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Markets extend losses in late trade
Jul-02-2025

Indian equity benchmarks extended losses in late trade as traders took a cautious approach ahead of US President’s Tariff deadline. Market participants overlook US Treasury Secretary’s comments indicating India and US being close to signing a trade deal. Besides, significant weakness has been seen in Realty stocks despite Crisil Ratings in its latest report indicated that housing prices are likely to rise by an average 4-6 per cent in the medium term after recording a double-digit growth in the last two financial years. 

On the global front, Asian equity markets are trading mixed as U.S. President Donald Trump hinted at higher tariffs on certain countries after the July 9 deadline and Senate Republicans narrowly advanced his tax and spending bill, which risks $3 trillion deficit before Trump's term ends. European equity markets were trading higher as investors pondered the prospect of Federal Reserve rate cuts and hoped for a positive resolution on trade discussions ahead of completion of 90-day tariff pause on July 9.

The BSE Sensex is currently trading at 83256.20, down by 441.09 points or 0.53% after trading in a range of 83186.30 and 83935.01. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index slumped 0.33%, while Small cap index was down by 0.29%.

The top gaining sectoral indices on the BSE were Metal up by 1.14%, Consumer Durables up by 0.89%, Basic Materials up by 0.79%, Telecom up by 0.41% and TECK up by 0.18%, while Realty down by 1.51%, Industrials down by 0.98%, Power down by 0.91%, Bankex down by 0.87% and PSU down by 0.83% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.13%, Ultratech Cement up by 1.85%, Asian Paints up by 1.31%, Maruti Suzuki up by 1.14% and Bharti Airtel up by 0.71%. On the flip side, Bajaj Finserv down by 2.20%, Larsen & Toubro down by 1.95%, Bajaj Finance down by 1.77%, Bharat Electronics down by 1.69% and HDFC Bank down by 1.51% were the top losers.

Meanwhile, Crisil Ratings in its latest report has said that housing prices are likely to rise by an average 4-6 per cent in the medium term after recording a double-digit growth in the last two financial years. Residential real estate developers will see stable sales growth this fiscal and the next as demand steadies after three years of post-pandemic recovery. Demand or volume is seen rising 5-7 per cent and average prices 4-6 per cent. 

The report said with supply expected to continue exceeding demand, inventory levels should inch up this and next fiscal. However, it said that strong collections and deleveraged balance sheets of developers will keep their credit profiles healthy. Crisil has analysed 75 real estate companies, accounting for around 35 per cent of the residential sales in the country.   

During the three financial years, the rating agency said that sales in value terms clocked a compound annual growth rate (CAGR) of around 26 per cent, and demand (volumes) clocked 14 per cent CAGR, with the balance being contributed by the growth in realisations. Last fiscal, demand was flat because of elevated capital values and delays in launches in some cities due to state elections and changes in property registration rules. This fiscal and next, demand growth is expected to rebound, driven by improving affordability on account of lower interest rates and normalisation of price growth.

The CNX Nifty is currently trading at 25401.40, down by 140.40 points or 0.55% after trading in a range of 25383.95 and 25608.10. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.09%, JSW Steel up by 2.71%, Ultratech Cement up by 1.82%, Asian Paints up by 1.33% and Maruti Suzuki up by 1.16%. On the flip side, Shriram Finance down by 2.89%, Indusind Bank down by 2.63%, Bajaj Finserv down by 2.37%, Larsen & Toubro down by 2.02% and HDFC Life Insurance down by 1.97% were the top losers.

Asian markets are trading mixed; Hang Seng advanced 149.13 points or 0.62% to 24,221.41, Taiwan Weighted added 24.02 points or 0.11% to 22,577.74 and Straits Times rose 16.14 points or 0.4% to 4,005.90, while Jakarta Composite plunged 61.63 points or 0.9% to 6,853.73, KOSPI dropped 14.59 points or 0.47% to 3,075.06, Nikkei 225 slipped 223.85 points or 0.56% to 39,762.48 and Shanghai Composite weakened 2.96 points or 0.09% to 3,454.79.

European markets were trading higher; UK’s FTSE 100 increased 19.06 points or 0.22% to 8,804.39, France’s CAC rose 70.59 points or 0.92% to 7,733.18 and Germany’s DAX gained 79.27 points or 0.33% to 23,752.56.
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