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Informist, Wednesday, Jul. 2, 2025

By Gopika Balasubramanium

MUMBAI – The benchmark indices closed lower on Wednesday because of broad-based profit booking and on selling by foreign investors. Weakness in shares of financial services companies and private sector banks pulled the indices down. On the other hand, information technology and metal stocks gained significantly. Sambhv Steel Tubes and HDB Financial Services made their debut on the National Stock Exchange, listing at a premium to their respective issue prices.

The Nifty 50 ended at 25453.40 points, down 88.40 points or 0.4%. The 50-stock index fell below its key support level of 25500 points and failed to close above it. The index had held this key level the past four sessions, mainly due to strong buying interest in index heavyweights such as Reliance Industries and HDFC Bank. However, both these stocks were among the worst-hit on Wednesday, along with ICICI Bank and Larsen & Toubro, which led to the fall of the 50-stock index.

The BSE Sensex closed at 83409.69 points, down 287.60 points or 0.3%. Broader market indices also came under selling pressure. Mid-cap indices such as Nifty Midcap 150, Nifty Midcap 100, and Nifty Midcap 50 were less affected than small-cap peers Nifty Smallcap 250, Nifty Smallcap 100, and Nifty Smallcap 50 that fell 0.4% each.  

Among the sectoral indices, Nifty Realty closed 1.4% lower and was the worst-hit. Nifty Financial Services, Nifty PSU Bank, Nifty Bank, and Nifty Private Bank indices fell 0.7-1.0%. Analysts said these indices are at their peak and the correction is normal. The Nifty Bank hit a record high of 57628.40 points earlier in the day but it closed in the red. Analysts said the rise in the index is on expectations that June quarter earnings of banks will be strong.

On the other hand, Nifty Metal index closed 1.4% higher at 9699.20 points, mainly driven by gains in Tata Steel, Steel Authority of India, and JSW Steel. These stocks likely rose after Chinese authorities issued a notice to steel mills in Tangshan, considered as the "cradle of modern Chinese industry", to curb production, a CNBC-TV18 report said citing Bloomberg. The Chinese government had undertaken similar steps before to improve air quality and comply with environmental regulations. 

Among other stocks, IndusInd Bank closed over 2% lower after Goldman Sachs downgraded it to "sell" with a target price of INR 722, implying a potential downside of 15% from the spot levels. Hyundai Motor India closed 5% lower after the company reported weak wholesale numbers for June.

Tata Communications closed 4.7% higher at INR 1,807.50. Intraday the stock had risen 5.3% to a high of INR 1,818.70 after global brokerage firm Macquarie initiated coverage on the stock with an 'outperform' rating and a target price of INR 2,300. The brokerage sees strong growth potential in the company's digital services business, a CNBC-TV18 report cited Macquarie as saying.

Shares of RITES closed 6% higher after the company said it had secured an order worth $3.6 million for supply of two fully overhauled locomotives built by American Locomotive Co.

Shares of Sambhv Steel Tubes closed 19% higher to the issue price. The stock had listed at INR 110 on the NSE, a premium of around 34% to the issue price. HDB Financial Services listed at INR 835, a 13% premium to its issue price of INR 740. The stock ended nearly 13.6% higher at INR 840.95.

* Of the Nifty 50 stocks, 20 rose and 30 fell

* Of the Sensex stocks, 16 rose and 14 fell

* On the NSE, 1,205 stocks rose, 1,723 fell, and 100 were unchanged

* On the BSE, 1,809 stocks rose, 2,205 fell, and 158 were unchanged

* Nifty Realty: down 1.4%; Nifty Financial Services: down 1%; Nifty Metal: up 1.4%

BSE                                               NSE

Sensex: 83409.69, down 287.60 points or 0.3%      Nifty 50: 25453.40, down 88.40 points or 0.4%

End

Edited by Ashish Shirke

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