Stock Market Crash Highlights: Sensex Drops 370 Points, Nifty Settles Near 23,900; Auto, IT Top Drags

Nifty closes in red, down almost 0.6%. Broader markets outperform benchmark. Nifty midcap 150 closes in red, down almost 0.6%. Nifty smallcap 250 closes in red, down almost 0.6%. Nifty Auto is the top losing sector today down almost 1.8%. Sectors close in red except Nifty Energy, Nifty PSE and Nifty Realty. Nifty PSU bank closes flat with a positive bias 

Nifty Auto, down for the sixth consecutive session. Nifty Realty snaps five session losing streak. Nifty Bank, Nifty Finserv, Nifty Pharma down for the second consecutive session. Nifty Metal down for the third consecutive session. Nifty Energy snaps three session losing streak

Nifty Currently at 23,914 Vs 23,883 at 3:15 PM  
Sensex at 76,570 Vs 76,470 at 3:15 PM 
Nifty Sees A Spike Of 31 points Due To CAS 
Sensex Sees A Spike Of 100 points Due To CAS 
Nifty Bank Now At 57,172 Vs 57,087 At 3:15 PM  
Nifty Bank Sees A Spike Of 85 Pts Due To CAS 
Nifty Midcap 150 At 23,117 Vs 23,093 At 3:15 PM 
Midcap 150 Sees A Spike Of 24 Pts Due To CAS

Sensex's indicative close: The BSE Sensex index is likely to settle 479 points lower to 76,464.54. Nifty 50 is below the 23,900 mark. All Nifty sectors are in red. Nifty IT was the worst performer, falling 2.5%, followed by Realty at 2.14% and Auto at 1.88%

• China stocks declined while Hong Kong shares were flat as a global bond selloff and rising oil prices took a toll on investor sentiment.
• At the close, China's blue-chip CSI 300 Index declined 1.7%, while the Shanghai Composite Index lost 1.2%. Hong Kong benchmark Hang Seng was largely flat.
• Hong Kong's Hang Seng Tech Index fell 0.7%. But property and biotech shares gained.

• Peter McGuire, CEO of Trading.com Australia, told NDTV Profit that markets are likely to remain volatile ahead of the US mid-term elections.

• He said the first two weeks of September will be crucial for global markets.

• McGuire said crude oil prices could inch above the $100-per-barrel mark this week.

• According to him, any further escalation in geopolitical conflicts could trigger a sharp spike in crude prices.

 

• Milky Mist CEO K. Rathnam told NDTV Profit that the company expects its topline to reach Rs 2,000 crore over the next three years.
• The company expects revenue to grow at over 30% CAGR going forward.

Growth Drivers

• The high-protein category is witnessing robust growth.
• Management said growth in high-protein products is expected to support margin expansion.
• Milky Mist has expanded its portfolio across 22 product categories.

Margins & Capex

• The company expects FY27 EBITDA margin to be around 15%.
• Capex is expected to increase about 22% in FY27 as the company continues to invest in growth.

Debt Reduction

• Milky Mist said it had raised over Rs 350 crore to repay debt.
• The company expects debt to reduce to around Rs 800 crore in FY27.

 

• Bharat Forge said its subsidiary Kalyani Powertrain Ltd. has completed the sale of its 50% stake in REFU Drive.
• The stake has been sold to REFU Elektronik, according to an exchange filing.
• The transaction marks the completion of Kalyani Powertrain's exit of its 50% holding in REFU Drive.

 

• Gateway Distriparks Ltd. (GDL) has deployed Blue Energy Motors' electric heavy-duty trucks for commercial freight operations.

• The vehicles were flagged off at Gateway Distriparks' ICD Garhi Harsaru facility in Gurugram.

• The electric trucks will be used for freight movement within Gateway Distriparks' transportation network.

• The company said the deployment is part of its efforts to advance sustainable mobility across logistics operations.

