Equity Alert
European indices mixed as investors await US-EU trade deal
This story was originally published at 15:10 IST on 21 July 2025
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Equity Alert: European indices mixed as investors await US-EU trade deal
MUMBAI--1437 IST--European indices were mixed in early trade as investors were cautious ahead of a potential trade deal between the US and the European Union. The pan-European Stoxx 600 index was flat early in the session. Italy's MIB was down 0.9% and was the worst hit in the region.
Ireland-based Ryanair was up 6?ter the budget airline's bottom line for the first quarter more than doubled on year and beat the Street's view. Citi analyst Charles Armitage said the results were "very strong" and highlighted the airline's "slightly better commentary on fares" in the full year, CNBC reported.
Stellantis fell 2.4?ter the Netherlands-based automaker said it expects to report a net loss of 2.3 billion euros ($2.68 billion) for the first half of 2025, Reuters reported. UK's FTSE 100 and Germany's DAX were flat. France's CAC 40 was down 0.2%, and Switzerland's SLI was up 0.1%.
Following were the levels of major European indices at 1434 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
FTSE 100 Index |
8994.87 |
0.03 |
|
CAC 40 |
7804.07 |
(-)0.24 |
|
MIB INDEX |
39941.49 |
(-)0.92 |
|
DAX PERFORMANCE-INDEX |
24281.05 |
(-)0.03 |
|
SLI |
1991.67 |
0.14 |
(Akash Mandal)
Equity Alert: UltraTech at record high ahead of earnings; Eternal up 3%
MUMBAI--1325 IST--Shares of UltraTech Cement and Eternal traded higher Monday ahead of their June quarter earnings. Earlier in the day, UltraTech Cement shares rose nearly 2% to hit a record high of INR 12,714. However, the cement major's shares came off highs and, at 1323 IST, they were at INR 12,574. Share of Eternal rose 3.3% to a high of INR 265.65 and was the top gainer among the Nifty 50 constituents.
UltraTech is expected to record a strong top-line growth in the June quarter on the back of an increase in volume from recent acquisitions. Higher cement prices and lower input costs are also likely to have aided the operating profit. The cement major is likely to report a consolidated net profit of INR 21.76 billion for the June quarter, up 28% on year, as per the average of eight brokerage estimates. The company's consolidated revenue from operations is seen at INR 213.37 billion, up 18% on year.
Meanwhile, Eternal will likely report an on-year fall in its bottom line for the June quarter, mainly due to operating losses in two of its core operations--quick commerce vertical Blinkit and dine out business. The top line growth, however, is seen strong on the back of a doubling of Blinkit revenue, high growth in its business-to-business segment revenue, and a steady increase in revenue from its food delivery segment, which is its third core vertical. The consolidated net profit of Eternal for the June quarter will likely be INR 1.04 billion and revenue from operations is seen at INR 66.75 billion, the average of estimates by seven brokerages showed.
Of the 21 brokerage reports available on UltraTech Cement with Informist, 16 have a 'buy' or equivalent rating on the stock, with an average target price of INR 13,372 per share. Of the remaining five, two have a 'sell' or equivalent rating, and three have a 'hold' rating on the stock. Of the 14 brokerage reports available on Eternal Cement with Informist, 12 have a 'buy' or equivalent rating on the stock, with an average target price of INR 294.08 per share and the remaining two have a 'sell' or equivalent rating on the stock.
As many as 183,700 shares of the cement major were traded so far on the NSE, higher than 47,000 shares traded till the same duration on Friday. At 1323 IST, Eternal's shares were at INR 264.20, up 2.7%. Over 18 million shares of Eternal changed hands, more than double the 8 million shares traded at the same time on Friday. (Gopika Balasubramanium)
Equity Alert: ICICI Bank, HDFC Bank help Nifty 50 stay in green; RIL down 3%
MUMBAI--1306 IST--Indices remained in green with financial services stocks leading the gains. Shares of HDFC Bank and ICICI Bank helped the 50-stock index stay in the positive territory despite another heavyweight, Reliance Industries, trading 3% lower. Both the private-sector lenders rose around 2?ter they reported higher-than-expected earnings for the June quarter. At 1249 IST, the Nifty 50 index rose 0.4% to 25055.50 points and the BSE Sensex index was up 0.4% to 82085.35 points.
