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Informist, Thursday, Jul. 10, 2025

By Akash Mandal

MUMBAI – Benchmark indices ended lower Thursday on the weekly expiry of the Nifty 50's derivatives contracts, with analysts attributing the fall to investors unwinding their long positions ahead of the expiry. Trade was muted ahead of the beginning of the June quarter earnings season, which will be kickstarted by Tata Consultancy Services later Thursday. The Nifty 50 moved in a relatively thin range of 184 points during the session.

The 50-stock index ended at 25355.25 points, down 120.85 points or 0.5%, and the BSE Sensex closed at 83190.28 points, down 345.80 points or 0.4%. Bharti Airtel ended nearly 3% lower and was the biggest drag on the Nifty 50. Information technology stocks also were a major drag ahead of TCS' earnings, which are expected to be underwhelming. Infosys, Tech Mahindra, and Wipro ended around 1% lower each. TCS closed slightly down. On the other hand, Maruti Suzuki India, Tata Steel, and Bajaj Finance ended around 1% higher each, limiting the fall in the benchmark indices.

"IV's (implied volatility) are very low, which might be a reason for today's fall... when IV's are low, we can expect some wild movement which can lead to volatility and rise in India VIX," a derivatives analyst at a domestic brokerage said. The India VIX, the fear gauge of the market, had risen nearly 2% at its intraday high but ended over 2% lower at 11.6725.

Most sectoral indices declined in a weak market. The Nifty India Defence ended 2% lower and was the worst hit among the sectoral indices amid concerns of lofty valuations across the sector. Bharat Dynamics, Solar Industries India, Garden Reach Shipbuilders & Engineers, and Data Patterns (India) all ended 3-5% lower. 

Nifty Realty, Nifty Metal, and Nifty Consumer Durables were the only sectoral indices in the green. Among real estate stocks, Prestige Estates Projects ended nearly 3% higher after a strong sales for the June quarter, post which Nuvama Institutional Equities raised the target price on the stock by 13% to INR 2,009 and maintained its 'buy' rating. The company had reported its strongest-ever quarterly sales performance, clocking an all-time high sales of INR 121.3 billion in the June quarter.

The Nifty Metal ended 0.4% higher and snapped a five-day losing streak during which it fell over 3%. Lloyds Metals and Energy, National Aluminium Co., NMDC, and Tata Steel ended 1-3% higher.

Among other stocks, ACME Solar Holdings closed over 9% higher and was among the top gainers in the Nifty 500. The stock extended gains for the fourth straight session and rose to a seven-month high during the day after Elara Capital Monday initiated coverage on the stock with a 'buy' rating and a target price of INR 325. "India's ambitious 500GW renewable energy target by FY30, up from the current 220GW, sets a strong growth backdrop for companies like ACME Solar Holdings... with 2.8GW of operational solar capacity and 4.1GW under development, ACME is rapidly expanding its portfolio to 7.0GW by FY28," the brokerage had said in its report.

Housing finance companies Home First Finance Co. India, Aadhar Housing Finance, and Aptus Value Housing Finance India ended 1% each higher after global brokerage Bernstein initiated coverage on all three with an 'outperform' rating due to easily replicable business models, high growth potential, and benefits from a falling interest rate cycle. 

Power financing companies Power Finance Corp. and REC closed 3% and 2% higher, respectively, due to compelling valuations and attractive risk-reward ratios. Global brokerage Morgan Stanley said these stocks have the potential for upside after they went "out of favour" over the past nine months, after being popular in 2023 and 2024. Kirloskar Oil Engines, Lemon Tree Hotels, and Campus Activewear ended 6-10% higher and were the other top gainers in the Nifty 500.

On the other hand, Metropolis Healthcare ended 4% lower and was among the worst hit in the 500-stock index. The stock snapped an eight-session winning run, but analysts are still positive on the company due to its moderating capital expenditure cycle, reasonable valuation, and efforts to diversify geographically. 

* Of the Nifty 50 stocks, 11 rose and 39 fell

* Of the Sensex stocks, 7 rose and 23 fell

* On the NSE, 1,392 stocks rose, 1,524 fell, and 82 were unchanged

* On the BSE, 1,963 stocks rose, 2,056 fell, and 142 were unchanged

* Nifty Realty: up 0.7%; Nifty Metal: up 0.4%; Nifty India Defence: down 2.0%

BSE                                               NSE

Sensex: 83190.28, down 345.80 points or 0.4%      Nifty 50: 25355.25, down 120.85 points or 0.5%

End

Edited by Saji George Titus

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