• Gateway Distriparks has deployed electric trailers for first- and last-mile connectivity with support from Blue Energy Motors and its charging ecosystem.

Blue Energy Motors Highlights

• Blue Energy Motors has more than 1,400 green heavy-duty trucks operating across key freight routes in India.
• The company's trucks have collectively covered over 122 million green kilometres.
• The fleet has helped reduce more than 33,000 tonnes of CO₂ emissions, according to the company.

• Bharat Coking Coal Ltd. (BCCL) has assigned the additional charge of Director (Human Resources) to Rajesh Kumar, according to an exchange filing.
• Rajesh Kumar currently serves as Director (Finance) at the company.
• The appointment is in the nature of an additional charge.

 

• IIFL Finance will allot Non-Convertible Debentures (NCDs) worth Rs 350 crore on a private placement basis, according to an exchange filing.

 

• The Enforcement Directorate (ED) conducted fresh searches across multiple states in connection with a money laundering investigation linked to online betting platform Parimatch and others, PTI reported.

• Searches were carried out at:

  • 5 locations in Maharashtra
  • 4 locations in Delhi-NCR
  • 2 locations in Rajasthan
  • 1 location in Gujarat

• The investigation is focused on payment companies, chartered accountants and company secretaries.

• According to officials, the entities under scrutiny allegedly:

  • Converted betting proceeds into cash.
  • Assisted in sending funds abroad through illegal remittances.
  • Facilitated purportedly sham Overseas Direct Investments (ODIs) routed through payment gateways on behalf of Parimatch.

• The money laundering case stems from an FIR filed by Mumbai Police's cyber police station against parimatch.com for allegedly duping users through online betting activities.

• The ED has previously conducted searches and attached assets in connection with the case.

Source: PTI

• UBS has maintained its 'Buy' rating on ICICI Bank with a target price of Rs 1,800.

• The brokerage said FCNR(B) mobilisation is significantly ahead of expectations.

• The amount mobilised is running at almost 2x UBS' estimates.

• According to UBS, the mobilisation implies around 9% of outstanding deposits.

• Loans extended under the scheme account for around 5% of outstanding loans.

• Assuming overall system inflows of $80 billion, UBS believes ICICI Bank has performed well ahead of its market share in attracting FCNR(B) deposits.

 

• Japan Credit Rating Agency (JCR) has upgraded India's sovereign rating by one notch to A- from BBB , while maintaining a stable outlook.
• The agency upgraded both foreign-currency and local-currency sovereign ratings to A-.

Key Reasons Cited By JCR

• JCR highlighted India's strong economic growth, supported by robust private consumption.
• The agency noted that India's economy grew 7.7% in FY26 and expects growth of over 6% in FY27.
• The strength of the banking sector was another key factor, with gross NPAs declining to 1.8% as of March 2026.
• JCR also credited higher public capital expenditure and infrastructure spending for improving India's long-term growth potential.

Key Concerns

• The rating agency flagged high government debt levels and fiscal deficits as key structural challenges facing the economy.

 

• Intellect Design Arena CMD Arun Jain told NDTV Profit that the company aims to become a leader in the financial services solutions space, with a strong focus on innovation and AI-led offerings.

• Jain said all R&D costs are fully expensed through the company's P&L, underscoring Intellect's continued investment in product development.

AI-Native Banking Push

• The company has launched an AI-native platform that reduces the need for traditional coding.

• Intellect is also launching an application that, according to management, will not require coders.

• The new AI-native model will initially be offered through free trials before transitioning to a subscription-based model.

• Jain said the company is highly optimistic about developments around Claude-based innovations and noted that global financial institutions are investing heavily in such technologies.

New Product Launches

• Intellect is launching its MDML (Multi-Dimensional Multi-Level) system for banking intelligence.
• The platform is aimed at helping banks manage and utilize their data on their own infrastructure.
• The company is focusing on both brownfield and greenfield applications across the financial services ecosystem.

