Sensex, Nifty Slip in Early Trade Thursday as IT, Realty Stocks Weigh; Lenskart Jumps on Q1 Results

Indian equity benchmarks turned lower in early trade on Thursday, giving back an initially firmer start, as weakness in IT and realty counters offset support from a softer US inflation print and easing crude oil prices overnight.

How the Indices Moved

As of the mid-morning session, the Nifty50 was trading around 24,348.50, down close to 87 points or about 0.36 percent, while the BSE Sensex had slipped roughly 181 points, or about 0.23 percent, to trade near 77,785. The pullback came even though global cues heading into the session had looked broadly supportive, with GIFT Nifty signalling a mixed-to-slightly-weaker start after Wall Street closed mostly higher overnight on the back of in-line US inflation data that reinforced bets the US Federal Reserve would hold interest rates steady in September.

Within the index, Grasim Industries, UltraTech Cement and Hindalco Industries were among the session's biggest drags, reflecting broader weakness in cement, metals and realty-linked counters. Broader market indices painted a more mixed picture: the Nifty Smallcap 100 managed modest gains of around 0.3 percent even as the flagship indices slipped, while the Nifty Midcap 100 was little changed, down marginally.

Lingering Global Risk Factors

Traders continued to track developments around the Strait of Hormuz and the broader US-Iran standoff, which has kept crude oil prices elevated and volatile in recent sessions. While crude has eased from its recent highs, uncertainty over shipping disruptions in the Gulf, along with cautious positioning ahead of further clarity on US-Iran talks, appeared to be capping enthusiasm for a stronger opening, even with the positive overnight cues from US markets and gains across most Asian indices.

Lenskart Leads Gainers on Strong Earnings

Bucking the broader weakness, shares of eyewear retailer Lenskart Solutions were among the standout performers, rallying nearly 7 percent to trade around Rs 627 apiece. The move followed the company's first-quarter results for the 2027 fiscal year, in which consolidated net profit came in sharply higher than the same quarter a year earlier, more than tripling on a year-on-year basis. Revenue for the quarter also grew at a strong double-digit pace, helped by continued store expansion, with the company adding well over a hundred new outlets during the quarter and pushing its total active store count higher.

The scale of the earnings beat, combined with steady same-store sales growth in its core India business, appeared to give investors confidence in the retailer's growth trajectory even as broader market sentiment remained cautious.

The Bigger Picture

Thursday's session illustrates how domestic markets are increasingly being pulled in two directions: supportive global liquidity and rate-cut expectations on one hand, and unresolved geopolitical risk in the Gulf on the other. With several large Indian companies, including select real estate, auto and consumer names, due to report June-quarter results through the week, individual earnings reactions like Lenskart's are likely to keep driving stock-specific volatility even as the headline indices trade in a relatively narrow, cautious range.

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