After opening the day lower, the benchmark indices continued their downward momentum and ended the session in the red.

Indian equity market indices Sensex and Nifty ended significantly lower on Monday after US President Donald Trump's new H-1B visa fees rule triggered panic selling among investors, especially IT shareholders.

At the closing bell, the BSE Sensex closed lower by 466 points (down 0.5%).

Meanwhile, the NSE Nifty closed 125 points lower (down 0.5%).

Eternal, Bajaj Finance, and Adani Ports are among the top gainers today.

Tech Mahindra, TCS, and Infosys, on the other hand, were among the top losers today.

The GIFT Nifty was trading at  25,282, lower by 152 points at the time of writing.

The BSE MidCap index ended 0.7% lower, and the BSE SmallCap index ended 0.7% lower.

Sectoral indices are trading mixed today, with stocks in the metal sector and the power sector witnessing buying. Meanwhile, stocks in the media sector and the IT sector witnessed selling pressure.

The rupee is trading at Rs 88.1 against the US$.

Gold prices for the latest contract on MCX are trading 1.5% higher at Rs 111,548 per 10 grams.

Meanwhile, silver prices were trading 2.1% higher at Rs 132,682 per 1 kg.
 

Hindustan Copper Rises on Rakha Mining Lease

In the news from metal sector, shares of Hindustan Copper surged 8% after the announced that a 20-year mining lease agreement had been signed between the company and the District Commissioner (DC), Jamshedpur.

The company claims that the deed is a crucial step in the reopening and expansion of the Rakha Copper Mine, which is strategically significant for the growth of copper production in the area.

All of India's active copper ore mining leases are owned by Hindustan Copper, a public sector company under the Ministry of Mines.

To create and market copper concentrate, the company focusses on the exploration, mining, and beneficiation of copper ore.
 

Garden Reach Shipbuilders Gains on MoUs

Moving on to the news from defence sector, shares of Garden Reach Shipbuilders & Engineers (GRSE) jumped 6% after the company signed the following Memorandums of Understanding (MoUs) with strategic partners in the infrastructure, port, and shipbuilding industries.

The Shipping Corporation of India, Modest Infrastructure Private Limited, Indian Port Rail & Ropeway Corporation, Syama Prasad Mookerjee Port Authority, Kolkata, and Deendayal Port Authority, Kandla, are among the partners.

With the help of these MoUs, GRSE and its partners can work together to explore and develop projects in a variety of domains, including newbuild construction (including low-emission and green vessels), ship repair, green tug construction in accordance with GTTP specifications, port infrastructure development and maintenance, jetty and berth development, multimodal logistics, last-mile connectivity, and related civil, rail, and ropeway infrastructure for ports and terminals.

Before this, GRSE had a $62.44 million contract with a Hamburg-based company to build four hybrid multipurpose ships. According to a company statement, the contract also contains a clause for two more hybrid-powered ships.

In accordance with the International Maritime Organization's (IMO) decarbonisation goals, the 120-meter-long and 17-meter-wide ships will have battery-assisted hybrid propulsion, enhanced fuel efficiency, and adaptable cargo handling systems.
 

Shipping Corporation Gains on Oil Partnerships

Moving on to the news from shipping sector, shares of Shipping Corporation gained 8% following the company's signing of several Memorandums of Understanding (MoU) with Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum Corporation (BPCL).

This partnership aims to develop and operate a fleet that will enhance India's shipping capabilities, advance the nation's energy security, and support the Atmanirbhar Bharat vision. Companies are planning to jointly purchase, own, operate, and manage vessels under this Memorandum of Understanding.

In addition to coastal transportation of petroleum, petroleum products, petrochemicals, and other hydrocarbon cargoes, these vessels will be utilised for international trade.

Aside from that, the company signed a Memorandum of Agreement (MoA) in July to purchase two used Very Large Gas Carriers (VLGCs).

According to the exchange filing, SCI anticipates adding these two VLGCs to its fleet in the current quarter of FY 2025-2026.

The Shipping Corporation of India (SCI) is a major Indian shipping company that operates in various areas, including tankers, bulk carriers, containers, and offshore vessels. It's a government-owned enterprise under the Ministry of Ports, Shipping, and Waterways.

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