Growth Outlook

• Jain said it would not be appropriate to assess the business purely on sequential growth numbers.
• The company is targeting an increase of around Rs 100 crore in topline every quarter.
• Management expects revenue to reach the Rs 900 crore mark within the next three quarters.

Cost Outlook

• Costs may rise marginally as the company scales its AI-native offerings.
• However, management believes the platform's architecture will improve productivity and reduce dependence on large coding teams.

 

• SIAM President and Tata Motors Passenger Vehicles MD & CEO Shailesh Chandra said India's automotive industry has tremendous potential to scale further and continues to be a key contributor to the economy.

• The industry contributed Rs 22.75 lakh crore to the economy in FY26 and accounted for 15% of GST revenue, he said.

• Chandra said the industry has witnessed acceleration following the GST regime and the strong momentum has continued in the current fiscal as well.

• He noted that the auto component industry has rapidly expanded capacity to support OEM requirements and future growth.

Key Focus Areas

• India must establish itself as a leading automotive manufacturing hub.
• The industry must stay ahead of the curve in advanced automotive technologies.
• There is a need to ensure global competitiveness.
• The sector should continue investing in R&D and manufacturing scale.
• Deepening localisation remains a critical priority.

Policy & Supply Chain

• Chandra said the Auto PLI scheme has created a strong foundation for the industry.

• He welcomed government initiatives aimed at building an integrated rare-earth magnet ecosystem in India.

• The industry should move beyond imports and focus on designing, developing, manufacturing and exporting from India, he said.

• According to Chandra, the sector now has an opportunity to move from resilience to global leadership.

 

• Maruti Suzuki MD & CEO Hisashi Takeuchi said the automotive industry has faced multiple disruptions over the past few years.

• These challenges included semiconductor shortages, supply-chain disruptions and geopolitical tensions.

• Despite these headwinds, Takeuchi said all production lines remained operational.

• He noted that the next decade should make the industry stronger and more resilient to future disruptions.

Key Growth Pillars

• Deep localisation
• People and talent development
• Collective learning
• Technology adoption

Cybersecurity Focus

• Takeuchi highlighted cybersecurity as a critical priority for the automotive industry.
• He said it is encouraging to see organisations strengthening their cybersecurity frameworks.
• At the same time, he cautioned that hackers are becoming increasingly advanced, making constant vigilance necessary.
• Companies need to maintain an edge and have robust contingency plans in place to address potential cyber threats.

 

• Semicon India 2026 is expected to attract participation from over 240 international companies and delegates from more than 40 countries, sources told NDTV Profit.
• Prime Minister Narendra Modi is scheduled to inaugurate the event on Sept. 17 in New Delhi.

Global Participation

• Strong participation is expected from semiconductor companies across:

  • United States
  • Taiwan
  • South Korea
  • Japan
  • Europe

• Sources said Chinese semiconductor firms may participate for the first time, though they are unlikely to set up exhibition booths.

India's Semiconductor Push

• The government sees growing potential for US and European semiconductor equipment manufacturers to shift a part of their operations to India in the near term.
• The expanding electronics manufacturing ecosystem is drawing increasing global interest across the semiconductor value chain.

Industry Representation

• The event is expected to see participation from companies involved in:

  • Chip design and manufacturing
  • Semiconductor equipment
  • Materials and chemicals
  • Electronics supply chains

• Sources said Semicon India 2026 is likely to become India's largest semiconductor industry showcase to date.

Timing

• The event is being held shortly after the BRICS Summit, with the government looking to leverage growing global interest in India's semiconductor and electronics manufacturing ecosystem.

 

• R. Mukundan, President of CII and MD & CEO of Tata Chemicals, told NDTV Profit that trade, talent, technology and transition will be critical drivers for the industry going forward.

• He said it has been impressive to witness the pace of growth in the automotive industry.

