAccess Grameen and Spectrum Electrical Industries will hold board meetings to consider fundraising proposals.

• Infosys named Ashiss Kumar Dash CEO-designate until March 31, 2027, and plans to appoint him CEO and Managing Director from April 1, 2027. Swiggy capped aggregate foreign ownership at 49.5%. Cyient agreed to acquire TAO Digital Solutions and completed the buyback of 64 lakh shares. PFC raised its borrowing limit to Rs 9 lakh crore, while CemIndia Projects approved fundraising of up to Rs 5,000 crore.

• Vedanta group entities entered into a $2.25 billion financing agreement. Aurobindo Pharma’s subsidiary will acquire an 80% stake in A1 Biochem Group’s CRO business for $17 million. SEAMEC signed two diving services agreements worth $9.42 million and $9.96 million. ACME Solar operationalised battery storage projects totalling 3.62 GWh in Rajasthan.

• Jai Corp suspended operations at its Vasona unit due to flooding. Servotech Renewable Power Systems detected an alleged internal fraud with an estimated impact of Rs 2 crore to Rs 2.5 crore. Blue Dart received a GST notice involving a Rs 21.04 crore tax demand, Rs 14.42 crore interest and Rs 2.10 crore penalty. RailTel secured a Rs 32.75 crore railway order, while KRN HVAC Products received a Rs 50.87 crore domestic order.

Cyient (Q1, Consolidated QoQ)

• Revenue up 7.7% to Rs 2,076 crore versus Rs 1,927 crore.
• Ebit up 20.1% to Rs 187 crore versus Rs 156 crore.
• Margin at 9% versus 8.1%.
• Net profit up 90% to Rs 104 crore versus Rs 54.8 crore.
• Other income at Rs 7 crore versus Rs 27 crore.
• Q4 FY26 included a one-time loss of Rs 71 crore.

Meesho (Q1, Consolidated YoY)

• Revenue up 48.3% to Rs 3,713 crore versus Rs 2,504 crore.
• Ebitda loss at Rs 224.7 crore versus loss of Rs 264.4 crore.
• Net loss at Rs 132.8 crore versus loss of Rs 289.3 crore.
• To invest Rs 75 crore in Meesho Groceries.

Suryoday Small Finance Bank (Q1, YoY)

• Net interest income up 28% to Rs 316 crore versus Rs 247 crore.
• Net profit up 113% to Rs 75.2 crore versus Rs 35.3 crore.
• Gross NPA at 6.60% versus 6.55% (QoQ).
• Net NPA at 1.27% versus 4.21% (QoQ).
• Provisions at Rs 36.7 crore versus Rs 62.1 crore (YoY).
• Provisions at Rs 36.7 crore versus Rs 41.3 crore (QoQ).

Spandana Sphoorty Financial (Q1, Consolidated YoY)

• Total income down 0.3% to Rs 303 crore versus Rs 304 crore.
• Net profit at Rs 11.9 crore versus loss of Rs 360.2 crore.

Motilal Oswal Financial Services (Q1, Consolidated QoQ)

• Total income up 27% to Rs 3,432 crore versus Rs 2,695 crore.
• Net profit at Rs 1,273 crore versus loss of Rs 221.3 crore.

NIIT Learning Systems (Q1, Consolidated YoY)

• Revenue up 25.2% to Rs 565 crore versus Rs 451 crore.
• Ebitda up 2.8% to Rs 92.9 crore versus Rs 90.4 crore.
• Margin at 16.4% versus 20%.
• Net profit up 16.4% to Rs 57.4 crore versus Rs 49.3 crore.

Sona BLW Precision Forgings (Q1, Consolidated YoY)

• Revenue up 54% to Rs 1,310 crore versus Rs 851 crore.
• Ebitda up 49.4% to Rs 302.4 crore versus Rs 202.4 crore.
• Margin at 23.1% versus 23.8%.
• Net profit up 44.7% to Rs 180 crore versus Rs 125 crore.

Indosolar (Q1, YoY)

• Revenue down 64.9% to Rs 68.4 crore versus Rs 194.7 crore.
• Ebitda down 23.8% to Rs 48.5 crore versus Rs 63.6 crore.
• Margin at 70.9% versus 32.7%.
• Net profit down 68.6% to Rs 36.6 crore versus Rs 116.8 crore.

Go Digit General Insurance (Q1, YoY)

• Total income up 8.3% to Rs 2,359 crore versus Rs 2,179 crore.
• Net profit down 37.5% to Rs 86.4 crore versus Rs 138 crore.

Indian Energy Exchange (Q1, Consolidated YoY)

• Revenue up 11.4% to Rs 157.9 crore versus Rs 141.8 crore.
• Ebitda up 13.5% to Rs 130.9 crore versus Rs 115.3 crore.
• Margin at 82.9% versus 81.3%.
• Net profit up 11.6% to Rs 135 crore versus Rs 121 crore.

Infosys (Q1, Consolidated QoQ)

• Revenue up 3.9% to Rs 48,211 crore versus Rs 46,402 crore.
• Ebit up 4.3% to Rs 10,163 crore versus Rs 9,743 crore.
• Margin at 21.08% versus 20.99%.
• Net profit down 8.6% to Rs 7,769 crore versus Rs 8,501 crore.
• Appointed Ashiss Kumar Dash as CEO-designate.
• To appoint Ashiss Kumar Dash as CEO from April 1.

