Synopsis : BSE, Voltas and Zaggle Prepaid came under selling pressure in midday trade, while Molbio Diagnostics made a strong stock-market debut and PhysicsWallah gained after reporting narrower Q1 losses. IT stocks also remained weak as the Nifty IT index fell nearly 2%.
Indian benchmark indices traded lower by midday on Monday, August 17, with the Nifty 50 hovering around 24,290 and the Sensex near 77,655.
Stock-specific action remained strong, with BSE, Voltas and Zaggle Prepaid among the notable decliners, while Molbio Diagnostics made a strong debut on the exchanges and PhysicsWallah gained after its Q1 FY27 results.
IT stocks also remained under pressure, with the Nifty IT index down nearly 2%, as a weaker US dollar, higher crude prices, geopolitical concerns and profit-booking weighed on the sector.
Here are the top movers and shakers at this hour:
BSE
BSE Ltd. share price fell 4.76% by midday after Jefferies lowered its FY27-FY29 earnings-per-share estimates by 5-12%.
The brokerage cited concerns around the impact of higher Securities Transaction Tax, RBI bank guarantee norms and the Closing Auction Session.
Jefferies also highlighted weakness in BSE’s options activity. The exchange’s August options average daily turnover was down 12% compared with July.
The stock was trading at around 44 times one-year forward earnings, adding to valuation concerns following its recent strong performance.
PhysicsWallah
PhysicsWallah shares gained as much as 9% after the EdTech company reported a narrower consolidated net loss for Q1 FY27.
The company reported a net loss of Rs 88.28 crore in the June quarter, compared with a loss of Rs 127 crore in the year-ago quarter. PhysicsWallah had reported a consolidated loss of Rs 120.45 crore in the corresponding period of the previous fiscal year under the comparable reporting figure.
The improvement was supported by growth across its online and offline learning businesses, with investors also focusing on the company's improving profitability and continued expansion in digital education.
Molbio Diagnostics
Molbio Diagnostics made a strong debut on Monday, with its shares listing 21.44% above the IPO issue price of Rs 807.
The stock debuted at a significant premium after the company’s Rs 939.70 crore IPO received subscription of 70.26 times.
Molbio raised Rs 200 crore through the fresh issue. The proceeds are planned to be used for its research and development facility, Centre of Excellence, office infrastructure and equipment.
The remaining portion of the issue comprised an offer for sale by existing shareholders.
The strong listing indicates strong investor demand for the diagnostics company, although the stock’s performance beyond the initial debut will depend on its earnings growth and execution.
Voltas
Voltas Ltd. share price declined around 4% by midday after management flagged the possibility of a seasonally softer Q2 FY27 and highlighted commodity and currency volatility as near-term risks.
The company had reported a 53% year-on-year increase in Q1 FY27 net profit to Rs 214 crore, while revenue from operations rose 19% to Rs 4,674 crore.
Despite the strong first-quarter performance, investors appeared cautious about the outlook for the coming quarters.
Voltas is also working on a proposed joint venture with Atomberg, which is expected to manufacture high-efficiency room air-conditioner compressors and related components.
Reliance Industries
Reliance Industries remained in focus after the company and Rolls-Royce announced plans to jointly develop a sovereign combat engine for India’s Advanced Medium Combat Aircraft programme.
The companies are also exploring the possibility of establishing an Aerospace Gas Turbine Complex in India.
Reliance has also received the largest LPG production target under the government’s emergency domestic supply framework.
Meanwhile, lower windfall tax rates on petrol, diesel and ATF exports from August 15 could provide some support to the company’s refining operations.
The multiple developments kept Reliance Industries on investors’ radar despite broader weakness in the market.
Indo-MIM
Indo-MIM shares declined 0.82% by midday ahead of the company’s board meeting to consider its Q1 FY27 financial results.
Despite the day’s weakness, the recently listed stock remained 73.69% above its Rs 485 IPO issue price.
Indo-MIM had debuted on July 30 at a premium of 44.33%. Its Rs 3,811.21 crore IPO was subscribed 72.34 times, with a significant portion of the fresh issue proceeds earmarked for debt repayment.
Investors are now waiting for the company’s first quarterly results as a listed entity for further clues on its earnings outlook.
IT stocks
IT stocks remained under pressure, with the Nifty IT index falling 1.83% by midday.
Infosys declined 2.3%, TCS fell 2.1%, LTM dropped 2.3% and HCL Technologies slipped 1.9%.
Wipro was down 1.4%, while Tech Mahindra declined 1.5%. Mphasis also fell 2.3%, while Tata Technologies dropped 2.7%.
A weaker US dollar, higher crude prices, geopolitical uncertainty and profit-booking weighed on the technology sector.
The broad-based decline suggested that selling pressure was not limited to a single IT major, with investors trimming positions across several technology stocks.
Zaggle Prepaid
Zaggle Prepaid Ocean Services share price plunged 20% by midday, hitting its lower circuit after the company reported margin pressure in Q1 FY27.
The selling intensified after the company reported a sharp increase in expenses related to point redemption and gift cards.
Expenses in this category increased more than 39%, putting pressure on margins and weighing on investor sentiment following the quarterly results announced on August 14.
Heavy trading volumes accompanied the decline as investors reassessed the company’s near-term profitability.
Renewable energy stocks
Renewable energy stocks traded mixed during midday trade.
Waaree Energies declined 0.21%, Adani Green Energy fell 1.5% and NTPC Green was down 0.18%. On the other hand, Premier Energies gained 0.13%, while Suzlon Energy advanced 0.82%.
Waaree Energies remained in focus after its subsidiary agreed to form a joint venture with SmartenGrand to manufacture semiconductor products and establish a semiconductor fabrication unit in Gujarat.
The renewable energy sector also received a broader policy boost after Prime Minister Narendra Modi reiterated India’s target of reaching 500 GW of renewable power capacity by 2030.
What investors should watch
Monday’s midday action highlighted a clear split between companies reacting to earnings-specific developments and sectors facing broader macro pressure.
BSE and Zaggle Prepaid came under heavy selling pressure following concerns around earnings and margins, while Molbio Diagnostics attracted buying interest after its strong IPO debut.
PhysicsWallah also remained firmly in focus after its Q1 performance showed an improvement in losses, while IT stocks continued to struggle amid currency, crude oil and geopolitical concerns.
With the broader indices remaining weak, stock-specific earnings and company developments are likely to continue driving individual counters in the near term.
Disclaimer: This article is for informational purposes only and should not be construed as an offer, solicitation or recommendation to buy or sell securities. Investors should conduct their own independent research and consult a SEBI-registered financial advisor before making any investment decisions.
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