SENSEX crashes 1,500 pts, NIFTY50 below 24,000 in noon session; Kalyan Jewellers, Inox India, Knack Packaging among buzzing stocks

The Indian equity benchmark indices crashed in the afternoon session on Wednesday, July 8, as investors turned cautious after US President Donald Trump said that a ceasefire with Iran was "over as far as I'm concerned."

Speaking at the start of a NATO summit in Istanbul, Trump described Iran as "evil, sick people" and "dirty players," accusing Tehran of violating the ceasefire by targeting commercial vessels in the Strait of Hormuz.

"The ceasefire is over as far as I'm concerned," Trump said. He added that he no longer wanted to negotiate with "this scum," saying the United States was wasting time pursuing diplomacy with Iran.

At 2:10 PM, the S&P BSE SENSEX was crashed 1,567.10 points, or 2%, at the 76,613.62 level, while NSE’s NIFTY50 was trading at the 23,907.95 level, falling 490.75 points, or 2.01%.

Buzzing stocks on July 8: Check list

Shares of Kalyan Jewellers staged a strong bounce back on Wednesday after falling as much as 9% in the previous session. The Thrissur-based jewellery retailer’s shares advanced as much as 8% to hit an intraday high of ₹382.80 on NSE amid a spike in trading activity.

Global investment firm Citi, in a note, said that Kalyan Jewellers' footfalls in the Middle East were impacted by geopolitical tensions and its asset-light model will aid deleveraging and improve return on capital employed (RoCE) going ahead. It added that franchise-led expansion will support revenue growth.

Kalyan Jewellers, in an exchange filing on Tuesday, said that the recently concluded quarter was a satisfying one with consolidated revenue growth of around 38% in the first quarter of current financial year compared with the same period last year. Its same-store-sales growth came in at 28% at the end of June quarter.

Aviation stocks like IndiGo operator InterGlobe Aviation and SpiceJet were trading lower as both the airlines witnessed a dip in their market share for the month of May.

According to DGCA data, IndiGo's market share in May slipped to 64.9%, whereas SpiceJet saw its market share shrink to 2.5% during the month. On the flip side, Air India Group's market share climbed to 25.6% while Akasa Air's market share remained unchanged at 5.8%.

Shares of IndiGo and SpiceJet also slipped following a surge in crude oil prices in the global market to more than $76 per barrel (bbl) during the trading session on Wednesday.

Knack Packaging shares were listed at a 11% premium on top of the issue price on NSE at ₹188 apiece during the trading session on Wednesday, according to the exchange data.

This listing shows that the company shares were listed at an 11% premium against the upper price band of the initial public offering (IPO) of ₹170 per share. On BSE, Knack Packaging shares made their debut at ₹186 per share, marking a 9.4% premium on top of their upper price band.

With Knack Packaging IPO’s lot size of 88 shares per lot, stock market investors who received the allotment witnessed an increase in investment value by ₹1,584 per lot to ₹16,544 per lot, as per NSE data.

With the initial price band of ₹161 to ₹170 per share on every lot, the fresh issue component was worth around ₹380 crore in the public issue, while the remaining funds were raised for the OFS sellers. At the NSE listing price of ₹188 per share, the value of one lot increased to ₹16,544, from ₹14,960 at the upper price band.

Uno Minda shares gained as much as 2.4% to touch an intraday high of ₹1,156.90 apiece on Wednesday, a day after the company said it will invest ₹320 crore to set up a new manufacturing facility to enter into the four-wheeler passenger vehicle seating systems segment.

In a regulatory filing, the auto components maker said the new proposed unit will be set up in Chhatrapati Sambhajinagar (formerly Aurangabad) of Maharashtra. The facility, with an annual capacity of 2.4 lakh units, is expected to commence operations by Q4 FY28, with further capacity additions planned in phases through FY31.

The project will be executed under Uno Minda Tachi-S Seating Pvt Ltd—a joint venture with TACHI-S Company Ltd, Japan, a leading global automotive seating manufacturer, Uno Minda said in the filing.

Inox India shares surged more than 5.6% to hit their intraday high of ₹1,908 after the company disclosed that it has secured multiple orders worth a total of ₹939 crore since May 21 to date.

As per the NSE filing, Inox India has received orders across several business segments like Industrial Gas, Cryo-scientific Solutions and LNG.

“As we continue to expand our presence across geographies and end-use sectors, we are witnessing strong momentum in the adoption of cryogenic technologies for increasingly sophisticated applications, particularly in the space sector,” said Deepak Acharya, CEO of Inox India, in the official statement.

Shares of PC Jeweller rallied as much as 9% to ₹10.28 apiece on Wednesday as the company said it has repaid all its outstanding debt under the settlement agreement with two of the 14 consortium banks.

In an exchange filing on Tuesday, the jewellery retailer said the repayments were made in line with its objective of becoming debt-free this quarter. The settlement agreement with the consortium banks was signed on September 30, 2024.

The company said the repayment marks a significant milestone in its ongoing turnaround journey. It added that it has now cleared all outstanding dues under the settlement terms with two consortium lenders.

Last week, PC Jeweller Ltd reported a 21% growth in consolidated revenue during the first quarter of this fiscal (Q1 FY27) and said it will become a debt-free company during the July-September period.

Shares of the civil construction firm slipped 3% to an intraday low of ₹368.05 apiece on Wednesday after the company secured an order worth ₹704.7 crore.

“…we wish to inform you that Ceigall India Limited (‘CIL’) jointly with Sushee Infra & Mining Limited (‘SIML’) [CIL – 74% & SIML – 26% share in JV] has emerged as the L1 bidder in the financial bid opening for Tender ID: 2025_MoRTH_868177_1 dated 08 July, 2026 by the Ministry of Road Transport and Highways,” Ceigall India said in a regulatory filing.

The contract pertains to the construction of a road stretch from 85.60 km to 168 km of the Lada–Sarli section of NH-913 (Frontier Highway) in Arunachal Pradesh. The project will be executed under the Engineering, Procurement, and Construction (EPC) mode and involves upgrading the existing alignment to an intermediate lane configuration.

The project will be completed in 48 months followed by five years of maintenance work.