Barometers trade near flat line; metal shares underpressure

The domestic equity indices continued to trade with near flat line with positive bias in the early afternoon trade. Traders will monitor upcoming earnings season, India-US trade deal and tariffs situation. Nifty managed to trade above at 25,500 level.

Metal shares tumbled after U.S. President Donald trump announced a 50% tariffs on copper imports.

At 12:25 IST, the barometer index, the S&P BSE Sensex advanced 43.73 points or 0.05% to 83,769.08. The Nifty 50 index rose 16.10 points or 0.06% to 25,540.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.09% and the S&P BSE Small-Cap index jumped 0.52%.

The market breadth was positive. On the BSE, 2,101 shares rose and 1,688 shares fell. A total of 182 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.72% to 11.86. The Nifty 31 July 2025 futures were trading at 25,629 at a premium of 88.95 points as compared with the spot at 25,540.05.

The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 55.2 lakh contracts at the 26,000 strike price. Maximum put OI of 74.2 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty Metal index declined 1.79% to 9,346.95. The index dropped 3.63% in the five consecutive trading sessions.

Hindustan Copper (down 3.4%), Tata Steel (down 2.07%), Steel Authority of India (down 1.93%), Hindalco Industries (down 1.81%), Jindal Stainless (down 1.68%), Hindustan Zinc (down 1.59%), Vedanta (down 1.59%), National Aluminium Company (down 1.09%), Jindal Steel & Power (down 1.06%) and APL Apollo Tubes (down 1.03%) declined.

Stocks in Spotlight:

Oriana Power surged 4.83% after its wholly owned subsidiary, Truere Knight has signed BESPA with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) to set up a 50 MW/100 MWh standalone battery energy storage system (BESS) in Rajasthan.

Lupin rose 0.28%. The company announced that it has entered into a license and supply agreement with Zentiva, k.s. for the commercialization of its biosimilar Certolizumab Pegol. As part of the deal, Zentiva will make a non-refundable payment of up to USD 50 million, tied to regulatory milestones.

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