Benchmarks trade with modest losses; consumer durables shares slide

The frontline indices erased some losses but still traded with modest declines on Thursday, snapping a two-day winning streak. The sell-off was triggered after U.S. President Donald Trump announced a 25% tariff on Indian goods, effective August 1, along with an additional, unspecified penalty for India?s purchase of items from Russia. Trading is volatile due to the monthly Nifty50 F&O series expiry today.

The Nifty traded below the 24,800 level. Consumer durable shares declined after advancing in the past two consecutive trading sessions.

At 10:35 IST, the barometer index, the S&P BSE Sensex declined 187.53 points or 0.24% to 81,287.75. The Nifty 50 index lost 61 points or 0.25% to 24,795.15.

In the broader market, the S&P BSE Mid-Cap index slipped 0.74% and the S&P BSE Small-Cap index fell 0.45%.

The market breadth was weak. On the BSE 1,406 shares rose and 2,278 shares fell. A total of 181 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.70% to 11.73.

IPO Update:

The initial public offer (IPO) of Aditya Infotech received bids for 12,82,43,478 shares as against 1,12,23,759 shares on offer, according to stock exchange data at 11:15 IST on Thursday (31 July 2025). The issue was subscribed 11.43 times.

The initial public offer (IPO) of Laxmi India Finance received bids for 1,22,29,118 shares as against 1,13,12,816 shares on offer, according to stock exchange data at 11:15 IST on Thursday (31 July 2025). The issue was subscribed 1.08 times.

The initial public offer (IPO) of National Securities Depository received bids for 9,07,39,548 shares as against 3,51,27,002 shares on offer, according to stock exchange data at 11:15 IST on Thursday (31 July 2025). The issue was subscribed 2.58 times.

The initial public offer (IPO) of M&B Engineering received bids for 12,79,802 shares as against 97,98,309 shares on offer, according to stock exchange data at 11:15 IST on Thursday (31 July 2025). The issue was subscribed 1.14 times.

The initial public offer (IPO) of Sri Lotus Developers and Realty received bids for 19,74,82,800 shares as against 3,96,58,730 shares on offer, according to stock exchange data at 11:15 IST on Thursday (31 July 2025). The issue was subscribed 4.98 times.

Buzzing Index:

The Nifty Consumer Durables index fell 1.07% to 38,134.20. The index advanced 0.50% in the past two consecutive trading sessions.

Whirlpool of India (down 2.96%), V-Guard Industries (down 2.62%), Kalyan Jewellers India (down 2.54%), Dixon Technologies (India) (down 1.91%), Century Plyboards (India) (down 1.77%), Blue Star (down 1.12%), Havells India (down 1.09%), Amber Enterprises India (down 1.05%), Titan Company (down 1%) and Kajaria Ceramics (down 0.68%) declined.

Global Markets:

Asian markets traded mostly lower on Thursday as after weakness in Chinese economic activity coupled with falling copper prices dampened investor sentiment.

Copper futures witnessed sharp sell-off after Trump said the U.S. will impose a 50% tariff on copper pipes and wiring. The details of the levy, though, fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes.

China's official NBS Manufacturing PMI dropped to 49.3 in July 2025 from June?s three-month high of 49.7, falling short of expectations and marking the fourth consecutive month of contraction in factory activity. It was the steepest decline since January, as output growth slowed, while both new orders and foreign sales saw their sharpest drops in three months.

The Bank of Japan?s policy decision remained on investor?s radar. Japan?s central bank is widely expected to stand pat on short-term interest rates at 0.5% for the fourth consecutive time, when its two-day policy meeting concludes later in the day.

Investors also assessed the U.S.′ blanket 15% tariffs on imports from South Korea. The U.S. President Donald Trump on Wednesday announced that Washington had reached a ?full and complete? trade deal with Seoul, setting blanket tariffs on the country?s exports to U.S. at 15%.

The S&P 500 closed lower on Wednesday and gave up its gain from earlier in the session after Federal Reserve Chair Jerome Powell threw some cold water on the prospects of a September rate cut.

The broad market index lost 0.12% to close at 6,362.90. The Nasdaq Composite added 0.15% to 21,129.67, while the Dow Jones Industrial Average fell 171.71 points, or 0.38%, to finish the session at 44,461.28.

The Federal Reserve's rate-setting committee voted 9-2 on Wednesday to hold interest rates steady for the fifth consecutive meeting, with two Fed governors dissenting for the first time in more than three decades.

Fed Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September.

The U.S. economic growth rebounded more than expected in the second quarter, but that measurement grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand increased at its slowest pace in two and a half years.

The US economy likely grew at an annualized rate of 2.4% in the second quarter of 2025, rebounding from a 0.5% contraction in the first quarter which was the first decline in three years.

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