Benchmarks end flat amid US-India trade deal buzz
Despite the uncertainty, the market managed a positive finish, supported by continued buying from domestic institutional investors. The Nifty ended above the 25,450 mark. FMCG and energy stocks saw strong interest, while IT and metal shares dragged on the indices.
The S&P BSE Sensex rose 9.61 points or 0.01% to 83,442.50. The Nifty 50 index rose 0.30 points or 0.0% to 25,461.30.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index fell 0.33%.
The market breadth was negative. On the BSE, 1,707 shares rose and 2,364 shares fell. A total of 190 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.98% to 12.56.
India-US Trade Deal Update:
India and the US are in a race against time to avoid a 26% reciprocal tariff on Indian exports. An Indian delegation recently returned from Washington after detailed talks. While India is pushing for full exemption, the USs baseline 10% tariff still stands. Commerce Minister Piyush Goyal has made it clear that India will not rush into any deal under pressure and will proceed only when the agreement is fully finalised, properly concluded, and aligned with national interest.
Economy:
Indias foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.
Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.
Indias reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.03% to 6.292 from the previous close of 6.290.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.8950 compared with its close of 85.4000 during the previous trading session.
MCX Gold futures for 5 August 2025 settlement fell 0.36% to Rs 96,640.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.23% to 97.04.
The United States 10-year bond yield rose 0.95% to 4.357.
In the commodities market, Brent crude for September 2025 settlement shed 03 cents or 0.04% to $ 68.77 a barrel.
Global Markets:
European indices traded higher on Monday, with investors alert for any trade-related headlines in the countdown to US president Donald Trumps tariff deadline.
Asian equities ended mixed amid continued uncertainty surrounding US trade policy. President Donald Trump confirmed that the "reciprocal" tariffs announced in April will take effect on August 1 for countries that have not reached a trade agreement with the US.
US Treasury Secretary Scott Bessent reiterated that the tariffs introduced in April will be enforced starting August 1. While he clarified that this date does not represent a new deadline, he noted it may provide additional time for trade partners to renegotiate terms.
The Reserve Bank of Australia has commenced its two-day policy meeting, with markets widely expecting a 25 basis point rate cut, which would bring the benchmark rate down to 3.60%.
On Thursday, US equity indices closed at record highs, supported by optimism that the administration may again delay the imposition of tariffs. The S&P 500 gained 0.8%, the NASDAQ Composite advanced 1%, and the Dow Jones Industrial Average rose 0.8%. U.S. market was closed Friday for the Independence Day holiday.
Strength in technology stocks also contributed to the rally, with continued investor interest in major artificial intelligence firms such as Nvidia.
Meanwhile, the US economy added 147,000 nonfarm payroll jobs in June, while the unemployment rate held steady at 4.1%, according to the Bureau of Labor Statistics. The labor market data suggests underlying resilience, prompting a reduction in expectations for imminent rate cuts.
Stocks in Spotlight:
Senco Gold rose 3.99% after the company reported a 28% year-on-year growth in total revenue during the AprilJune quarter, supported by festivals that significantly boosted footfalls across showrooms.
Indusind Bank shed 0.17%. The banks total deposits fell 0.3% to Rs 3,97,233 crore as of 30th June 2025 compared with Rs 3,98,513 crore as of 30th June 2024.
DCX Systems gained 3.21% after the company announced it had received an industrial license to manufacture high-end defence electronics.
Hazoor Multi Projects zoomed 15.40% after the company announced that it has secured order worth Rs 913 crore from Apollo Green Energy (formerly Apollo International) for the execution of a 200 MW grid-connected solar photovoltaic (PV) project in Gujarat. Completion is expected by March 2026.
Godrej Consumer Products rallied 6.46% after the company expects the consolidated double-digit revenue growth on the back of high-single-digit UVG in Q1 FY26.
Dhanlaxmi Bank rose 1.40%. The banks gross advances grew 17.3% to Rs 12,484 crore as of 30 June 2025 from Rs 10,643 crore as of 30 June 2024. The private lender reported 14.7% growth in total deposits to Rs 16,570 crore in Q1 FY26 as against Rs 14,441 crore recorded in Q1 FY25.
Tourism Finance Corporation of India (TFCI) rallied 6.28% after the companys board is scheduled to meet on 10 July 2025, to consider the proposal for the subdivision or split of the existing equity shares.
Kalyan Jewellers India shed 0.24%. The company reported a consolidated revenue growth of 31% year-on-year in Q1FY26, despite intermittent demand disruptions during the quarter, largely attributed to gold price volatility and geopolitical tensions.
Texmaco Rail & Engineering fell 0.58%. The company said that it has received an order worth Rs 36.27 crore from Transport Corporation of India (TCI) for the supply of two rakes, comprising 54 ACT-3 type wagons and two BVCM wagons. The order is scheduled to be executed within 24 months.
IPO Update:
The initial public offer (IPO) of Travel Food Services received bids for 13,62,153 shares as against 13,412,842 shares on offer, according to stock exchange data at 16:50 IST on Friday (7 July 2025). The issue was subscribed 0.10 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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