Eternal rose nearly 3%, snapping a four-day losing run, ahead of its earnings scheduled for release later Monday. Analysts expect the company will likely report a strong sales growth in the June quarter despite its bottom line seen falling on year due to increased losses in its quick-commerce business. IndusInd Bank fell nearly 3% and was the biggest loser in the Nifty 50 index alongside Reliance Industries.
National Aluminium Co. and BSE rose over 3% and emerged as the biggest gainers in the Nifty 200 index. Among losers, Bandhan Bank was down nearly 3%, snapping a four-day winning streak. The bank said Friday that its net interest margin is expected to moderate by 20-30 basis points going forward, and the slippages are only expected to moderate from December quarter.
Among the Nifty 500 constituents, shares of Mastek rose over 8?ter the company posted a 14% on-quarter rise in its consolidated net profit for Apr-Jun. Tata Investment Corp. gained nearly 5% and was among the top gainers in the index. Mangalore Refinery & Petrochemicals fell over 6% after the company reported a loss in Apr-Jun compared with a profit in the year-ago period. (P. Madhu Kumar)
Equity Alert: ICICI Bk up 3?ter strong earnings; advances above industry's
MUMBAI--1300 IST--Shares of ICICI Bank rose nearly 3% to INR 1,465.90 after the bank Saturday reported higher-than-expected net profit for the June quarter on the back of higher other income. At 1240 IST, the stock was up 2.2% at INR 1,457.40 on the National Stock Exchange. Over 9 million shares of the company changed hands on the bourse so far Monday, almost three times the 3.5 million shares traded during the same period Friday.
For the quarter ended June, the private sector bank reported an over 15% on-year growth in its net profit to INR 127.68 billion, much higher than the Street's expectation of INR 118.88 billion. Its total income increased nearly 12% to INR 514.52 billion, of which other income was INR 85.05 billion, up over 21%.
Nuvama Institutional Equities said ICICI Bank is the only bank to clock better-than-expected net interest margin so far. The bank's 7-basis-point sequential fall in core net interest margin to 4.34% was better than the anticipated fall of 12-15 bps, the broking firm said.
Nirmal Bang Institutional Equities retained 'buy' rating on the stock and a target price of INR 1,723. The brokerage said the bank's net interest income was in line with expectation. ICICI Bank's net interest income rose nearly 11% to INR 216.4 billion in the reporting quarter. It also said the bank's loan growth continued to outperform the industry while the rise in deposits was steady. The lender's loan book growth of 11.5% on year to INR 13.6 trillion was better than the industry's growth of 9.6%.
Of the 25 research reports available on the bank with Informist, 24 broking firms have a 'buy' or equivalent rating on the stock with an average target price of INR 1,539 which is almost 6% higher than the current market price. The remaining one brokerage has a 'hold' view on the bank. (Anjana Therese Antony)
Equity Alert: HDFC Bk up 2% on upbeat results; NIM seen improving Oct-Mar
MUMBAI--1245 IST--Shares of HDFC Bank rose 2.3% to an intraday high of INR 2,001.90 as the private sector bank posted better-than-expected results for the June quarter. Brokerages are positive on the bank deploying gains from treasury income and partial divestment of the bank's arm for both contingent and floating provisions. At 1244 IST, shares of the company were at INR 1,992, up 1.8%.
On Saturday, the bank had reported a consolidated net profit of INR 181.55 billion for the June quarter, higher than INR 173.12 billion expected by the Street. The total income for the latest quarter was INR 992 billion. Gains from stake sale of HDB Financial Services not only boosted the performance of the bank for Apr-Jun, but also gave a fillip to its provision buffers.
The stake sale of HDB Financial Services fetched INR 91.80 billion for the bank. The bank made floating provisions of INR 90 billion from it and another INR 17 billion as contingent provisions in the quarter. "In addition, a non-specific provision buffer at 1.8% of the loan book provides comfort," Nirmal Bang Institutional Equities said.
Brokerages expect the net interest margin of the bank to be under pressure in the near term and improvement is seen in Oct-Mar. "Margins are expected to remain under pressure in the near term, with further compression likely in Q2FY26 (Jul-Sept) as transmission of residual 50 bps (basis points) rate cut given 65% of loans linked to EBLR (external benchmark lending rate)," ICICI Direct Research said in a report.
