Indices ride a truce-fueled high, but geopolitical shadows clip the rally

The headline equity benchmarks ended with modest gains after a volatile session, lifted early on by broad-based buying but later weighed down by fresh geopolitical worries. The Nifty 50 opened strong at 25,179.90 and climbed to an intraday high of 25,317.70 by noon, fuelled by optimism over a potential Iran-Israel ceasefire and a steep drop in crude oil prices. However, the rally lost steam in the afternoon as reports of a possible ceasefire breach by Iran rattled investor confidence, leading to profit booking that briefly dragged the index below the 25,000 mark. Nifty eventually recovered some ground to settle at 25,044.35. The day?s trade underscored the market?s ongoing struggle between upbeat cues and persistent global risks. Sector-wise, banking stocks outperformed, while oil & gas counters remained under pressure.

The S&P BSE Sensex, added 158.32 points or 0.19% to 82,055.11. The Nifty 50 index rose 72.45 points or 0.29% to 25,044.35.

ONGC (down 2.94%), Trent (down 0.97%) and Reliance Industries (down 0.43%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.54% and the S&P BSE Small-Cap index added 0.71%.

The market breadth was strong. On the BSE, 2,662 shares rose and 1,339 shares fell. A total of 143 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.88% to 13.64.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.59% to 6.271 from the previous close of 6.308.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.0440 compared with its close of 86.7850 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement fell 2.03% to Rs 97,374.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.30% to 98.08.

The United States 10-year bond yield added 0.56% to 4.343.

In the commodities market, Brent crude for August 2025 settlement tanked $1.87 or 2.62% to $69.61 a barrel.

Global Markets:

US Dow Jones futures jumped 282 points, pointing to a strong open for Wall Street.

Shares in Europe and Asia edged higher on Tuesday, buoyed by President Donald Trump?s claim of a ceasefire between Iran and Israel, though the agreement has yet to be officially confirmed by either nation.

Overnight in the US, all three major indices closed higher as investor nerves eased following Iran?s relatively muted response to the US airstrikes over the weekend. The Dow gained 0.89%, the S&P 500 rose 0.96%, and the Nasdaq advanced 0.94%.

Tesla shares surged over 8%, leading the Nasdaq's gains, after the company launched its long-awaited Robotaxi service in Austin, Texas.

Sentiment also got a boost from Fed Governor Michelle Bowman, who signaled that a rate cut could be on the table at July's meeting, provided inflation and labor market data remain supportive. Speaking in Prague, Bowman also downplayed the inflationary impact of Trump's proposed tariff wave, calling it temporary. All eyes now turn to Fed Chair Jerome Powell, who begins two days of testimony before Congress starting Tuesday.

Stocks in Spotlight:

Bondada Engineering hit an upper limit of 5% after the company secured a Letter of Award from Tamil Nadu Green Energy Corporation (TNGECL) for a 400 MWh Battery Energy Storage Systems (BESS) project in Vellalaviduthi and Thennampatty.

KPIT Technologies slipped 6.12% after the company released its mid-quarter update for June 2025, which painted a mixed picture of near-term business momentum and execution risks. KPIT indicated that it does not expect any one-time gains in Q1 FY26 like it saw in Q4 FY25. The company also flagged potential pressure on other income due to recent forex fluctuations, further dampening the near-term outlook.

Ugro Capital advanced 5.30% after the company announced the elevation of Anuj Pandey as its new chief executive officer, effective 1 July 2025.

Gland Pharma rose 1.29% after the company announced that it has received an Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (USFDA), indicating the closure of the inspection at its Visakhapatnam facility.

Enviro Infra Engineers zoomed 12% after the company announced that it has bagged two key solar power projects aggregating to 69 MW (AC) capacity, marking its strategic foray into the renewables sector.

Mahindra Lifespace Developers rose 1%. The company announced the launch of its redeveloped residential project Mahindra 'Codename64? in Malad (West), Mumbai.

Astec Lifesciences jumped 7.42% after the company announced that its board has approved raising up to Rs 250 crore through a rights issue of fully paid-up equity shares.

Garware Technical Fibres jumped 5.5% after the company's wholly owned UK-based subsidiary Garware Technical Fibres UK entered into a definitive share purchase agreement (SPA) to acquire Norway-based Offshore & Trawl Supply AS (OTS).

IPO Update:

The initial public offer (IPO) of Globe Civil Projects received bids for 8,10,86,034 shares as against 1,17,32,392 shares on offer, according to stock exchange data at 16:50 IST on Tuesday (24 June 2025). The issue was subscribed 6.91 times.

The issue opened for bidding on Tuesday (24 June 2025) and it will close on Thursday (26 June 2025). The price band of the IPO is fixed between Rs 67 and 71 per share. An investor can bid for a minimum of 10 equity shares and in multiples thereof.

Ellenbarrie Industrial Gases's IPO received bids for 11,33,939 shares as against 1,51,08,983 shares on offer, according to stock exchange data at 16:50 IST on Tuesday (24 June 2025). The issue was subscribed 0.08 times.

The issue opened for bidding Tuesday (24 June 2025) and it will close on Thursday (26 June 2025). The price band of the IPO is fixed between Rs 380 and 400 per share. An investor can bid for a minimum of 37 equity shares and in multiples thereof.

Kalpataru's IPO received bids for 20,23,524 shares as against 2,28,26,516 shares on offer, according to stock exchange data at 16:50 IST on on Tuesday (24 June 2025). The issue was subscribed 0.09 times.

The issue opened for bidding on Tuesday (24 June 2025) and it will close on Thursday (26 June 2025). The price band of the IPO is fixed between Rs 387 and 414 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

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