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Domestic indices trade under pressure in late morning deals
Jul-11-2025

Domestic equity indices were trading lower with cut of over 0.75 percent each in late morning deals as market participants indulged in reducing their positions. Meanwhile, the broader markets were also facing the heat of selling; the BSE mid-cap index declined by 0.78 per cent and the small-cap index was down 0.81 per cent. Traders were cautious amid Tata Consultancy Services’ below-par Q1 results and renewed trade tensions after US President Donald Trump imposed fresh tariffs on Canada. Further, depreciation in Indian rupee against dollar too weighed down sentiments. Rupee weakened by 16 paise to 85.86 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks.

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. Back home, in the stock specific development, RPP Infra Projects surged after the company won an order worth Rs 365.85 crore under the Jal Jeevan Mission. 

The BSE Sensex is currently trading at 82516.58, down by 673.70 points or 0.81% after trading in a range of 82487.42 and 83040.74. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.78%, while Small cap index down by 0.81%.

The only gaining sectoral index on the BSE was FMCG up by 0.66%, while TECK down by 1.86%, IT down by 1.74%, Telecom down by 1.48%, Capital Goods down by 1.27% and Oil & Gas down by 1.27% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 4.69%, Asian Paints up by 0.62%, Axis Bank up by 0.52%, Ultratech Cement up by 0.51% and NTPC up by 0.37%. On the flip side, TCS down by 2.70%, Mahindra & Mahindra down by 2.27%, Bharti Airtel down by 1.80%, HCL Technologies down by 1.65% and Bajaj Finserv down by 1.61% were the top losers.

Meanwhile, in view of further tariffs hike on steel and aluminium by the Trump administration, India has revised its proposal to impose retaliatory duties under the WTO (World Trade Organisation) norms against the US. On March 12, the US first imposed 25 per cent tariffs on imports of aluminium, steel and derivative articles, followed by another 25 per cent tariffs hike on June 3. Meanwhile, World Trade Organisation’s (WTO) communication indicated that without prejudice to its earlier notification to the Council for Trade in Goods and the Committee on Safeguards dated May 12, India reserves its right to adjust the products and tariff rates. It added that this request is made in response to the increase in the tariff rate by the US from 25 per cent ad valorem to 50 per cent.

Further, it indicated that the proposed suspension of concessions or other obligations can take the form of an increase in tariffs on selected products originating in the US. It added the safeguard measures would affect $7.6 billion imports into the US of the relevant products originating in India, on which the duty collection would be $3.82 billion. Thus, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in America. In the May 12 communication, the duty collection figure was stated as $1.91 billion.

In 2018, the first Trump administration imposed a 25 per cent duty on certain steel items and a 10 per cent duty on aluminium products on the grounds of national security. Meanwhile, in June 2019, India slapped customs duties on 28 US products, including almonds and walnuts, in retaliation. India had also filed a complaint in the WTO. The proposal assumes significance as both countries are negotiating a Bilateral Trade Agreement (BTA). Moreover, the Indian team is also expected to visit Washington next week to the US for trade talks.

The CNX Nifty is currently trading at 25161.65, down by 193.60 points or 0.76% after trading in a range of 25149.25 and 25322.45. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 4.65%, SBI Life up by 1.01%, Asian Paints up by 0.64%, Nestle up by 0.62% and Axis Bank up by 0.52%. On the flip side, TCS down by 2.70%, Apollo Hospital down by 2.45%, Wipro down by 2.38%, Mahindra & Mahindra down by 2.27% and Bharti Airtel down by 1.87% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 417.95 points or 1.74% to 24,446.32, Jakarta Composite gained 30.23 points or 0.43% to 7,035.60, Shanghai Composite strengthened 30.32 points or 0.86% to 3,540.00, Straits Times rose 22.02 points or 0.54% to 4,097.72, Nikkei 225 surged 5.87 points or 0.01% to 39,652.23 and Taiwan Weighted added 72.26 points or 0.32% to 22,765.51. However, KOSPI dropped 5.90 points or 0.19% to 3,177.33.
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