Brokerages said the margin will pick up in the second half of the current financial year aided by gradual repricing of term deposits, supportive liquidity backdrop, reduction in high-cost borrowing, and anticipated pick-up in unsecured retail lending. Most domestic brokerages maintained their respective 'buy' rating on the bank and increased share target prices as well.
Global brokerage CLSA maintained an "outperformed" rating on the stock and hiked the target price by almost 5% to INR 2,300. Jefferies also maintained its 'buy' rating on the stock and increased target price by nearly 3% to INR 2,400. At 1244 IST, 7.24 million shares of the company were traded on the NSE, sharply higher than the 4.03 million shares traded till the same time Friday. (Gopika Balasubramanium)
Equity Alert: AU Small Fin Bank down 8% on Q1 NIM miss, asset quality fall
MUMBAI--1227 IST--Shares of AU Small Finance Bank fell nearly 8% to an intraday low of INR 735.20, its lowest level since Jun. 6, despite beating analysts' estimates on its bottom line as some expressed concern over deteriorating asset quality. At 1224 IST, the stock traded 5.6% lower at INR 750.40.
"AU announced a soft quarter in Q1FY26 with a miss on NIM and higher-than-expected delinquencies driven by south-based mortgages and a delayed recovery in MFI (microfinance)," Nuvama Institutional Equities said in its report. "Credit cost on credit cards also remained elevated on a downsized book...NIM decreased sharply by 28bp versus our estimate of 25 bps," the brokerage said. It maintained a 'reduce' rating on the stock with a target price of INR 650, with the brokerage saying "the risk-reward remains unfavourable at 3xBV (book value) FY26."
Nirmal Bang Equities maintained a 'buy' rating on the stock but cut its target price to INR 916 from INR 950. "AU SFB's 1QFY26 performance was lower than our expectations at the NII level by 7.5% due to sharp NIM compression," the brokerage said. "Despite a rally of 26.8% in its stock price since 4QFY25 results, we remain positive on AU SFB," it added. The brokerage said the bank should command a premium to peers due to higher loan book growth potential, prospects of becoming a universal bank, and expected reduction in unsecured loan stress and normalisation of credit costs in the second half of the current financial year.
At 1224 IST, 7.36 million shares of the bank were traded on the NSE, sharply higher than the 693,199 shares traded till the same time Friday. (Akash Mandal)
Equity Alert: Mastek surges 13% to 5-month high; Q1 PAT up 14% sequentially
MUMBAI--1143 IST--Shares of Mastek rose 13% to a near six-month high of INR 2,818 after both its top line and bottom line rose sequentially in the June quarter. At 1138 IST, the stock was nearly 10% higher at INR 2,739.
The information technology company's consolidated net profit for Apr-Jun rose nearly 14% sequentially to INR 920.50 million, while its top line grew just 1% to INR 9.15 billion. "Our 12-month order backlog grew 8.3% Y-o-Y (year-on-year) in rupee terms (to INR 23.48 billion), supported by strong demand across digital engineering and data, automation & AI," the company said in its post-earnings press release.
All five brokerage reports on the company available with Informist have a 'buy' or equivalent rating on the stock. At 1138 IST, 3.16 million shares of the company were traded on the NSE, sharply higher than the 33,646 shares traded till the same time Friday. (Akash Mandal)
Equity Alert: PNB Housing Finance down 1.1% ahead of Apr-Jun earnings
MUMBAI--1119 IST--Shares of PNB Housing Finance were trading 1.1% lower at INR 1,071.20 on the National Stock Exchange ahead of the company's financial results for the June quarter, due to be released later Monday.
Nirmal Bang Institutional Equities expects PNB Housing to report a net profit of INR 5.53 billion for Apr-Jun, up 26% on year. Sequentially, however, the company's net profit is seen down nearly 3% from Jan-Mar. Nirmal Bang sees PNB Housing's net interest income rising 15% on year to INR 7.26 billion.
The brokerage expects PNB Housing's credit cost to rise on quarter to (-)0.27 basis points from (-)0.32% during Jan-Mar. Net interest margin is seen at 3.8% against 3.75% in Jan-Mar. (Shubham Rana)
Equity Alert: MRPL falls 8% to 1-mo low; co posts loss in Q1 vs profit yr ago
MUMBAI--1105 IST--Shares of Mangalore Refinery & Petrochemicals fell over 8% to a near one-month low of INR 136.77 after it reported a loss in the June quarter compared to a profit in the year-ago period. At 1100 IST, the stock was at INR 140.05, down 6.1%, and was among the worst hit on the Nifty 500. The stock broke a four-session winning streak.