Thyrocare Technologies (Q1, Consolidated YoY)

• Revenue up 24.3% to Rs 240 crore versus Rs 193 crore.
• Ebitda up 33.8% to Rs 77.3 crore versus Rs 57.8 crore.
• Margin at 32.2% versus 29.9%.
• Net profit up 34% to Rs 52.2 crore versus Rs 38.9 crore.

International Gemmological Institute (Q1, Consolidated YoY)

• Revenue up 23.2% to Rs 371 crore versus Rs 301 crore.
• Ebitda up 29% to Rs 224 crore versus Rs 173 crore.
• Margin at 60.3% versus 57.6%.
• Net profit up 31% to Rs 166 crore versus Rs 127 crore.

InterGlobe Aviation (Q1, Consolidated YoY)

• Revenue up 19.9% to Rs 24,584 crore versus Rs 20,496 crore.
• Ebitda down 37.5% to Rs 3,267 crore versus Rs 5,226 crore.
• Margin at 13.3% versus 25.5%.
• Ebitdar down 34% to Rs 3,889 crore versus Rs 5,866 crore.
• Ebitdar margin at 15.8% versus 28.6%.
• Net loss at Rs 238 crore versus profit of Rs 2,176 crore.

Fineotex Chemical (Q1, Consolidated YoY)

• Revenue up 174.7% to Rs 376.6 crore versus Rs 137.1 crore.
• Ebitda up 134.5% to Rs 59.1 crore versus Rs 25.2 crore.
• Margin at 15.7% versus 18.4%.
• Net profit up 54.8% to Rs 38.4 crore versus Rs 24.8 crore.

IIFL Capital Services (Q1, Consolidated QoQ)

• Revenue up 10.2% to Rs 721 crore versus Rs 655 crore.
• Net profit up 60.5% to Rs 184.1 crore versus Rs 114.7 crore.

Gujarat Alkalies & Chemicals (Q1, Consolidated YoY)

• Revenue up 12.6% to Rs 1,245 crore versus Rs 1,105 crore.
• Ebitda up 90% to Rs 221.7 crore versus Rs 116.6 crore.
• Margin at 17.8% versus 10.6%.
• Net profit at Rs 55 crore versus loss of Rs 13.8 crore.

Allied Blenders & Distillers (Q1, Consolidated YoY)

• Revenue up 6% to Rs 979 crore versus Rs 923 crore.
• Ebitda up 3.5% to Rs 115.5 crore versus Rs 111.6 crore.
• Margin at 11.8% versus 12.1%.
• Net profit down 13% to Rs 49.2 crore versus Rs 56.6 crore.

Orient Cement (Q1, QoQ)

• Revenue down 6.7% to Rs 604 crore versus Rs 647 crore.
• Ebitda up 33.3% to Rs 144 crore versus Rs 108 crore.
• Margin at 23.8% versus 16.7%.
• Net profit up 40% to Rs 77 crore versus Rs 55 crore.

Seshasayee Paper & Boards (Q1, Consolidated QoQ)

• Revenue down 6.9% to Rs 376 crore versus Rs 404 crore.
• Ebitda down 26.3% to Rs 87.2 crore versus Rs 118.3 crore.
• Margin at 23.2% versus 29.3%.
• Net profit down 26% to Rs 60.3 crore versus Rs 81.9 crore.

Ramco Systems (Q1, Consolidated YoY)

• Revenue up 7.1% to Rs 172.7 crore versus Rs 161.3 crore.
• Ebitda down 12.8% to Rs 25.3 crore versus Rs 29 crore.
• Margin at 14.6% versus 18%.
• Net profit down 33.3% to Rs 60 lakh versus Rs 90 lakh.
• Appointed Gayathri R as CFO.

Route Mobile (Q1, Consolidated YoY)

• Revenue up 9.7% to Rs 1,151.5 crore versus Rs 1,050 crore.
• Ebitda up 13.3% to Rs 105 crore versus Rs 93 crore.
• Margin at 9.2% versus 8.9%.
• Net profit up 17.7% to Rs 62.6 crore versus Rs 53.2 crore.
• Board declared first interim dividend of Rs 4 per share.

S&P 500 futures were little changed, while Nasdaq-100 futures rose 0.3%. Dow Jones Industrial Average futures slipped by around 20 points.

• The Dow Jones Industrial Average fell more than 500 points, while the S&P 500 declined 1.2%. The Nasdaq Composite dropped 2.2%, its steepest one-day fall since late June.
• Earnings from two technology companies added to selling pressure in semiconductor shares.

Gold traded near $4,050 an ounce after falling about 2% in the previous session as rising bond yields reduced demand. Australian and New Zealand government bonds also declined, tracking losses in US Treasuries.

• European Central Bank President Christine Lagarde said policymakers could consider another rate increase after keeping the deposit rate unchanged at 2.25%.
• Markets also raised expectations of a US Federal Reserve rate increase by September as energy prices continued to rise.

Brent crude rose above $100 a barrel, raising concerns about renewed inflation. Higher oil prices pushed US Treasury yields to yearly highs and strengthened the dollar as traders increased bets that central banks would keep monetary policy tight for longer.

Investors questioned whether spending by technology companies on artificial intelligence would generate enough earnings growth to support current valuations. Rising geopolitical tensions and energy costs also reduced risk appetite.

GIFT Nifty traded at 23,689, down about 181 points from the Nifty 50’s Thursday close of 23,869.60.