Nifty rises 0.48% as lower crude and financials offset pressure in metals

Indian equities enter Thursday's session after a positive close in the latest session captured by the page, with the move reflecting support from domestic-facing financials and easing energy concerns rather than a broad risk-on shift. Traders linked pressure in metals and power to commodity sensitivity and profit-taking, while infrastructure and industrial shares benefited from continued attention to domestic capital expenditure and project activity.

The market's internal rotation was more important than the headline move. Banks and non-bank financial companies held up better as lower crude reduced one source of inflation and external-balance pressure. Information technology, metals and some cyclical groups remained vulnerable to global rate uncertainty, input-cost concerns and stock-specific selling.

Kotak Mahindra Bank, Axis Bank and ICICI Bank were cited among the stronger large-cap financial names in the latest market coverage. The reported explanation was broad-based buying in private banks, alongside continued strength in public-sector lenders. That helped offset weakness in Reliance Industries and information technology heavyweights, including Infosys, Bharti Airtel, Larsen & Toubro, Power Grid, NTPC, Mahindra & Mahindra and Tech Mahindra.

IT shares also faced a specific overhang from concerns about higher costs related to possible US visa curbs and caution ahead of Nvidia's results. The implication for Indian technology companies is that global technology demand remains supportive, but valuation and margin sensitivity to US policy and labour costs can still drive sector rotation.

The RBI's August bulletin warned that higher food, fuel and other input costs could create broader second-round inflation pressure. It said generalised inflation pressures remained modest so far, while headline consumer inflation rose to 4.5% in July from 4.4% in June. The bulletin's warning matters for Indian markets because a renewed rise in input costs could limit the room for monetary easing and keep bond-market sensitivity elevated.

The available material does not identify a fresh release on August 27 for India's IIP, GST collections, trade balance or PMI. No new SEBI or finance ministry measure relevant to the opening session was identified in the material reviewed.

Asian equities were higher early on Thursday after Nvidia's latest earnings beat estimates, reviving confidence in technology hardware and the broader artificial-intelligence investment theme. US equities had been softer in the preceding session as inflation data remained firm, leaving markets focused on the Federal Reserve's policy outlook and the Fed chair's forthcoming Jackson Hole speech.

Brent crude was lower as diplomatic efforts involving Iran and Oman reduced immediate concern about supply disruption around the Strait of Hormuz. That is a relative positive for India because lower oil prices can ease the import bill and inflation pressure. The dollar remained firm and US Treasury yields were elevated, conditions that can restrain flows into emerging markets even as foreign portfolio investors remained net buyers in the latest available Indian data.

Foreign portfolio investors bought Rs 502.63 crore of Indian equities on August 26, according to provisional data. Domestic institutional investors bought Rs 6,425.16 crore. The strong domestic bid provided a buffer against global volatility, but the modest foreign inflow showed that the market's support was not being driven by a one-way international allocation trend.

Juniper Green Energy reported consolidated June-quarter profit of Rs 33.5 crore, up 54.4% year-on-year from Rs 21.7 crore, while revenue rose 81.2% year-on-year to Rs 291.2 crore from Rs 160.7 crore. EBITDA increased 89.4% year-on-year to Rs 261.5 crore and the EBITDA margin widened to 89.8% from 85.9%. No analyst-consensus estimate was available in the material, so the result can be compared with the year-ago quarter but not with a reported street expectation.

Bharat Electronics said it had secured additional orders worth Rs 730 crore since August 10, covering communication equipment, radar, avionics and cyber-security products. The company-specific disclosure supports interest in defence and industrial names, although the material does not provide a change to full-year guidance or a consensus comparison.

The latest corporate watchlist also included Fino Payments Bank, where the RBI approved a further three-month extension of Ketan Merchant's tenure as interim chief executive from August 27, or until a regular managing director and chief executive takes charge, whichever is earlier.

The primary market remains busy. Lumino Industries is seeking Rs 700 crore through a fresh issue of up to Rs 500 crore and an offer for sale of up to Rs 200 crore. Hy-Tech Engineers, Skyways Air Services and Symbiotec Pharmalab are scheduled to close their offerings on August 27, while Annu Projects remains open until August 28, according to the available material.

Block activity is likely to keep individual stocks in focus. Prudential Corporation Holdings' proposed sale of up to 2% of ICICI Prudential Asset Management Company is being undertaken to help meet minimum public-shareholding requirements, while earlier transactions included sales in PhysicsWallah, Rubicon Research, Welspun Corp and Viyash Scientific. The immediate market implication is increased supply in selected names rather than a broad signal about domestic equity demand.

For the wider market, the next session is likely to remain sensitive to three competing signals: lower crude and domestic institutional buying, firm US inflation and yields, and the sustainability of the technology rally after Nvidia's results. The available material does not provide a fresh Indian macro print or a new monetary-policy decision that would supersede those existing drivers.