The markets ended virtually unchanged on Wednesday in a volatile session that saw early gains evaporate in the second half, as surging crude oil prices, a weakening rupee, and renewed West Asia tensions checked bullish momentum, even as a solid start to the earnings season kept sentiment from turning outright bearish.
The Nifty 50 closed at 24,078.50, up just 0.11 per cent, after touching an intraday high that reflected gains of nearly 0.7 per cent, before a sharp afternoon selloff wiped out most of those gains. The Sensex mirrored this trajectory. Broader markets fared better, with the Nifty Midcap 100 and Smallcap 100 advancing 0.3 per cent and 0.7 per cent, respectively, driven by stock-specific buying.
“Wednesday proved that in a results-heavy week, earnings speak louder than geopolitics… the market held its ground with advances outpacing declines. Earnings are doing the heavy lifting,” said Sarvam Goel, Founder, Pocketful.
Sectorally, cement gained 1.8 per cent, PSU banks added 1 per cent, and chemicals rose 0.9 per cent. Financials drew support from softer-than-expected US Consumer Price Index data, which eased concerns over aggressive Federal Reserve tightening. On the losing side, metals dropped 1.1 per cent, IT shed 0.7 per cent, and FMCG slipped 0.5 per cent. Metal stocks were weighed down by disappointing China GDP data, the world’s second-largest economy expanded 4.3 per cent year-on-year in Q2 2026, below expectations, reflecting weak domestic demand and continued stress in the property sector.
On the earnings front, LTTS posted 13 per cent profit growth with 200 basis points of margin expansion, while HDFC AMC delivered strong results. The SBI Funds IPO was fully subscribed on Day 2. On the other hand, Tata Elxsi fell 4 per cent despite 14.5 per cent revenue growth year-on-year, as markets punished numbers that fell short of elevated expectations. Patanjali Foods extended its losing streak to three straight sessions, with edible oil price volatility squeezing margins and institutional investors trimming positions.
and were the top Nifty gainers, while and each fell over 1.5 per cent to lead the declines. Market breadth remained healthy, with 300 of the Nifty 500 stocks closing in the green.
The Indian rupee weakened past 96.20 against the US dollar, its lowest since May 21, marking a third consecutive session of losses. The currency has depreciated roughly 2.4 per cent from its June peak of 94.14, pressured by rising crude prices and sustained importer dollar demand. Brent crude held above $85 per barrel as the US-Iran conflict escalated, with Iran threatening to block key seaways in the Strait of Hormuz, stoking global energy supply concerns. Domestic crude futures rose over 1.5 per cent to hover near ₹7,700 per barrel.
Gold edged lower, with MCX Gold falling about 0.6 per cent to ₹1,41,350 and COMEX Gold slipping 0.55 per cent to $4,030, testing the critical $4,000 support level despite a softer dollar.
The Union Cabinet’s approval of the second phase of the India Semiconductor Mission with a ₹1.27 lakh crore outlay kept Electronics Manufacturing Services and semiconductor stocks in focus.
Thursday’s session will be closely watched, with the Federal Reserve Chair’s inaugural testimony, US Producer Price Index data, and domestic results from Wipro, Tech Mahindra, BHEL, Jio Financial Services, and Paytm all due. The bigger test, however, arrives Saturday, when HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank report simultaneously, a cluster of results that analysts say will set the tone for markets through the rest of the month.