Summary
The Sensex fell 171.72 points to close at 77,369.11 and the Nifty 50 lost 32.95 points to end at 24,219.05 on Monday, 24 August 2026, as Iran threatened to seize vessels and change Strait of Hormuz transit rules ahead of expected US sanctions.
Nifty Metal outperformed while Nifty PSU Bank declined the most, with SBI Life, Adani Ports and Bajaj Finance the top Nifty losers.
Ratnamani Metals & Tubes surged 18% intraday on export orders worth around ₹2,700 crore, while rice stocks like KRBL, LT Foods and Chaman Lal Setia rose up to 14%.
BLS International tanked 13% on visa irregularity allegations it categorically rejected, and Brent crude fell 1.48% to $91.30 ahead of the US sanctions announcement.
The Sensex fell 171.72 points to close at 77,369.11 and the Nifty 50 lost 32.95 points to end at 24,219.05 on Monday, 24 August 2026, as Iran threatened to seize vessels and change Strait of Hormuz transit rules ahead of expected US sanctions.
Nifty Metal outperformed while Nifty PSU Bank declined the most, with SBI Life, Adani Ports and Bajaj Finance the top Nifty losers.
Ratnamani Metals & Tubes surged 18% intraday on export orders worth around ₹2,700 crore, while rice stocks like KRBL, LT Foods and Chaman Lal Setia rose up to 14%.
BLS International tanked 13% on visa irregularity allegations it categorically rejected, and Brent crude fell 1.48% to $91.30 ahead of the US sanctions announcement.
The Sensex fell 171.72 points, or 0.22%, to close at 77,369.11, while the Nifty 50 ended 32.95 points, or 0.14%, lower at 24,219.05.
The broader market was split. The Nifty MidCap rose 0.13% while the Nifty SmallCap fell 0.26%, a mixed reading after last week’s smallcap outperformance.
Impact on the stock market
Sectoral gainers: The Nifty Metal index outperformed, in line with the surge in Ratnamani and continued strength across the metals pack. The Nifty MidCap’s 0.13% rise added modest support.
Sectoral losers: The Nifty PSU Bank index declined the most, extending its volatile August, while the Nifty SmallCap’s 0.26% fall showed the caution creeping into the broader market.
| Sector/Index | Performance |
| IT & BPM sector | 0.21% |
| Healthcare sector | -0.04% |
| Oil & Gas sector | 0.13% |
| Real estate sector | 0.60% |
| PSU Bank in India | -0.93% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| JSW Steel | 1,327.00 | 2.57 |
| Hindalco | 1,058.50 | 2.37 |
| Tata Steel | 186.30 | 1.80 |
| HCL Tech | 1,322.00 | 1.50 |
| Dr Reddys Labs | 1,190.00 | 1.30 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| SBI Life Insurance | 1,761.80 | -1.73 |
| Bajaj Finance | 1,077.00 | -1.64 |
| Adani Ports | 1,672.10 | -1.64 |
| Bajaj Finserv | 2,001.70 | -1.52 |
| Bharat Electronics | 409.00 | -1.21 |
Market aftermath: Impact on stocks
Ratnamani Metals & Tubes: An 18% Surge on ₹2,700 Crore Export Orders
Shares of Ratnamani Metals & Tubes surged 18% intraday to hit a two month high of ₹2,777 on the NSE after the company said its subsidiary received export orders worth around ₹2,700 crore for the supply of spools and hangers. Notably, the stock was already trading over 6% higher before the announcement.
According to the exchange filing, the orders will be partly manufactured at the company’s plant and partly subcontracted and sold on a mercantile trade transaction basis, with execution spread over two to three years. The stock pared some of the sharp gains towards the close and settled at ₹2,698, still up 14.59% on the day.
Rice and Dairy Stocks: LT Foods, KRBL and Milky Mist Join the Soft Commodity Rally
After the recent surge in sugar stocks, the rally spread to other soft commodities on August 24. Rice companies led the way, with KRBL, LT Foods and Chaman Lal Setia rising up to 14%, while dairy names like Parag Milk Foods, Hatsun Agro and recently listed Milky Mist gained up to 6%. KRBL’s management said higher demand and a lower crop size have pushed prices up, and expects rice prices to remain firm for the rest of the year.
Brokerages are backing the move, at least on LT Foods. Geojit Investments has a Buy rating with a target of ₹514, while Motilal Oswal reiterated its Buy with a ₹520 target after a strong first quarter in which revenue grew 28% and operating profit rose 33%, raising its FY27 and FY28 earnings estimates by 9% each.
BLS International: A 13% Plunge on Allegations the Company Rejects
BLS International Services tanked 13% to ₹236.85 on the BSE in intraday trade, coming close to its 52 week low of ₹218.45, amid heavy volumes even as the company rejected allegations of involvement in visa irregularities referred to in certain media reports. By 1:38 pm, a combined 20.92 million shares, representing 5% of the company’s total equity, had changed hands on the NSE and BSE, and the stock traded 11% lower at ₹241.30.
In an exchange filing, the company categorically rejected any involvement in the alleged irregularities, saying there is no evidence establishing wrongdoing by BLS International or its employees, that its role is strictly administrative, and that all visa decisions rest solely with the relevant diplomatic and consular authorities. The fall is a sharp reversal for a stock that had rallied 18% over the past month. Its underlying business has been growing, with the visa and consular services segment delivering 21.6% revenue growth and the digital services business growing 32.2% in the June quarter.
Crude Oil: Lower Ahead of the Expected US Sanctions Announcement
Crude oil futures traded lower on Monday morning ahead of an expected US announcement on economic sanctions against Iran. November Brent futures were at $91.30, down 1.48%, and October WTI futures were at $85.59, down 1.69%. On the MCX, September crude futures fell 1.84% to ₹8,205.
The logic behind the fall is worth understanding. US Treasury Secretary Scott Bessent said the US would impose the toughest sanctions in history on Iran, adding that maximum economic pressure likely means there will not be a large scale military restart. President Donald Trump has called the plan an economic D-Day, threatening major penalties against any country providing a lifeline to Iran. Markets read maximum economic pressure as a substitute for military escalation, which eased the supply panic slightly. Iran’s National Security Council secretary Mohsen Rezaei warned that Iran would take decisive action if any neighbouring country joined the economic campaign. Elsewhere, natural gas fell 0.93% to ₹267.20 on the MCX, while guar gum rose 1.15% to ₹12,090 and dhaniya added 0.59% to ₹16,308 on the NCDEX.
Conclusion
Monday captured the market’s strange equilibrium. Iran threatened shipping, the US prepared historic sanctions, and the benchmarks fell just 0.2% while oil actually declined. The energy in this market is entirely stock specific: Ratnamani earned a 14.59% close on a ₹2,700 crore order book addition, rice stocks rallied on firm prices, and BLS International lost over a tenth of its value on allegations it denies. The US sanctions announcement is now the week’s defining event. If economic pressure truly replaces military escalation, oil could keep easing and give the benchmarks room to recover. Stay stock focused and keep the news feed close.
