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 15th August to 21st August |
| | Indian equities endured a volatile week, extending their losing streak since last week as rising US Treasury yields, elevated crude oil prices, persistent FII selling weighed on sentiment. The 10-year US yield moved near 4.72% and the 30-year yield above 5.3%, tightening global financial conditions and putting pressure on rate-sensitive and technology stocks. Markets staged a brief recovery on Thursday as global bond-market pressures eased, but weakness returned on Friday amid renewed concerns around crude oil, the rupee and global risk appetite. Policy decisions created sharp sector-specific moves. Defence stocks received a boost after the government notified its sixth ‘Positive Indigenisation List’ covering 405 items with an estimated ₹3,070 crore opportunity for domestic manufacturers, providing some support to an otherwise weak market. Sugar stocks first rallied after the government cut the stockholding limit for bulk consumers from 30 days to 15 days but later fell after it allowed duty-free imports of 1 million tonnes of raw sugar until October 31. The week therefore remained characterised by global macro pressure at the index level and strong policy-driven divergence across sectors. | |
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| | Benchmark Index Moves | | Index | | | Nifty 50 | | Sensex | | Bank Nifty |
| | | | Closing Level | | | 24,252.00 | | 77,540.83 | | 57,761.95 |
| | | | % Weekly Change | | | ▼ -0.23% | | ▼ -0.13% | | ▼ -0.86% |
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Market Breadth: The momentum in the markets was negative with total gainers at 2,468 and total losers at 3,034. | |
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| |  | | Top Weekly Gainers & Losers (Nifty 100) |
 Gainers
| Stock Name | % weekly change | Delivery volumes in past week Vs prev month | | Muthoot Finance | ▲ 5.09% | 0.7X | | HDFC AMC | ▲ 4.42% | 1.5X | | Eternal | ▲ 3.14% | 0.9X | | HDFC Life Insurance | ▲ 3.11% | 0.6X | | Bosch | ▲ 3.10% | 1.4X |
Eternal’s shares rose on hopes of slowing competitive intensity for Blinkit after Zepto increased its minimum order value. Investors expect better quick-commerce economics for Eternal because of this.
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| |  Losers
| Stock Name | % weekly change | Rise in delivery volumes in past week Vs previous month | | Tata Motors PV | ▼ -9.07% | 1.5X | | LTM | ▼ -5.82% | 0.9X | | REC | ▼ -5.73% | 1.1X | | HCL Technologies | ▼ -4.93% | 0.6X | | InterGlobe Aviation | ▼ -4.84% | 0.5X |
InterGlobe Aviation (IndiGo) share price fell due to overall weaker July domestic traffic and repeated outages on its booking platforms, which raised concerns over demand and operational execution.
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| |  | | Stocks & Sectors in the News |
 | Information Technology | What happened IT stocks recovered briefly after a sharp fall early in the week. Coforge led the rebound, while Infosys, TCS, Wipro and Tech Mahindra continued its downward trend. However, the recovery was not strong enough to reverse the sector’s broader weekly weakness, and IT stocks again came under pressure towards the end of the week.
Why it happened Falling US bond yields initially supported IT services stock valuations, as the rupee weakened, which is usually expected to offer support to exporters. However, renewed weakness on Wall Street, higher long-term US Treasury yields and concerns about overseas technology spending kept investors cautious. | Which stocks moved | | ▼ | HCLTech | | ▲ | TCS | | ▲ | Tech Mahindra |
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|  | FMCG and Consumer Products | What happened
Patanjali Foods remained in focus after reporting an 86% year-on-year increase in quarterly profit. ITC also recovered during Thursday’s relief rally but remained under pressure on a weekly basis. The negative side was more visible in Britannia Industries, Marico, Avenue Supermarts and sugar producers such as Balrampur Chini Mills and Shree Renuka Sugars.
Why it happened
Higher fuel and input costs created margin concerns for consumer companies. Sugar stocks fell sharply after the government permitted duty-free imports of 10 lakh tonnes of raw sugar, raising expectations of softer domestic prices and weaker realisations for mills.
| Which stocks moved | ▲ | Patanjali Foods | | ▼ | ITC | | ▼ | Britannia Industries |
| | ▲ | Balrampur Chini Mills | | ▲ | Shree Renuka Sugars |
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|  | Defence | What happened Defence stocks began the week strongly, with Mishra Dhatu Nigam, HAL, BEML, Bharat Dynamics, and Paras Defence gaining. However, profit-booking later pulled several stocks lower after five consecutive sessions of gains.
