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Markets erase gains to enter red terrain in late trade
Jul-03-2025

Indian equity benchmarks erased all gains and entered into negative terrain in late trade, dragged by weakness in banking stocks. Besides, investors took a wait and watch approach as they seek more clues on India-US trade deal ahead of tariff deadline of July 9. Moreover, traders paid no heed towards HSBC India Services PMI Business Activity Index indicating country’s services sector gathered more pace in June to touch a ten-month high aided by another robust expansion in international sales and job creation. The seasonally adjusted HSBC India Services PMI Business Activity Index grew to 60.4 in June from 58.8 in May. Meanwhile, outperforming the headline indices, Small caps managed to garner some gains with BSE Small cap index surging 0.37%. 

On the global front, Asian equity markets were trading mostly in green as investors reacted to a US-Vietnam trade deal. European equity markets were trading higher ahead of release of monthly US non-farm payroll data later in the day.

The BSE Sensex is currently trading at 83306.33, down by 103.36 points or 0.12% after trading in a range of 83286.96 and 83850.09. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.10%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.59%, Auto up by 0.56%, Consumer Durables up by 0.40%, Oil & Gas up by 0.36% and Energy up by 0.21%, while Metal down by 0.68%, Utilities down by 0.62%, Realty down by 0.58%, Telecom down by 0.45% and  Bankex down by 0.42% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 1.02%, Mahindra & Mahindra up by 0.76%, Eternal up by 0.60%, Infosys up by 0.50% and Tata Motors up by 0.44%. On the flip side, Kotak Mahindra Bank down by 2.02%, Bajaj Finance down by 1.35%, Bajaj Finserv down by 1.32%, Adani Ports & SEZ down by 1.05% and Titan Company down by 0.83% were the top losers.

India has started a mid-term review of the existing anti-dumping duty imposed on Jute products imported from Bangladesh and Nepal. The review was started by the commerce ministry's arm Directorate General of Trade Remedies (DGTR) following a request for the same from Jute Mills Association and AP Mesta Twine Mills Association on behalf of its members. The applicants have submitted that there is a need to re-evaluate and enhance the anti-dumping duty levied against imports of jute from these two countries as there has been decline in the export price of these goods. They have also stated that exports are being made by producers beyond their installed capacity, indicating routing of goods produced by other producers.

According to the DGTR notification dated June 30, the applicants have requested for initiation of mid-term review investigation concerning anti-dumping duties imposed on imports of jute products exported by these countries. On the basis of the duly substantiated application by the domestic producers of like article in India, and having satisfied itself, on the basis of prima facie evidence substantiating the need for a mid-term review, the authority, hereby, initiates mid-term review of the anti-dumping duties imposed on imports. The scope of the product under consideration includes jute yarn/twine, hessian fabric, sacking bag, and sacking cloth. India has imposed anti-dumping duty on jute in January 2017. Subsequently, an anti-circumvention investigation was initiated in March 2018 on imports of Jute sacking cloth from Bangladesh. The finance ministry extended the duty on sacking bags in June 2019.

The DGTR undertook a sunset review investigation and recommended extension of anti-dumping duty on imports of Jute products from Bangladesh and Nepal in September 2021. The ministry of finance extended the levy on December 30, 2022. Jute is a natural and an eco-friendly fiber, which comes from the inner bark of plants. The broad usages of jute include packaging, geotextiles, making of cloths, bags, wrapping, fuse yarns, aprons, canal and motor linings, ropes, strings, upholstery foundation, curtains and furnishing fabrics. The period of investigation for the present investigation is April 2024 to March 2025 (12 months) and the injury investigation period will cover the periods April 2021 to March 2022, April 2022 to March 2023, April 2023 to March 2024.

The CNX Nifty is currently trading at 25426.30, down by 27.10 points or 0.11% after trading in a range of 25407.90 and 25587.50. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Apollo Hospitals Enterprise up by 1.78%, Hero MotoCorp up by 1.57%, Dr. Reddy's Laboratories up by 1.43%, Maruti Suzuki up by 1.13% and ONGC up by 1.09%. On the flip side, SBI Life Insurance Company down by 2.22%, Kotak Mahindra Bank down by 1.98%, JSW Steel down by 1.42%, Bajaj Finserv down by 1.27% and Bajaj Finance down by 1.08% were the top losers.

Asian markets are trading mostly in green; KOSPI increased 41.21 points or 1.32% to 3,116.27, Straits Times rose 4.75 points or 0.12% to 4,015.52, Shanghai Composite strengthened 6.36 points or 0.18% to 3,461.15, Taiwan Weighted added 135.23 points or 0.6% to 22,712.97 and Nikkei 225 surged 23.42 points or 0.06% to 39,785.90, while Hang Seng declined 151.47 points or 0.63% to 24,069.94 and Jakarta Composite plunged 3.2 points or 0.05% to 6,878.05.

European markets were trading higher; UK’s FTSE 100 increased 42.64 points or 0.48% to 8,817.33, France’s CAC rose 2.47 points or 0.03% to 7,740.89 and Germany’s DAX gained 50.93 points or 0.21% to 23,841.04.
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