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Key gauges end lower on Wednesday
Jul-02-2025

Indian equity benchmarks ended lower on Wednesday, dragged down by selling pressure in Bajaj Finserv, Larsen & Toubro and Bajaj Finance shares ahead of the impending US tariff deadline. After making slightly positive start, the markets unable to sustain gains and traded lower for remaining part of the session. However, key gauges managed to recover some of the losses towards the end. 

Some of the important factors in today’s trade: 

Rupee falls against US Dollar: Indian rupee depreciated against US dollar, on weak domestic equity markets and a rise in crude oil prices. A slight recovery in the US dollar too weighed on the rupee as market players awaited the conclusion of India-US trade deal, which is at its final stage. 

Cabinet approves employment linked incentive scheme to catalyze job creation: With an aim to support employment generation, enhance employability and social security across all sectors, with special focus on the manufacturing sector, the Union Cabinet has approved the Employment Linked Incentive (ELI) Scheme.

India’s gross GST collections grow 6.2% to over Rs 1.84 lakh crore in June: India’s gross Goods and Services Tax (GST) collections for the month of June stood at over Rs 1.84 lakh crore recording a 6.2 per cent growth over same period last year when the gross GST collections stood at Rs 1,73,813 crore.

Jaishankar holds talks with Japanese counterpart focusing on bilateral cooperation: Focusing on bilateral cooperation in diverse sectors such as infrastructure, investment and mobility, External Affairs Minister S Jaishankar has hold talks with his Japanese counterpart Takeshi Iwaya. The Jaishankar-Iwaya talks took place ahead of a crucial foreign ministerial meeting of the four-nation grouping Quad.

Global front: European 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. Asian markets ended mixed after U.S. President Donald Trump said he is not considering delaying his July 9 deadline for higher tariffs to resume.

Finally, the BSE Sensex fell 287.60 points or 0.34% to 83,409.69 and the CNX Nifty was down by 88.40 points or 0.35% to 25,453.40.   

The BSE Sensex touched high and low of 83,935.01 and 83,150.77 respectively. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices ended in red; the BSE Mid cap index fell 0.18%, while Small cap index was down by 0.20%.

The top gaining sectoral indices on the BSE were Metal up by 1.44%, Consumer Durables up by 1.22%, Basic Materials up by 0.90%, Telecom up by 0.55% ad TECK up by 0.24%, while Realty down by 1.36%, Industrials down by 0.84%, Power down by 0.77%, Bankex down by 0.69% and Capital Goods down by 0.69% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.72%, Asian Paints up by 2.15%, Ultratech Cement up by 1.60%, Trent up by 1.43% and Maruti Suzuki up by 1.38%. On the flip side, Bajaj Finserv down by 2.10%, Larsen & Toubro down by 1.89%, Bajaj Finance down by 1.48%, HDFC Bank down by 1.30% and Bharat Electronics down by 1.23% 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 traded in a range of 25,608.10 and 25,378.75. There were 22 stocks advancing against 28 stocks declining on the index. 

The top gainers on Nifty were Tata Steel up by 3.68%, JSW Steel up by 2.78%, Asian Paints up by 2.40%, Ultratech Cement up by 1.64% and Maruti Suzuki up by 1.39%. On the flip side, Shriram Finance down by 2.85%, HDFC Life Insurance down by 2.57%, Indusind Bank down by 2.54%, Bajaj Finserv down by 2.18% and Larsen & Toubro down by 1.99% were the top losers.

European markets were trading higher; UK’s FTSE 100 increased 23.09 points or 0.26% to 8,808.42, France’s CAC rose 85.56 points or 1.12% to 7,748.15 and Germany’s DAX gained 84.28 points or 0.36% to 23,757.57.

Asian markets ended mixed on Wednesday as US 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 a $3 trillion deficit before Trump's term concludes. Meanwhile, investors awaited US payroll data and assessed US Federal Reserve Chair Jerome Powell's cautious stance on interest rate cuts. Japanese shares declined after Donald Trump criticized Japan's trade policies and threatened to raise import tariffs on the country to 30-35%. Chinese shares fell, with tech shares leading the decline following profit booking amid ongoing global trade tensions. Hong Kong shares gained as traders returned from a holiday.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,454.79

-2.96

-0.09

Hang Seng

24,221.41

149.13

0.62

Jakarta Composite

6,881.24

-34.12

-0.49

KLSE Composite

1,550.21

8.68

0.56

Nikkei 225

39,762.48

-223.85

-0.56

Straits Times

4,010.77

21.01

0.52

KOSPI Composite

3,075.06

-14.59

-0.47

Taiwan Weighted

22,577.74

24.02

0.11
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