Why it happened The government’s sixth ‘Positive Indigenisation List’, covering 405 defence items, supported expectations of more orders for domestic manufacturers. The proposed Reliance Industries–Rolls-Royce partnership for indigenous fighter jet engines also lifted sentiment, but elevated valuations encouraged investors to book profits later. | Which stocks moved | ▲ | Mishra Dhatu Nigam | | ▲ | BEML | | ▼ | HAL |
| | ▼ | Bharat Dynamics | | ▲ | Paras Defence |
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|  | Financial Services | What happened Gold loan companies delivered the clearest positive trend. Muthoot Finance, Manappuram Finance and IIFL Finance gained as record gold prices increased the value of collateral backing their loans. Kotak Mahindra Bank and HDFC Bank also showed relative strength. Why it happened: Lower global yields briefly supported banks and NBFCs, while higher gold prices improved sentiment around gold loan businesses. However, rising crude oil and inflation concerns reduced expectations of early interest rate relief, limiting the sector’s overall gains. | Which stocks moved | ▲ | Muthoot Finance | | ▲ | Manappuram Finance | | ▲ | IIFL Finance |
| | ▲ | Kotak Mahindra Bank | | ▼ | PFC | | ▼ | REC |
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| |  | | Top Delivery-volume Movers (Nifty 500) |
Rising Delivery Volume (Last week vs Prev month) | Stock Name | Avg delivery volume % | Avg month delivery volume % | Avg 6-month delivery volume | | Aster DM Quality Care | 79.24 | 76.05 | 62.12 | | Pfizer | 85.74 | 71.64 | 62.66 | | Groww | 66.63 | 56.03 | 40.18 | | Abbott | 82.25 | 66.32 | 62.73 | | Lenskart Solutions | 59.95 | 56.41 | 58.38 |
Pfizer’s delivery volume rose after Quant Mutual Fund bought an 2.67 lakh shares, worth about ₹131 crore, through a bulk deal
Falling delivery volume (Last week vs Prev month) | Stock Name | Avg delivery volume % | Avg month delivery volume % | Avg 6-month delivery volume | | Timken | 51.99 | 68.79 | 64.49 | | Container Corp | 39.08 | 47.91 | 49.51 | | Godfrey Phillips | 27.20 | 27.84 | 24.15 | | Five-Star Business Finance | 45.30 | 50.59 | 42.67 | | TVS Motor | 59.70 | 60.21 | 57.75 |
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| |  | | Year high and year low in the past week (Nifty 200) |
Stocks that hit their 52-week high: Bosch, Solar Industries, KEI Industries, Hindustan Aeronautics, Radico Khaitan, LG Electronics, Pidilite Industries, One97 Communications, United Spirits, AU Small Finance Bank, Lenskart Solutions, and Samvardhana Motherson Stocks that hit their 52-week low: Hindustan Unilever, HDFC Bank, UPL, IRCTC, Dabur, ITC, and IRFC Gaja Alternative Asset Management’s ₹550-crore IPO closed with strong demand, receiving an overall subscription of 32.98 times. Non-institutional investors led the bidding at 65.63 times, followed by qualified institutional buyers at 45.87 times and retail investors at 11.61 times.
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 Note: The stocks given in the table above are only for informational purposes and are not recommendations. | |
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| |  | | Research Calls (Long-Term) |
| Research Partner | Date of call | Stock | View | Target Price (₹) | | Markets Mojo | 19th Aug | Voltas | BUY | 1,221.50 | | William O’ Neil India | 19th Aug | Vijaya Diagnostic | BUY | 1,470.00 |
Here is how some of the expert research calls are performing | Research Partner | Date of call | Stock/Scrip | Entry Price (₹) | Price movement since call (%) | | Markets Mojo | 19th Aug | HFCL | 226.50 | 0.66% |
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| |  | | Commodity Moves |
| |  | | Brent Crude | | | |  | | Gold Futures | | | |  | | Silver Futures | | | |  | | Natural Gas Futures (NYMEX) | | | |  | | Copper Futures | |
| | | | $93.49 | | | | $4,621.51 | | | | $69.13 | | | | $2.78 | | | | $6.51 | |
| | | | 5.61% | | | | 4.15% | | | | 6.17% | | | | 1.61% | | | | -0.83% | |
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| |  | | Forex Moves |
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| |  | | FIIs vs DIIs |
Last week | | (In ₹ crore) | Cash (provisional) | Index Futures | Stock Futures | Index Options | Stock Options | | | | FIIs | -550.90 | -6,985.30 | 1,910.40 | -31,737.90 | -3,014.20 | | | | DIIs | 15,548.6 | 118.10 | -177.20 | -30.00 | -2,220.60 | |
Year-to-date | | (In ₹ crore) | Cash | Index Futures | Stock Futures | Index Options | Stock Options | | | | FIIs | -3,48,465.80 | -74,602.00 | -17,934.50 | -669,786.70 | -39,171.30 | | | | DIIs | 5,37,481.60 | 4,876.90 | 19,171.90 | 8,282.70 | -1,58,535.30 | |
Note: FII data is as of 20th August 2026 and DII F&O data up to 14th August 2026 only. | |
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| |  | | Global Signals | |
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Aisan Markets
Asian markets began positively but turned volatile as rising oil prices, higher bond yields and geopolitical tensions weakened sentiment. Technology-heavy markets such as Japan and South Korea faced sharp selling. Losses eased later as bond yields declined and chip stocks rebounded, although the week ended with a mixed trend.
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European Markets
European markets remained under pressure as rising oil prices renewed concerns about inflation and borrowing costs. Banks, defence and consumer-facing stocks weakened, while mining and healthcare shares provided some support. Lower US bond yields brought brief relief, but the overall mood remained cautious.
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US Markets
Wall Street started weak as rising oil prices and a bond sell-off pushed the 30-year US Treasury yield to its highest level since 2007. A brief recovery followed the US Treasury’s bond-buying announcement, but inflation and debt concerns returned. Weak Walmart results also weighed on sentiment, leaving major indices lower.
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As we head into next week, the jitters caused by the US Treasury’s operation twist and the conflict in West Asia could continue to dictate how markets move globally. Brent crude remains above $93 a barrel, while the US 10-year Treasury yield is hovering around 4.7%. Any fresh move in oil or bond yields could influence the rupee, foreign flows and rate-sensitive sectors. Back home, investors will also track industrial production, bank credit and forex reserve data, while policy developments could continue to create opportunities and risks. | |
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| |  | | Upcoming events (22nd August to 28th August 2026) |
Macroeconomic events & Earnings 25
August
Broad Money Supply (India)
| | 28
August
FX Reserves (India)
| | 28
August
Industrial Production (India) | | 28
August
Bank Credit (India) |
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August 21, 2026 | 20 mins read
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