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Informist, Friday, Jul. 18, 2025

By Gopika Balasubramanium

MUMBAI – The Nifty 50 closed at 24968.40, down 143.05 points or 0.6%. The index broke the key support level of 25000 points for the first time since June 24. Analysts had said on Thursday that the 50-stock index is likely to break the crucial support level of 25000 in one or two sessions. Earnings for the June quarter declared so far have not excited the market, and the heavyweights declaring results over the weekend could be the reason for the Nifty 50 breaking below the 25000 level. The BSE Sensex closed at 81757.73 points, down 501.51 points or 0.6%.

JSW Steel declared its results a few minutes before the close, posting a better-than-expected consolidated net profit and sales. The company's net profit for the June quarter more than doubled to INR 21.84 billion, better than expectations of INR 19.98 billion. The sales came in at INR 431.47 billion, marginally higher from a year ago. The stock moved in a narrow range and closed marginally higher at INR 1,034.40. 

Axis Bank was in focus on Friday as the bank's earnings fell short of expectations. The stock, which fell 6.3% intraday, closed at INR 1,099.30, down 5.2%. Axis Bank's provisions and fresh slippages surged in the June quarter. Nuvama Institutional Equities downgraded the stock to 'hold' from 'buy' and cut its target price by 16% to INR 1,180 due to "repeated volatility in asset quality and growth." Shares of many private banks fell as sentiment was hit due to the decline in asset quality and concerns that Axis Bank's margins have declined, despite being the slowest among its peers in passing on the rate cuts. Kotak Mahindra Bank and HDFC Bank closed 1.4% and 1.5% lower, respectively.  

Wipro, the top gainer of the Nifty 50 index, came off intraday highs and closed 2.4% higher. The stock had risen over 4% to an intraday high of INR 271.90, its highest level since Mar. 27, after its bottom line for the June quarter came in higher than analysts' estimates, and as some analysts were bullish on the company's outlook due to strong deal wins during the quarter.

Among other stocks, shares of Clean Science and Technology plunged nearly 10% intraday to a near two-month low of INR 1,305 after the company's bottom line for the June quarter fell short of the Street's expectations. The stock closed 9% lower at INR 1,318.70. The company's net profit grew over 6% on year to INR 700.63 million for the June quarter, but missed the Street estimate of INR 752 million. Alok Industries' shares closed at INR 20.82, down 5.5%. The company reported a net loss of INR 1.76 billion during the quarter.

Shares of Samvardhana Motherson International and Motherson Sumi Wiring India closed 34% and 33% lower as they traded ex-bonus. Valor Estate closed 15% lower as the stock traded ex-merger after its hospitality business was demerged from the company. 

* Of the Nifty 50 stocks, 15 rose and 35 fell

* Of the Sensex stocks, 11 rose and 19 fell

* On the NSE, 1,134 stocks rose, 1,820 fell, and 84 were unchanged

* On the BSE, 1,657 stocks rose, 2,394 fell, and 157 were unchanged

* Nifty Private Bank: down 1.5%; Nifty Bank: down 1%; Nifty Media: up 1%

BSE                                               NSE

Sensex: 81757.73, down 501.51 points or 0.6%      Nifty 50: 24968.40, down 143.05 points or 0.6%

End

Edited by Saji George Titus

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