Benchmarks end lower amid late sell-off; Nifty slips below 25,450
Supported by positive global cues, the market opened on a firm note and saw continued buying through the first half of the session. However, the rally lost steam toward the close, dragging key indices lower.
Sector-wise, PSU bank and metal stocks came under pressure, while consumer durables and healthcare stocks provided some support with notable gains.
The S&P BSE Sensex fell 170.22 points or 0.20% to 83,239.47. The Nifty 50 index lost 48.10 points or 0.19% to 25,405.30. In two consecutive sessions, the Sensex and Nifty are down by 0.54% and 0.53%, respectively.
SBI Life Insurance Company (down 2.72%), Bajaj Finserv (down 1.38%) and Bajaj Finance (down 1.30%) were major drags.
In the broader market, the S&P BSE Mid-Cap index shed 0.06% and the S&P BSE Small-Cap index rose 0.47%.
The market breadth was positive. On the BSE, 2009 shares rose and 2001 shares fell. A total of 158 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.48% to 12.39.
Economy:
The seasonally adjusted HSBC India Services PMI Business Activity Index based on a single question asking how the level of business activity compares with the situation the month before rose from 58.8 in May to a ten-month high of 60.4 in June.
The HSBC India Composite PMI Output Index rose from 59.3 in May to 61.0, indicating the fastest rate of expansion in 14 months.
India-US trade deal update:
India and the United States are reportedly close to finalising an interim trade deal, with both sides aiming to seal it within the next 48 hours. Negotiations are underway in Washington, where Indias trade delegation has extended its stay to iron out key issues ahead of the July 9 deadline. Thats when the 90-day pause on the 26% US tariffs is scheduled to expire.
Numbers to Track:
The yield on India's 10-year benchmark federal paper added 0.19% to 6.300 from the previous close of 6.288.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.3550 compared with its close of 85.6200 during the previous trading session.
MCX Gold futures for 5 August 2025 settlement shed 0.14% to Rs 97,253.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 96.44.
The United States 10-year bond yield lost 0.84% to 4.254.
In the commodities market, Brent crude for September 2025 settlement fell 19 cents or 0.26% to $68.93 a barrel.
Global Markets:
Most European stocks advanced on Thursday as investors awaited the release of U.S. jobs data.
Most Asian shares ended higher after U.S announced trade deal with Vietnam. According to a post on Truth Social, the U.S. will slap a 20% tariff on Vietnamese imports, while Vietnam will impose "ZERO Tariff" on U.S. goods. The announcement comes as Trumps 90-day tariff reprieve nears its deadline.
Back in the U.S., Wall Street closed on a mixed note. The Dow Jones dipped 0.02%, while the S&P 500 rose 0.47%, and the Nasdaq jumped 0.94%.
Tesla made headlines with a sharp 5% rebound, recovering from the previous days drop triggered by another round of sparring between Trump and Elon Musk. The EV giant reported Q2 deliveries of 384,122 vehicles, down from 443,956 last year but beating analyst expectations.
Meanwhile, U.S. private payrolls disappointed again. June saw a decline of 33,000 jobs, against expectations of a 99,000 gain. Mays figures were also revised down to 29,000, marking the weakest two-month stretch since early 2023. The soft labor data reflects employer caution and worker hesitation amid tariff-related economic jitters.
All eyes are now on the upcoming nonfarm payrolls report, due Thursday, which could provide clues on the Feds next move on interest rates.
Markets will wrap up early on Thursday ahead of the July 4 Independence Day holiday.
New Listing:
Shares of Indogulf Cropsciences settled at Rs 110.80 on the BSE, representing a discount of 0.18% compared with the issue price of Rs 111.
The scrip was listed at 111, matching the initial public offer (IPO) price. The stock has hit a high of Rs 112.60 and a low of Rs 105.45. On the BSE, 8.19 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
Tata Power fell 1.65% after the company disclosed that an international arbitration tribunal has partially ruled in favour of Kleros Capital Partners in an ongoing dispute. In a stock exchange filing dated 2 July 2025, Tata Power informed investors that the three-member tribunal, by a majority of two to one, has awarded Kleros damages amounting to $490.32 million, along with simple interest at the rate of 5.33% from 30 November 2020, until payment is made. Additionally, the tribunal awarded Kleros a further $8.29 million as legal costs, also carrying simple interest of 5.33% from 1 July 2025, until paid. The arbitration proceedings were initiated by Kleros in November 2020, and oral hearings concluded in February 2024. The award was received by Tata Power after business hours on 1 July 2025.
Biocon rose 1.76% after the company said that Biocon Biologics has received the European Commission (EC) marketing authorisation in the European Union (EU) for Vevzuo and Evfraxy biosimilars of Denosumab.
Arkade Developers jumped 4.01% after the company announced the acquisition of redevelopment rights of a strategically located society in Bangur Nagar, Goregaon West. The site offers a RERA saleable area of approximately 86,000 square feet and an estimated revenue potential of Rs 350 crore.
Bajel Projects hit an upper circuit of 5% after the company secured a mega order from PowerGrid Corporation of India for a critical 400 kV transmission line project. According to the companys classification, a mega contract is valued between Rs 300 crore and Rs 400 crore.
Rail Vikas Nigam shed 0.5%. The company said that its board has approved the appointment of Chandan Kumar Verma as chief financial officer (CFO) with effect from 2 July 2025.
Avenue Supermarts (DMart) slipped 1.04%. The company announced that the total number of DMart stores as of 30 June 2025 stood at 424. It has reported standalone revenue of Rs 15,932.12 crore in the quarter ended 30 June 2025, recording a growth of 16.19% from Rs 13,711.87 crore posted in the same period a year ago.
Punjab National Bank (PNB) fell 3.21%. The bank's domestic deposits increased 12.2% to Rs 15,36,871 crore as of June 2025 compared with Rs 13,69,916 crore posted in June 2024.
Baazar Style Retail tumbled 8.46%. The company reported 36.99% growth in revenue to Rs 377.70 crore in Q1 FY26, compared with Rs 275.70 posted in Q1 FY25.
Tata Power declined 1.65% after the company disclosed that an international arbitration tribunal has partially ruled in favour of Kleros Capital Partners in an ongoing dispute. The arbitration, conducted under the Singapore International Arbitration Centre (SIAC) rules, stems from claims made by Kleros that Tata Power breached confidentiality and non-circumvention clauses outlined in a Non-Disclosure Agreement.
Mahindra & Mahindra Financial Services rose 0.29% after the company reported a 1% year-on-year increase in overall disbursements at Rs 12,800 crore for the first quarter.
NBCC (India) lost 2.16%. The company said that it has signed a memorandum of understanding (MoU) with the National Film Development Corporation (NFDC), under the Ministry of Information and Broadcasting.
IPO Update:
The initial public offer (IPO) of Crizac received bids for 6,89,14,994 shares as against 2,58,36,909 shares on offer, according to stock exchange data at 16:45 IST on Thursday (3 July 2025). The issue was subscribed 2.67 times.
The issue opened for bidding on Wednesday (2 July 2025) and it will close on Friday (04 July 2025). The price band of the IPO is fixed between Rs 233 and 245 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.
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