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Indian Stocks Fall as Defence, ESDS Shares Gain Midday
Indian shares were mostly lower around midday on September 7.
The Nifty 50 was near 23,800, while the Sensex was near 76,000.
Defence companies gained because investors expected news about possible military purchases.
Companies affected by oil prices fell after crude rose above $97 per barrel.
Technology shares also declined because expensive borrowing in the United States could reduce spending by American customers.
ESDS Software Solution rose sharply for a second day after its stock-market listing.
PVR INOX dropped after the date for deciding buyback eligibility had passed.
Several other companies moved sharply because of heavy trading, ratings news or expected financial results.
The Nifty 50 hovered near 23,800 and the Sensex near 76,000 as domestic equities traded lower on September 7.
Defence stocks advanced ahead of a Defence Acquisition Council meeting on military procurement proposals, lifting the Nifty India Defence index 1.22%.
Oil-linked shares declined as crude prices moved above $97 per barrel amid supply disruption concerns around the Strait of Hormuz.
The Nifty IT index fell about 2.3%, with Infosys down 3.3%, amid concerns that higher US borrowing costs could reduce technology spending.
ESDS Software Solution hit a 20% upper circuit on its second day of listing, while PVR INOX fell 8.24% after its buyback record date passed.
- Who
- Indian listed companies and investors, including defence, oil-linked, information technology, entertainment, logistics and manufacturing firms.
- What
- Domestic equities traded lower while several individual stocks posted sharp gains or declines.
- Where
- Indian stock exchanges, including the NSE and BSE.
- When
- September 7, by midday; Shiprocket was scheduled to announce results for the quarter ended June 30, 2026.
- Why
- Defence shares benefited from expected procurement discussions, while oil-linked and IT shares faced pressure from higher crude prices and concerns about US borrowing costs.
Key facts
- Nifty 50
- Hovered around 23,800 by midday on September 7.
- BSE Sensex
- Hovered around 76,000 by midday.
- Nifty India Defence index
- Rose 1.22% ahead of the Defence Acquisition Council meeting.
- Crude oil
- Moved above $97 per barrel amid supply disruption concerns around the Strait of Hormuz.
- ESDS IPO
- The Rs720 crore issue was subscribed 135.88 times and the stock gained 20% by midday.
- PVR INOX buyback
- The company plans to repurchase up to 20.69 lakh shares for Rs300 crore through a tender offer.
- TVS Holdings rating
- CARE Ratings assigned a CARE AA+ Stable rating to Rs930.68 crore of non-convertible redeemable preference shares.
Sources
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