Nifty slips below 25,500 as tariff jitters persist; all eyes on TCS results

Equity benchmarks ended moderately lower today, weighed down by lingering uncertainty over potential U.S. tariff actions and the prospects of a U.S.-India trade deal. While tariff concerns continue to cloud sentiment, investor attention is now turning to the Q1 earnings season, with IT giant TCS set to report its results on Thursday, July 10. The Nifty closed below the 25,500 mark, pressured by declines in metal and energy stocks.

The S&P BSE Sensex declined 176.43 points or 0.21% to 83,536.08. The Nifty 50 index fell 46.40 points or 0.18% to 25,476.10.

HCL Technologies (up 2.03%), Reliance Industries (up 1.28%) and ICICI Bank (up 0.70%) were major drags.

In the broader market, the S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index rose 0.45%.

The market breadth was positive. On the BSE, 2,076 shares rose and 1,926 shares fell. A total of 140 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.09% to 11.94.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.11% to 6.313 from the previous close of 6.306.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.6900 compared with its close of 85.7300 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement fell 0.41% to Rs 96,086.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 97.26.

The United States 10-year bond yield declined 0.20% to 4.407.

In the commodities market, Brent crude for September 2025 settlement gained 17 cents or 0.24% to $70.32 a barrel.

Global Markets:

European shares traded higher on Wednesday as investors attempting to gauge the full scope of US President Donald Trump?s trade tariffs.

Asian shares ended mixed after US President Donald Trump ruled out any extension to the looming August 1 tariff deadline. On Tuesday, he also announced a steep 50% duty on copper imports and signaled that more sector-specific tariffs could follow soon.

In a bold move, Trump threatened to slap tariffs of up to 200% on pharmaceutical exports to the US. However, he added a grace period of about a year, year and a half before the measure kicks in.

Meanwhile, fresh economic data from China painted a mixed picture. The country's producer price index tumbled 3.6% in June from a year earlier, the sharpest drop in nearly two years. On the flip side, the consumer price index inched up just 0.1% year-on-year.

Back in the US, Wall Street remained jittery over escalating trade tensions. The Dow fell 0.37%, the S&P 500 slipped 0.07%, and the NASDAQ managed a slim gain of 0.03%.

All eyes now turn to the Federal Reserve, with the minutes from its June policy meeting set to be released later today. Investors will be scanning the details for clues on the Fed's next move on interest rates.

New Listing:

Shares of Crizac settled at Rs 307.45 on the BSE, representing a premium of 25.49% compared with the issue price of Rs 245.

The scrip was listed at 280, exhibiting a premium of 14.29% to the issue price. The stock has hit a high of Rs 307.95 and a low of Rs 275. On the BSE, 87.12 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Reliance Industries fell 1.28% after the media reported that its telecom and digital arm, Reliance Jio Platforms, has shelved plans to go public in 2025.

Vedanta fell 3.38% after US-based Viceroy Research said it has shorted the debt stack of Vedanta Resources (VRL), the parent company, describing it as a financial zombie kept alive by draining cash from its Indian subsidiary.

Vedanta has strongly refuted the allegations made in the Viceroy Research report, calling it a malicious combination of selective misinformation and baseless allegations. The company claims the report was released without any attempt to reach out for clarification and is intended solely to create false propaganda and profit from market reaction.

Tata Motors shed 0.06%. The company?s global wholesales (including Jaguar Land Rover) declined 9% to 2,99,664 units compared with Q1 FY26. Global wholesale of all Tata Motors? commercial vehicles and the Tata Daewoo range in Q1 FY26 was at 87,569, lower by 6% over Q1 FY25.

Oriana Power hit an upper circuit of 5% after its wholly owned subsidiary, True Knight, 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.

Religare Enterprises rallied 6.38% after the company said that its board will meet on 11 July 2025 to consider a proposal for raising funds through a preferential allotment, subject to regulatory/statutory approvals.

Bajel Projects rallied 4.51% after the company announced a significant capacity expansion plan to cater to rising captive demand and boost sales in both domestic and international markets.

Bharat Road Network rose 3.50% after the company announced that its subsidiary, Orissa Steel Expressway Pvt (OSEPL), received Rs 383.85 crore from the National Highways Authority of India (NHAI).

Gujarat Pipavav Port rose 0.23%. The company announced that its handled cargo volume in container terms decreased to 164 thousand TEUs for Q1 FY26 from 165 thousand TEUs recorded in Q1 FY25, down 0.60%.

JSW Steel shed 0.35%. The company has recorded consolidated steel production of 7.26 million tonnes in Q1 FY26, up 14% as compared with the production volume of 6.35 million tonnes reported in Q1 FY25.

Aurionpro Solutions rose 0.86%. The company announced that it has secured a multi-million-dollar contract to deploy its digital banking platform for a leading African bank.

Signatureglobal (India) rose 0.70%. The company reported a 63% quarter-on-quarter (QoQ) increase in pre-sales to Rs 2,640 crore in Q1 FY26, compared to Rs 1,620 crore in Q4 FY25.

IPO Update:

The initial public offer (IPO) of Travel Food Services received bids for 3,85,35,029 shares as against 1,34,12,842 shares on offer, according to stock exchange data at 16:45 IST on Wednesday (9 July 2025). The issue was subscribed 2.87 times.

The issue opened for bidding on Monday (7 July 2025) and it will close on Wednesday (9 July 2025). The price band of the IPO is fixed between Rs 1,045 and 1,100 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

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