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Informist, Wednesday, Jul. 9, 2025

By Gopika Balasubramanium

MUMBAI – The benchmark equity indices ended lower Wednesday after having risen for three consecutive sessions. Unlike Tuesday, when the direction of the indices was changed with buying interest at the eleventh hour, Wednesday's session was more or less lukewarm with the indices moving in a thin range and remaining in negative territory.

As expected by market analysts, the indices have consolidated for six sessions on lack of fresh triggers ahead of the June quarter earnings. The only event that the market is now tracking is the closure of a bilateral trade deal between India and the US, especially now, with US President Donald Trump sending out tariff letters to many countries and extending the deadline for his reciprocal tariffs to Aug. 1. The sentiment was rather dull with investors appearing uncertain what bets to make.

The Nifty 50 closed at 25476.10 points, down 46.40 points or 0.2%. The maximum level the 50-stock index has attained in the past six trading sessions is 25608 points, and it has failed to close above 25200 points in five of the six sessions. Fast-moving consumer goods and consumer durables companies gained throughout the day, while oil, metal, and information technology stocks fell. The BSE Sensex closed at 83536.08 points, down 176.43 points or 0.2%. 

Bucking the trend, the small-cap indices cheered. All three small-cap indices--Nifty Smallcap 50, Nifty Smallcap 100, and Nifty Smallcap 250--ended 0.6% higher. However, the mid-cap indices lagged. The Nifty Midcap 50 closed slightly lower.

Large-cap IT companies such as HCL Technologies, Tech Mahindra, Wipro, and Infosys declined 1-2%. These stocks declined ahead of the June quarter earnings of Tata Consultancy Services, which analysts expect to be muted with no significant improvement in the macroeconomic factors for the sector and the overhang of the risk of US tariffs.

Major metal companies such as Tata Steel, Hindalco Industries, and JSW Steel also declined 1-2%. Tata Steel's domestic crude steel deliveries during the June quarter fell nearly 4% on year to 4.75 million tonnes, while its India crude steel production volume was flat at 5.26 million tonnes. "Volume print for the quarter came in lower than expected with consolidated volume for Q1FY26 (Apr-Jun) standing at 7.2 million tonnes (vs our estimates of 8.2 million tonnes)," ICICI Direct Research said in its morning note.

Meanwhile, Vedanta fell nearly 8% intraday to a one-month low of INR 420.65 after a report by US-based short-seller Viceroy Research flagged risk to the company emanating from the high debt of its parent company Vedanta Resources. However, the stock came off the day's low and closed 3.4% lower after Vedanta called the allegation by the research firm sensationalising and baseless.

Among sectoral indices, the Nifty Realty closed 1.5% lower after rising for three consecutive sessions. Macrotech Developers was the only stock to close higher. The other nine stocks in the sectoral index ended in negative territory. Phoenix Mills and Godrej Properties were the biggest drags on the index, closing 3.6% and 2.4% lower, respectively. Nomura Global Markets Research initiated coverage on these stocks with a "reduce" rating due to moderating and weaker-than-expected growth outlook for both companies.

Consumer goods companies Hindustan Unilever, Asian Paints, and Varun Beverages closed 0.6-1.7% higher after Jefferies upgraded the stocks to "buy" from "underperform", a double upgrade. HUL hit a high of over one month at INR 2,439.70 and Asian Paints hit a high of over seven months at INR 2,535. 

Educational services company Crizac ended 26% higher on its first day of trade. The company's stock was listed at INR 281.05 on the NSE at a premium of nearly 15% to the issue price of INR 245. After listing, the stock moved between INR 309.15, the highest level on the day, and INR 275, the lowest. Around 67 million shares of the company were traded on the day.

Of the Nifty 50 stocks, 20 rose and 30 fell

* Of the Sensex stocks, 17 rose and 13 fell

* On the NSE, 1,477 stocks rose, 1,455 fell, and 98 were unchanged

* On the BSE, 2,076 stocks rose, 1,926 fell, and 140 were unchanged

* Nifty Realty: down 1.5%; Nifty Metals: down 1.4%; Nifty FMCG: up 0.8%

BSE                                               NSE

Sensex: 83536.08, down 176.43 points or 0.2%        Nifty 50: 25476.10, down 46.40 points or 0.2%

End

Edited by Rajeev Pai

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