• Mukundan stressed that Indian companies need to become more global and expand their presence in international markets.

• He noted that India remains significantly dependent on its northern neighbour across several industries, underscoring the need for diversification.

• Despite global disruptions and uncertainties, Mukundan said India has continued to grow, highlighting the resilience of the domestic economy.

• He pointed to the latest GDP data as evidence of the Indian economy's strength and resilience.

• He emphasized the need for further diversification across supply chains and markets.

• While acknowledging that the global environment is likely to remain uncertain, Mukundan said India is well positioned with strong underlying fundamentals.

 

• Zen Technologies CMD Ashok Atluri told NDTV Profit that the company's order book is expected to grow substantially from current levels.
• The company is targeting PAT margin of 25% and EBITDA margin of 35% in FY27.

Order Inflow Outlook

• Management expects higher order inflows during the remainder of FY27.
• Several orders were held back due to Operation Sindoor, impacting order conversion timelines.
• The company said it will be able to take orders with greater confidence going forward.

Profitability Outlook

• Management expects better profitability in FY27 from hereon.
• Q2 and Q3 are likely to be healthier than Q1, according to the company.

Acquisitions & QIP

• Zen Technologies has deployed over Rs 700 crore towards acquisitions.
• Management said stronger acquisition opportunities could support an expansion in the proposed QIP size.

Operational Updates

• Simulator order delays have not been fully resolved yet.
• The extension of the OGEL licence is expected to ease the delivery process.

International Expansion

• The company is evaluating opportunities in Europe, as countries increase defence spending.
• Zen Technologies is also focusing on markets in:
  • Middle East
  • Africa
  • South Asia

 

• Bajaj Auto Executive Director Rakesh Sharma told NDTV Profit that the company recorded its highest-ever exports in August 2026.
• Latin American markets were among the biggest contributors to the strong export performance.

Export Markets

• The company is seeing a recovery in Africa, with Nigeria and Tanzania performing well.
• Higher commodity prices have acted as a tailwind for several African markets.
• Asian markets, including Indonesia, are also witnessing healthy growth.

Growth Outlook

• Bajaj Auto said it is growing at twice the rate of the industry.
• Exports typically remain stronger in H2 due to seasonality.
• Management said current export trends indicate positive retail-level demand.
• The company expects September-November growth to mirror the 11%-12% growth seen during April-August.

KTM Update

• Sharma said KTM is witnessing a turnaround under new leadership.
• KTM's shares have risen around 50%, which management attributed to the leadership change at the company.

 

• Maruti Suzuki India said the Eeco has crossed cumulative sales of 15 lakh units in India, according to an exchange filing.
• The milestone marks a key achievement for the multi-purpose van in the domestic market.

 

• GPT Infraprojects has been declared the lowest bidder (L1) for a project worth Rs 484 crore from Rail Vikas Nigam Ltd. (RVNL), according to an exchange filing.
• The project is valued at approximately Rs 484 crore.

 

• Abhay Agarwal of Piper Serica told NDTV Profit that he has remained positive on the pharmaceutical sector for the past three years.

• He said investors should look at emerging sectors for long-term wealth creation opportunities.

• Agarwal highlighted tremendous opportunities in mid-cap companies, particularly in sectors undergoing structural growth.

• He noted that small-cap and mid-cap pharma stocks have been performing well, supported by investments made in research and development over the last three years.

• He said many pharmaceutical companies have significantly increased R&D spending, which could drive future growth through new products and intellectual property creation.

• Agarwal added that individual property and R&D investments will be key growth drivers for companies going forward.

• He currently prefers smaller and mid-sized pharma companies and said he is staying away from large-cap pharma stocks for now.

• Apart from pharmaceuticals, Agarwal is also positive on:

  • EMS (Electronics Manufacturing Services) companies
  • Companies catering to supply chain management

• He said opportunities continue to exist even in a falling market and investors should remain focused on businesses with strong long-term growth drivers.

