Going ahead, investors will closely monitor stock-specific developments, the progress of the southwest monsoon, movements in crude oil, gold and silver prices, and the inflation trajectory for further cues on market direction.
Media shares witnessed selling pressure for fourth consecutive trading sessions.
At 12:25 IST, the barometer index, the S&P BSE Sensex declined 619.40 points or 0.79% to 77,575.19. The Nifty 50 index fell 190.35 points or 0.78% to 24,208.85.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.21% and the BSE 250 SmallCap Index dropped 0.14%.
The market breadth was negative. On the BSE, 1,808 shares rose and 2,169 shares fell. A total of 215 shares were unchanged.
In the commodities market, Brent crude for September 2026 settlement surged $2.29 or 3.09% to $76.45 a barrel.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.57% to 12.18. The Nifty 28 July 2026 futures were trading at 24,265, at a premium of 56.15 points as compared with the spot at 24,208.85.
The Nifty option chain for the 28 July 2026 expiry showed a maximum call OI of 65.5 lakh contracts at the 25,000 strike price. A maximum put OI of 69.1 lakh contracts was seen at the 24,000 strike price.
Buzzing Index:
The Nifty Media index declined 1.21% to 1,468.75. The index tumbled 3.31% in the four consecutive trading sessions.
Zee Entertainment Enterprises (down 1.69%), Nazara Technologies (down 1.61%), Sun TV Network (down 1.42%), Network 18 Media & Investments (down 1.28%), Tips Music (down 1.19%) were the top losers. Among the other losers were Hathway Cable & Datacom (down 0.63%), Saregama India (down 0.49%), Prime Focus (down 0.21%) and PVR Inox (down 0.12%) declined.
Stocks in Spotlight:
Advait Energy Transitions rose 1.56% after the company announced that it has secured a Rs 51.62 crore turnkey contract from Dakshin Gujarat Vij Company (DGVCL) under the Vanbandhu Kalyan Yojana-2 (VKY-2) scheme.
3i Infotech jumped 4.92% after the company's subsidiary, 3i Infotech Software Solutions L.L.C., has secured an IT consulting services contract worth AED 17.65 million (about Rs 45.85 crore), from UAE-based Vedant Consultancy FZ LLC.
Orchid Pharma surged 10.64% after the company has entered into licensing and supply agreement with Pharmasyntez JSC (Pharmasyntez) to commercialize anitbotic, Exblifep in Russia. The company said the partnership represents a potential opportunity of approximately $178 million over the first 10 years, driven by significant unmet clinical needs and large hospital procurement volumes in the Russian market.
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