The Indian stock markets witnessed a weak opening on Wednesday owing to increasing geopolitical uncertainties in the Middle East region. The new round of attacks by the US on Iran resulted in heightened risks to the global risk environment and a rise in crude oil prices. At 10:06 AM IST, the benchmark Nifty 50 dropped 0.64% to 24,245.90, whereas the BSE Sensex was down 0.65% at 77,674.61.
Kalyan Jewellers, Anant Raj, and Chennai Petroleum were the three best performers among the Nifty 500 companies, whereas Aegis Logistics, Aegis Vopak Terminals, and RITES were among the worst-performing stocks on account of book closure.
Kalyan Jewellers Share Price Jumps 6% on Strong Q1 Growth
Kalyan Jewellers India Ltd was one of the biggest winners in the overall market, as the stock rose 6% on July 08. There was significant buying activity in the stock, as the daily trading volume on the National Stock Exchange rose to 1.8 crore shares against the 30-day average daily volume of 89.6 lakh shares.
The stock managed to recover following a fall of 6.9% in the prior session, even after giving strong business update for Q1FY27 because the investors were comparing its performance with other companies.
In Q1FY27, the Kalyan Jewellers registered a year-on-year rise of 38% in total revenue, whereas same-store sales growth was about 28%. The company also announced that recycled gold accounted for more than 46% of its revenues in the quarter.
Nonetheless, the revenue growth lagged behind the jewellery business growth of Titan by 39% in Q1FY27, resulting in sell-off on July 07.
Anant Raj Share Price Gains 5% Ahead of Q1 Results
A real estate firm Anant Raj Ltd, which has been expanding in the field of data centres and commercial infrastructure, saw gains of 5% on July 08. It saw an increase in NSE volumes to 24.4 lakh shares from a 5-day average of 20.8 lakh shares.
The company will declare its Q1FY27 financial results on August 08. The rise in the stock price has been attributed to purchase interest ahead of the quarterly earnings and positive investor sentiments on the company’s plans for real estate and data centres. There were no corporate announcements made by the company on this front.
Chennai Petroleum Rallies 4% on Crude Price Support
The stocks of Chennai Petroleum Corporation Ltd witnessed a gain of 4% on July 08, backed by optimism about improved refining margins. The scrip witnessed NSE volumes increasing to 6.8 lakh shares against the 5-day average volume of 4.1 lakh shares.
This is because of better gross refining margins (GRM), which denotes the spread between the cost of crude and the value of refined products. The GRM margin of Chennai Petroleum jumped to $13.75 per barrel during Q4FY26 compared to $8.7 per barrel last year.
Given that crude oil prices have surged close to 5% overnight on July 7, refineries are expected to continue to do well.
Aegis Logistics Share Price Falls 8.56% on Profit Booking
Aegis Logistics Ltd suffered the most among all stocks, losing 8.56% to close at ₹1,265.20. The company had trading of 20.48 lakh units, with trade value of ₹266.83 crore.
The fall came after a very sharp rally in previous sessions, resulting in profit booking. It seemed that the fall was caused more because of profit booking than any negative news about the company.
Aegis Vopak Terminals and RITES Witness Selling Pressure
Aegis Vopak Terminals Ltd closed down by 3.81%, at ₹283.11, on the NSE, as volume was 22.11 lakh against the last close of ₹294.32. This fall occurred after previous increases when profits were taken by investors.
RITES Ltd ended down by 3.61%, at ₹226.94, on the NSE, with volume being 62.87 lakh, while the turnover was ₹143.50 crore. The fall in this stock was primarily due to market pressure caused by political and economic concerns
Market Outlook
The Indian markets continued to face pressures due to tensions between the US and Iran and the rising prices of crude oil. Even as stocks like Kalyan Jewellers, Anant Raj and Chennai Petroleum saw buying interest, Aegis Logistics, Aegis Vopak Terminals and RITES saw selling interest on profit taking and negative market sentiments.