 

• The yield on India's 10-year government bond rose to 7.00%.
• The move takes the benchmark yield to its highest level since June 5.

Source: Bloomberg

• UltraTech Cement plans to deploy more than 600 electric trucks by December 2026, according to an exchange filing.
• The company has signed agreements with Tata Motors, Ashok Leyland and other companies for the deployment of EV trucks.
• UltraTech said it has entered into pacts with multiple companies as part of its electric mobility initiative.

Tribhovandas Bhimji Zaveri share price extended rally on Wednesday. The smallcap stock surged as much as 17.41% to a fresh 52-week high of Rs 430.40 per share. The rally in Tribhovandas Bhimji Zaveri (TBZ) shares came after earlier this week GRT Jewellers (India) announced an open offer as part of a deal to acquire control of the listed jewellery retailer.

For Nifty 50, the 23,800 zone now remains a critical support level, and holding above this region will be important to prevent further downside. A decisive break below 23,800 could intensify selling pressure and drag the index towards the 23,600 zone, said Ponmudi R, CEO of Enrich Money.

According to him, on the upside, the 24,000 psychological mark is likely to act as the immediate resistance zone, supported by the opening gap and the previous closing level.

“A sustained move above 24,000 could help ease some of the immediate selling pressure, while a decisive move above the 24,200 zone would be essential to stabilize the broader near-term structure and signal an attempt at recovery. Momentum indicators have weakened sharply, with the RSI slipping into the mid-30s, indicating increasing bearish momentum and a market approaching oversold territory,” he said.

Overall, the near-term technical outlook has turned weak. The 23,800 level will be crucial to watch on the downside, while 24,000 and 24,200 remain the key levels the index needs to reclaim to improve the near-term outlook, he added.

Annu Projects shares made a weak debut in the Indian stock market on Wednesday. The stock was listed at Rs 72 apiece on the NSE, a discount of 27.27% to the issue price of Rs 99 per share.

On BSE, Annu Projects shares were listed with a 24.24% discount at Rs 75 apiece.

Gold and silver prices in India declined over 1% on the MCX, following weak trends in the global bullion market. MCX gold rate for October futures were trading lower by Rs 1,540, or 1.01% at Rs 1,50,189 per 10 grams, while MCX silver rate for December futures were down by Rs 3,085, or 1.31%, at Rs 2,32,356 per kg.

Infosys, Shriram Finance, Eicher Motors, TCS and Wipro were the top losers on the Nifty 50 index, while Coal India, Sun Pharmaceutical Industries and ONGC were the only gainers.

IT stocks declined over 3%, with the Nifty IT index slipping 2.6%. Infosys, TCS, HCL Technologies and Oracle Financial Services Software were the top losers on the index.

All the sectoral indices were trading in the red, with the Nifty IT, Nifty Auto, Nifty Metals, Nifty Realty, Nifty Media and Nifty PSU Bank falling the most.

Broader markets also reeled under selling pressure, as the Nifty Smallcap 100 and the Nifty Midcap 100 indices declined over 1% each.

The Indian stock market opened sharply lower on Wednesday, tracking weak global cues. The benchmark BSE Sensex opened 472.96 points, or 0.61%, lower at 76,471.32, while the NSE Nifty 50 declined 197.80 points, or 0.82%, to open at 23,858.00. The Bank Nifty index opened 403.15 points, or 0.70%, lower at 57,006.45.

The Indian rupee opened 6 paise higher at 94.89 per US dollar as against Tuesday’s close of 94.95 level.

Technically, 57,570–57,600 continues to remain an immediate resistance zone for Bank Nifty, followed by the stronger hurdle at 58,025.

