Sensex, Nifty trade lower; media shares rally for 3rd day
Media shares witnessed buying demand for third consecutive trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 168.68 points or 0.20% to 82,396.71. The Nifty 50 index fell 55.20 points or 0.22% to 25,141.20.
In the broader market, the S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index added 0.06%.
The market breadth was positive. On the BSE, 2,074 shares rose and 1,669 shares fell. A total of 231 shares were unchanged.
The initial public offer (IPO) of Anthem Biosciences received bids for 31,29,11,560 shares as against 4,40,70,682 shares on offer, according to stock exchange data at 11:18 IST on Wednesday (16 July 2025). The issue was subscribed 7.10 times.
The issue opened for bidding on Monday (14 July 2025) and it will close on Wednesday (16 July 2025). The price band of the IPO is fixed between Rs 540 and 570 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index rose 1.37% to 1,759.65. The index jumped 3.25% for the three straight trading sessions.
Hathway Cable & Datacom (up 12.26%), Network 18 Media & Investments (up 11.42%), Nazara Technologies (up 1.45%), Zee Entertainment Enterprises (up 1%) and Sun TV Network (up 0.71%) and Saregama India (up 0.39%) advanced.
Stock in Spotlight:
Jindal Steel & Power (JSPL) rose 0.14%. The company announced that its chief financial officer, Mayank Gupta, has stepped down from his role, effective post business hours on 15 July 2025.
HDFC Bank rose 0.38% after the lender announced that its board will meet on Saturday, 19 July 2025, to consider a special interim dividend and a bonus share issue.
Global Markets:
Asian market opened on a choppy note Wednesday after US President Donald Trump claimed a preliminary trade deal with Indonesia, which surprisingly includes a 19% tariff on the countrys exports to the US.
Eyes are also on Indonesias central bank, which is expected to announce its policy decision later today.
Back in the US, stocks ended mostly lower on Tuesday despite early gains in tech. The S&P 500 slipped 0.4% and the Dow tumbled 0.98%, while the Nasdaq eked out a modest 0.18% rise. Both the S&P 500 and Nasdaq briefly touched record highs before retreating.
June's consumer price index came in slightly hotter than expected, reigniting concerns that fresh tariffs could add more heat to inflation. According to the Bureau of Labor Statistics, consumer prices rose 2.7% year-on-year and climbed 0.3% between May and June. The data bolstered expectations that the Federal Reserve will hold off on any rate cuts for now.
Tariff jitters were far from over. Trump doubled down Tuesday evening, confirming that his proposed 200% tariffs on pharmaceutical imports will kick in by month-end, alongside a broader package of trade levies. Earlier, he announced a 30% tariff on imports from Mexico and the EU. The European Union pushed back sharply and is reportedly preparing retaliatory tariffs on US products including cars and alcohol.
In earnings land, Wall Streets biggest banks kicked off the season with a bang. JPMorgan Chase, Citigroup, and Wells Fargo all topped Q2 profit estimates, thanks to solid performance in both consumer and investment banking segments.
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