Indices end lower for second straight day; Nifty closes below 25,400

The domestic equity benchmarks slipped further on Thursday, extending losses for a second consecutive session, as investors treaded cautiously ahead of a possible India-US trade deal and the kickoff to the Q1 earnings season.

After a muted opening, indices steadily lost ground through the day. The Nifty 50 index closed just off its intraday low, ending below the psychologically important 25,400 mark. Selling pressure was visible across key sectors, with PSU banks, IT, and FMCG stocks leading the decline.

The S&P BSE Sensex declined 345.80 points or 0.41% to 83,190.28. The Nifty 50 index fell 120.85 points or 0.47% to 25,355.25. In two consecutive trading sessions, the Sensex shed 0.62%, while the Nifty fell 0.66%.

Bharti Airtel (down 2.62%), Infosys (down 1.05%) and ICICI Bank (down 0.52%) were major drags.

In the broader market, the S&P BSE Mid-Cap index shed 0.28% and the S&P BSE Small-Cap index rose 0.12%.

The market breadth was negative. On the BSE, 1,959 shares rose and 2,064 shares fell. A total of 138 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.24% to 11.67.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.08% to 6.319 from the previous close of 6.314.

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 85.73 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement gained 0.42% to Rs 96,865.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 97.07.

The United States 10-year bond yield gained 0.21% to 4.349.

In the commodities market, Brent crude for September 2025 settlement lost 25 cents or 0.36% to $ 69.64 a barrel.

Global Markets:

The US Dow Jones index futures were currently down by 76 points, signaling a negative opening for US stocks today.

European shares traded higher on Thursday, shrugging off concerns over tariff updates.

Asian equities ended higher, riding a wave of optimism from the tech sector after Nvidia briefly crossed the $4 trillion valuation milestone. However, gains were tempered by growing unease over fresh U.S. trade tariffs announced by President Donald Trump.

Trump has begun dispatching formal letters to major trade partners, outlining steep new tariffs. Japan and South Korea each face a 25% tariff, while Brazil was hit with a 50% levy, prompting strong criticism and threats of reciprocal action from Brasilia. Trump also confirmed a 50% tariff on copper imports, claiming it was necessary to revive the domestic copper industry.

In South Korea, the Bank of Korea held interest rates steady, as expected, while signaling a readiness to ease policy further amid ongoing economic challenges.

Overnight on Wall Street, the Nasdaq hit record highs despite the tariff drama, lifted by a strong rally in Nvidia, which briefly topped $4 trillion in market cap. Investor enthusiasm around AI continued to fuel tech stocks, with Meta Platforms and other major names also ending in the green.

At the close, the Dow Jones gained 0.49%, the S&P 500 rose 0.61%, and the Nasdaq jumped 0.95%.

The Federal Reserve's June meeting minutes, released Wednesday, showed most policymakers still expect rate cuts this year, though divisions are emerging. While some members are eyeing a possible cut as early as July, others see no need for any easing in 2025.

Stocks in Spotlight:

Tata Consultancy Services (TCS) fell 0.06%. The IT giant reported a consolidated net profit of Rs 12,760 crore, marking a 6% year-on-year rise, while net margin stood firm at 20.1%. Revenue came in at Rs 63,437 crore, up 1.3% YoY in reported terms, although the company saw a 3.1% decline on a constant currency basis. Sequentially, the company managed to expand its operating margin by 30 basis points to 24.5%, signaling improved cost management. Cash generation remained robust with net cash from operations totaling Rs 12,804 crore, equaling 100.3% of net income. TCS also announced an interim dividend of Rs 11 per share. Its Q1 Total Contract Value (TCV) stood at $9.4 billion.

Krystal Integrated Services hit an upper circuit of 5% after it has secured a order from the Airports Authority of India (AAI) for the terminal building of Jay Prakash Narayan International (JPNI) Airport in Patna worth Rs 20.26 crore. Under the terms of the contract, Krystal will provide comprehensive facility management services across the terminal.

Eimco Elecon (India) tanked 9.91% after its standalone net profit declined 2.02% to Rs 14.48 crore, while revenue from operations slipped 3.09% to Rs 67.56 crore in Q1 FY26 over Q1 FY25.

Enviro Infra Engineers rose 1.66% after the firm, as the lead partner in a joint venture with AltoraPro Infrastructure, secured an Rs 395.50 crore pollution control project from the Maharashtra Industrial Development Corporation (MIDC).

Indian Renewable Energy Development Agency (IREDA) added 2.26% after the Ministry of Finance granted approval to issue capital gain exemption bonds under section 54EC of the Income Tax Act, 1961.

JTL Industries rose 4.55% after the company announced expansion plan aimed at strengthening its position in the high-margin, high-strength steel pipe market. The company will set up a new Electric Resistance Welded (ERW) pipe manufacturing line with an annual capacity of 3 lakh metric tonnes, specifically targeting the ASTM/API-grade pipe segment. The new facility will help unlock margins exceeding Rs 7,000 per tonne and enable the production of over 500 unique product variants (SKUs).

GP Eco Solutions India hit an upper circuit of 5% after the company secured an engineering, procurement, and construction (EPC) contract worth Rs 121.29 crore for a solar power project.

Shilpa Medicare rose 3.27% after the company announced that its Unit VI facility in Dabaspet, Bengaluru, Karnataka, has received Good Manufacturing Practice (GMP) certification from the Saudi Food and Drug Authority (SFDA).

Emcure Pharmaceuticals advanced 1.83% after the U.S. Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) at its manufacturing facility (Oncology) located at G.I.D.C, Sanand, Ahmedabad, Gujarat.

Amber Enterprises India rose 0.71%. The company announced that its board will meet on Saturday, 12 July 2025, to consider a proposal to raise up to Rs 2,500 crore through the issuance of eligible securities.

Oil India fell 1.76%. The company informed that it has signed an agreement with Gail India to extend their existing gas sale and purchase agreement (GSPA) for another 15 years.

Orient Technologies shed 0.84%. The company announced that it has received a purchase order worth Rs 29.86 crore from Protean eGov Technologies for the procurement, setup, and support of AWS infrastructure.

IPO Update:

The initial public offer (IPO) of Smartworks Coworking Spaces received bids for 51,24,780 shares as against 1,04,01,828 shares on offer, according to stock exchange data at 16:39 IST on Thursday (10 July 2025). The issue was subscribed 0.49 times.

The issue opened for bidding on Thursday (10 July 2025) and it will close on Monday (14 July 2025). The price band of the IPO is fixed between Rs 387 and 407 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

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