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Oh no, looks like Mr. Market is feeling extra grumpy this week! The bears took charge for the third day running as both the Nifty and Sensex closed lower. Out of the Nifty 50 stocks, 39 ended the day soaked in red. But it wasn't all gloom and doom - pharma and media stocks managed to end higher.

In specific numbers, the Nifty slid 0.7% to 19,381 and the Sensex dropped 0.8% to 65,240. Among the top losers were Titan, ONGC, and Bajaj Finserv. A few bright spots were Adani Enterprises, Adani Ports and Eicher Motors which posted gains.  

On the positive side, India's services PMI for July climbed nicely to 62.3 from 58.5 in June indicating continued expansion.

In company news, MRF shares hit a 52-week high as Q1 profits zoomed 376% year-over-year. But IndiGo shares fell despite strong quarterly results due to overall market weakness. Zydus Lifesciences rose on USFDA approval for an arthritis drug. And the SBFC Finance IPO was fully subscribed on day 1.

Now here's a concerning update - the government's ethanol blending program is running low on fuel due to lower sugar production and grain supply issues. This could make hitting the 20% target by 2025 challenging without concrete action.

That's the scoop for now! If you found this useful, be sure to bookmark the page for your daily dose of market musings. Happy investing!