At 13:30 IST, the barometer index, the S&P BSE Sensex, slipped 362.55 points or 0.47% to 76,028.84. The Nifty 50 index fell 107.55 points or 0.45% to 23,759.50.

In the broader market, the BSE 150 MidCap Index dropped 0.37% and the BSE 250 SmallCap Index declined 0.37%.

The market breadth was negative. On the BSE, 1,807 shares rose and 2,184 shares fell. A total of 225 shares were unchanged.

Economy:

India's private sector activity expanded at its slowest pace in over four years in July as demand softened and inflationary pressures intensified, according to the HSBC Flash India PMI data compiled by S&P Global. The HSBC Flash India Composite PMI Output Index fell to 54.3 in July from 57.1 in June, marking the weakest expansion in private sector activity since March 2022. The moderation was primarily driven by the services sector, where the HSBC Flash India Services PMI Business Activity Index dropped sharply to 53.1 from 57.4 in June'its lowest level since February 2022. Meanwhile, the HSBC Flash India Manufacturing PMI Output Index improved to 57.0 from 56.3, though the headline Manufacturing PMI eased slightly to 53.9 from 54.2 in June.

Gainers & Losers:

Cipla (up 1.95%), HCL Technologies (up 1.57%), Wipro (up 1.29%) and ITC (up 0.87%) were the major Nifty50 gainers.

Bajaj Finance (down 3.09%), Eternal (down 2.49%), Mahindra & Mahindra (down 2.42%) and InterGlobe Aviation (down 1.93%) were the major Nifty50 losers.

Stocks in Spotlight:

Indian Energy Exchange (IEX) added 2.59% after the company's consolidated net profit jumped 11.65% to Rs 134.75 crore in Q1 FY27 compared with Rs 120.69 crore in Q1 FY26. Revenue from operations increased 11.37% YoY to Rs 157.87 crore in Q1 FY27.

Allied Blenders and Distillers rose 3.20% after the company reported a 20.7% rise in consolidated net profit to Rs 45.42 crore in Q1 FY27, compared with Rs 37.63 crore in Q4 FY26. On a year-on-year (YoY) basis, the company reported an 18.65% decline in consolidated net profit to Rs 45.42 crore in Q1 FY27, compared with Rs 55.83 crore in the same quarter last year.

Infosys declined 2.16% after the company reported an 8.61% drop in consolidated net profit to Rs 7,769 crore in Q1 FY27 compared with Rs 8,501 crore in Q4 FY26. Revenue from operations increased 3.90% QoQ to Rs 48,211 crore in Q1 FY27.

On the outlook, the management said in financial services, uncertainty and geopolitical instability are causing some clients hesitancy as spending patterns are taking a more cautious approach. Client priorities are centered on efficiency, productivity and modernization, with discretionary spending being evaluated more carefully.

AI adoption has been incremental and additive, with clients increasingly engaging the company to support their AI journeys across strategy, platforms, engineering and operations. This was reflected in the company's strong deal wins in Q1, with approximately $1 billion in large deal TCV.

Thyrocare Technologies jumped 0.08%. The company's consolidated net profit jumped 34.06% to Rs 52.19 crore in Q1 FY27, compared with Rs 38.93 crore in Q1 FY26. Revenue from operations rose 24.34% year-on-year (YoY) to Rs 240.02 crore, driven by sustained momentum in the pathology segment.

Global Markets:

European shares opened largely flat on Friday, as an explosive 7% surge in global crude oil prices above $100 a barrel and fresh U.S. trade tariff threats countered baseline corporate support, cementing expectations that central banks may be forced to keep interest rates higher for longer.

Asian shares fell as oil prices stormed back above $100 a barrel amid an intensifying conflict in the Gulf, rattling bond markets and reviving fears of a fresh inflation shock.

Brent crude held at $100.85 a barrel after surging 7% overnight to a two-month high of $102 as attacks by Iran-aligned Houthis on Saudi tankers in the Red Sea choked off a second crucial Middle East artery for global oil supplies, alongside Iran's near-closure of the Strait of Hormuz.

Two weeks since the effective collapse of an interim truce meant to end the war, the U.S. military launched air strikes into Iran until Friday morning while Tehran fired at neighboring Arab countries that host U.S. bases. With the conflict showing few signs of abating, Brent has reportedly soared nearly 40% this month alone.

News that the U.S. administration will impose higher tariffs on goods from 60 trading partners also did not help the inflation picture, with 30-year Treasury yields nearing their highest levels since 2007 and benchmark European borrowing costs climbing to highs last seen in 2011.

Overnight on Wall Street, U.S. equities fell on Thursday as oil prices surged amid escalating conflict in the Middle East, while investors weighed quarterly results from two of the largest companies in the world, with Alphabet fueling concerns about increased artificial intelligence spending.

The Dow Jones Industrial Average lost 506.93 points, or 0.97%, to end at 51,711.65. The S&P 500 dropped 1.21% to 7,408.30, while the Nasdaq Composite declined 2.15% to close at 25,137.69.

The tech-heavy index was bogged down by a 7% drop in Alphabet and a 14% loss in Tesla following their earnings reports.

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