The Prime Daily: 12 August 2026

U.S. benchmarks closed lower for a second straight session Tuesday as investors turned cautious ahead of the July CPI report. The S&P 500 fell 0.3%, the Nasdaq Composite dropped 0.6% on weakness in large-cap tech, and the Dow lost 0.3%.

Markets awaited the inflation print, expected to show 0.1% m/m headline growth and a 3.4% annual pace.

Alphabet shares fell 3.8%, their fourth decline in five sessions, as investors reacted to the company’s reshuffling of its internal AI units.

Intel priced a public offering of 210.5 million shares at $95 apiece, upsizing the deal from $15 billion to $20 billion. The offering, set to today — one of the largest capital raises in the chip sector this year.

Oil extended its volatile run amid stalled talks over reopening the Strait of Hormuz. Brent has surged to nearly $90.

Iran maintained the strait would stay closed until its demands are met, even as a senior Pakistani minister said Tuesday the U.S. and Iran were nearing “some sort of arrangement” — a rare note of optimism amid otherwise hardening rhetoric on both sides.

Energy stocks gained on the rally, while refining margins spiked, pointing to a tightening downstream market.

The Indian rupee weakened for the second consecutive session yesterday, depreciating by 14 paise to close near 95.44. The decline was driven by weakness across Asian currencies and rising crude oil prices. Heightened risk aversion amid geopolitical uncertainty continued to exert pressure on the domestic currency. However, the rupee’s decline remained relatively contained despite the surge in oil prices, supported by intervention from the central bank.

Fitch Ratings affirmed India’s sovereign rating at BBB-, the lowest investment-grade level, while retaining a stable outlook. The agency cited robust growth prospects and stable external financing conditions, but flagged elevated government debt, weak structural metrics and potential fiscal spending pressures amid rising youth unemployment.

The central government’s net direct tax collection rose 23% YoY to ₹8.11 trillion as of August 10, supported by strong growth in non-corporate tax and STT receipts. The collection represents nearly one-third of the FY27 target of ₹26.97 trillion, despite a slower rise in refunds.

The Nifty remained under pressure throughout the session yesterday due to a sharp rise in crude oil prices on geopolitical concerns.

Having declined more than 300 points from its recent peak of 24,774, the Nifty has moved closer to its 200-day DEMA support at 24,384.

A decisive close below this level could drag the index towards the next support at 24,000. On the upside, 24,630 and 24,750 are likely to act as key resistance levels.