A sustained move above these levels will be required for Nifty Bank to establish a meaningful directional recovery. On the downside, 57,180 remains the immediate support, with the index likely to remain vulnerable if this level is breached. The momentum setup has weakened, with the RSI slipping to 48.34 and remaining below its RSI average of 50.72, indicating subdued momentum and a lack of strong buying participation at current levels, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
 

From a technical standpoint, the Nifty 50 formed a high-wave candlestick pattern on the daily timeframe, indicating indecision between bulls and bears. The index continues to trade below all key moving averages, while the short-term moving averages remain in a downward trend. The 10-day EMA has also slipped below the 50-day and 100-day EMAs, indicating weakening short-term momentum. The RSI has declined to 42.86, while the MACD remains below the zero line with the red histogram expanding, suggesting that bearish momentum is gradually strengthening, said Sachin Gupta, VP – Research, Technical Research, at Choice Broking.

The 24,000–23,950 zone remains the crucial support area. A decisive break and sustained move below this zone could drag Nifty towards 23,800 and 23,600. On the upside, 24,200 remains the immediate hurdle, followed by 24,400, he added.

India's auto market is heading into the second half of FY27 (H2FY27) with demand still firmly in the driver’s seat, even as a high base threatens to slow the pace of growth. 

August wholesale volumes point to broad-based strength, with commercial vehicles delivering the biggest surprise, while rising EV adoption and new launches are creating fresh pockets of outperformance.

Foreign brokerages Nomura, Citi, Jefferies and JPMorgan all flagged resilient underlying demand in their August auto-sales reviews. 

Nomura continues to prefer M&M, Hyundai Motor India, Tata Motors CV, TVS Motor and Sona Comstar (drivetrain and auto components maker), while Jefferies expects demand momentum to remain strong across two-wheelers, passenger vehicles and trucks. Read here

Market analysts and brokerage firms have identified high-conviction trading ideas for the second session of September on Wednesday, spanning across diverse sectors.

Top picks include IT giants HCL Technologies Ltd., Oil & Natural Gas Corporation Ltd., and Stove Kraft Ltd. The suggested trading strategies encompass entry levels, price targets for upside potential and stop-loss limits to manage downside risk. Read Here

Crude oil prices spiked on supply disruption concerns after the fresh US attacks on Iran. Brent crude futures surged 1.76% to $96.32 a barrel, while US West Texas Intermediate crude futures gained 1.66% to $91.72.

Global bond markets witnessed a sharp selloff on Tuesday, amid concerns over rising inflation and government debt levels. The benchmark US 10-year Treasury yield surged 3.8 bps to 4.796%, its highest level since 2023. Japan’s 10-year yield hit 3% for the first time since 1996. Yields hit their highest in 15 years in Germany and their highest since 2008 in the UK.

Investor sentiment is likely to remain cautious as the US-Iran war escalated sharply, with American forces carrying out a fresh wave of strikes and the Iranians saying they have retaliated. US Central Command said that the targets in the now-completed operation included “air defense sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites” associated with the Islamic Revolutionary Guard Corps.

Asian markets traded lower on Wednesday, following overnight losses on Wall Street. Japan’s Nikkei 225 declined 2.48% while the Topix slipped 2.03%. South Korea’s Kospi dropped 2.21%, while the Kosdaq fell 0.98%. Hong Kong Hang Seng index futures indicated a lower opening.

US stock market extended decline on Tuesday, amid a spike in crude oil prices and Treasury yields on fading hopes for a near-term solution to the US-Iran war.

The Dow Jones Industrial Average plunged 418.97 points, or 0.79%, to 52,766.93, while the S&P 500 dropped 54.67 points, or 0.71%, to 7,631.47. The Nasdaq Composite closed 271.11 points, or 1.03%, lower at 26,099.77.

The trends on Gift Nifty signal a negative start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 24,034 level, a discount of nearly 56 points from the Nifty futures’ previous close.

Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Wednesday, following weak global market cues, as surging crude oil prices and rising global bond yields continue to weigh on investor sentiment amid the escalating US-Iran war in the Middle East.