The domestic equity benchmarks tumbled for a second straight session on Thursday as U.S. tariffs on Indian goods hit sentiment. Washington slapped 25% duties on key exports, stoking fears of trade tensions and economic fallout. The expiry of monthly Nifty futures contracts added to volatility, while weak global cues and sustained foreign fund outflows deepened the selloff. The Nifty ended near 24,500, dragged lower by IT and financial services stocks.

The S&P BSE Sensex slumped 705.97 points, or 0.87%, to 80,080.57, while the Nifty 50 shed 211.15 points, or 0.85%, to 24,500.90. In two trading sessions, the Sensex fell 1.90% and the Nifty dropped 1.86%.

Infosys (down 1.95%), HDFC Bank (down 1.55%) and ICICI Bank (down 1.26%) were major Nifty drags today.

The broader market underperformed, with the S&P BSE MidCap index down 1.09% and the SmallCap index lower by 0.96%. Market breadth was weak, as 1,458 shares advanced and 2,651 declined on the BSE, while 159 remained unchanged.

Meanwhile, the NSE's India VIX, which measures near-term volatility expectations, eased 0.12% to 12.18.

Economy:

India's industrial production growth quickened to 3.5% in July from 1.5% in June, data released by the National Statistical Office (NSO) on Thursday showed. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of July 2025 are (-) 7.2%, 5.4% and 0.6%, respectively.

Trump Tariffs:

President Trump's secondary U.S. tariffs of 25% on Indian shipments kicked in Wednesday, pushing overall duties on the country's exports to 50%.

A global research house has reportedly stated that the risks to growth for the Indian economy have naturally become more real.

India's top exports to the U.S., which are electrical machinery as well as gems and jewelry, face the largest tariff increases, the report stated. Trade talks between the Indian and U.S. delegations, however, are expected to continue.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.92% to 6.556 from the previous close of 6.617.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.6075 compared with its close of 87.6950 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement was flat to Rs 101,539.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.19% to 98.

The United States 10-year bond yield lost 0.21% to 4.228.

In the commodities market, Brent crude for October 2025 settlement lost 19 cents or 0.28% to $67.86 a barrel.

Global Markets:

Most European indices declined on Thursday, as investors assess an above-consensus quarterly earnings report from tech giant Nvidia

Asian shares ended higher as investors digested the Bank of Korea policy decision.

South Korea's central bank kept its policy rate unchanged at 2.5% for its second straight meeting despite an uncertain trade environment for the country.

Overnight on Wall Street, the three major benchmarks closed higher stateside.

The S&P 500 ticked higher and ended the day up 0.24% at 6,481.40, setting a fresh all-time closing high. The Nasdaq Composite closed up 0.21% at 21,590.14, and the Dow Jones Industrial Average gained 147.16 points, or 0.32%, to finish at 45,565.23.

Shares of Nvidia, the world's most valuable company and the leading supplier of cutting-edge AI processors, fell in extended trading, even after its second-quarter results beat widely reported market estimates. This was primarily due to the fate of the company's China business hung in the balance, caught up in the trade war between Washington and Beijing.

Investors kept an eye for developments related to U.S. President Donald Trump's attempt to fire Federal Reserve Governor Lisa Cook, a move likely to face legal challenges.

New Listings:

Shares of Mangal Electrical Industries were at Rs 533.95 on the BSE, representing a discount of 4.82% compared with the issue price of Rs 561.

The scrip was listed at Rs 558, a discount of 0.53% to the issue price. The stock has hit a high of Rs 565 and a low of Rs 527.30. On the BSE, 5.05 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

InterGlobe Aviation slipped 5.30% to Rs 5,724.55 on Thursday following heavy block deal activity on the exchanges. Media reports said promoter Rakesh Gangwal and his family trust offloaded up to 3.1% stake in the airline, raising about Rs 7,027.7 crore through multiple block deals. The sale, comprising around 1.21 crore shares, was executed at a floor price of Rs 5,808 per share. As of June 2025, Gangwal and the trust held 7.81% in IndiGo; post-transaction, their stake has dropped to 4.71%.

Edelweiss Financial Services gained 2.92% after Sunil Singhania's Abakkus Asset Manager picked up a stake in the company via a block deal on Tuesday, 26 August 2025. Abakkus acquired 64.3 lakh shares, or 0.68% equity, for Rs 64.3 crore at Rs 100 per share on the NSE. On the other side of the trade, Edelweiss Employees Welfare Trust sold 11.3 lakh shares (0.12% equity), while Edelweiss Employees Incentives and Welfare Trust offloaded 53 lakh shares (0.56% equity). In total, the two trusts divested 0.68% stake in the company.

SBI Cards and Payment Services fell 1.72% to Rs 801.85 after a foreign brokerage downgraded its rating on the stock to underweight, cutting the target price to Rs 710 from Rs 1,040 earlier.

Highway Infrastructure gained 2.26% after the company announced the launch of its real estate project Neww York City-Phase 4 in Indore, Madhya Pradesh.

Jaiprakash Power Ventures rose 4.98% after the company's board announced plans to explore the setting up of a solar PV power plant at its Bina facility in Madhya Pradesh.

Power Grid Corporation of India fell 1.93%. The company said that it has won the tariff based competitive bidding (TBCB) bid to set up an inter-state transmission system for the Davanagere renewable energy integration project.

Power Mech Projects dropped 3.33%. The company has secured a significant order worth Rs 370.84 crore from Mahan Energen (MEL), a subsidiary of Adani Power, for civil and structural works at its upcoming thermal power project in Madhya Pradesh.

Rail Vikas Nigam declined 1.28%. The company has signed a joint venture agreement with Texmaco Rail & Engineering for undertaking projects in the railway and allied infrastructure sectors.

Mahindra Logistics slipped 2.25% after the company announced the resignation of chief financial officer (CFO) Saurabh Taneja, effective 19 September 2025.

Affordable Robotic & Automation added 0.79% after the company announced that its subsidiary Humro announced its comprehensive strategy to address recent tariff changes impacting imports into the United States.

Vishnusurya Projects and Infra surged 7.31% after the company, along with its consortium partners JWIL Infra and IDE Technologies India, bagged a contract worth Rs 2,217 crore from the State Industries Promotion Corporation of Tamil Nadu.

HFCL fell 2.76%. The company said that its material subsidiary, HTL, has bagged a contract worth Rs 101.82 crore from the Indian Army for the supply of tactical optical fiber cables and related accessories.

IPO Updates:

Vikran Engineering's IPO received bids for 30,05,13,260 shares as against 5,87,39,128 shares on offer, according to stock exchange data at 16:30 IST on Thursday (28 August 2025). The issue was subscribed 5.12 times.

Anlon Healthcare's IPO received bids for 4,19,33,324 shares as against 1,33,00,000 shares on offer, according to stock exchange data at 16:30 IST on Thursday (28 August 2025). The issue was subscribed 3.15 times.

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