For the March quarter, Mangalore Refinery, which is a subsidiary of Oil and Natural Gas Corp., reported a net loss of INR 2.72 billion, compared to a net profit of INR 655.70 million a year ago. This loss was due to longer-than-planned shutdown of the phase II refinery in May and June, which has a capacity of 6-7 million tonnes per annum and produces high value products, NDTV Profit reported. The company's top line fell over 23% on year to INR 209.88 billion for the quarter.
Of the four brokerage reports on the company available with Informist, two have a 'hold' or equivalent rating on the stock and the remaining two have a 'sell' or equivalent rating. At 1100 IST, 5.11 million shares of the company were traded on the NSE, sharply higher than the 1.46 million shares traded till the same time Friday. (Akash Mandal)
Equity Alert: Anthem Biosciences surges 31% to INR 747 post debut on NSE
MUMBAI--1049 IST--Anthem Biosciences leaped over 31% to a high of INR 747 on its debut Monday. At 1049 IST, shares of the comapny traded at INR 728.75, up 28% from its issue price, with 27.6 million shares having traded on the NSE so far. The stock had listed at INR 723.05, a premium of nearly 27% to its issue price of INR 570.
The initial public offer of the company that concluded on Wednesday was subscribed 63.86 times. Qualified institutional buyers showed the maximum interest towards the IPO and subscribed 182.65 times the shares reserved for them. Non-institutional investors subscribed 42.36 times. The response of retail investors was tepid who subscribed mere 5.64 times the portion allocated.
Anthem Biosciences is a contract research, development, and manufacturing organisation with operations across drug discovery, development, and manufacturing. It had reported a consolidated net profit of INR 4.51 billion for the financial year 2024-25 (Apr-Mar) on a revenue of INR 18.45 billion. (Gopika Balasubramanium)
Equity Alert: Mkt recovers post brief fall at open; bank heavyweights up
MUMBAI--1035 IST--Benchmark indices recovered after falling briefly at open Monday, supported by gains in banking heavyweights ICICI Bank and HDFC Bank, which were up around 2?ch after these lenders reported higher-than-expected net profit for the June quarter. These two banks together have over 22% weightage in the Nifty 50. On the other hand, Reliance Industries declined after the company posted weakness in core operations such as oil and gas and oil-to-chemicals. IndusInd Bank was down almost 4% and was the biggest laggard among the Nifty 50 constituents after the bank said it would Wednesday consider raising funds through debt or equity.
Investors' focus remains on the earnings season in the absence of other major cues. At 1013 IST, the Nifty 50 index was up 0.4% at 25060.70 points and the Sensex index up 0.5% at 82131.77 points. Tata Steel gained for the third straight session, rising over 1%.
Nifty Oil & Gas index declined over 1% and was the worst performer among sectoral indices, primarily due to the fall in heavyweight Reliance Industries. Nifty IT and Nifty PSU Bank indices were the next two laggards, falling nearly 1?ch. The Nifty Metal index rose nearly 1%, making it the biggest gainer among sectoral indices. Nifty Financial Services snapped a three-day losing run and rose 0.5%, followed by Nifty Realty and Nifty Bank which were marginally up.
AU Small Finance Bank declined nearly 7% and was the biggest loser in the Nifty 200 index after the lender posted weak performance in its core operations and a sharp decline in margins during the June quarter. Union Bank of India was down nearly 3?ter the bank said its net interest margin and treasury income are expected to moderate going forward.
Sona BLW Precision Forgings gained nearly 3% and was the biggest winner in the Nifty 200 index. The auto components maker has signed a binding term sheet with Jinnaite Machinery Co. to establish a joint venture company in China. (P. Madhu Kumar)
Equity Alert: Reliance Ind down 3%; analysts see stock moderating near term
MUMBAI--1034 IST--Shares of Reliance Industries fell nearly 3% to a low of INR 1,437 as some brokerages said the stock might face a slowdown in the near term. The company's earnings for the June quarter, though strong, missed analysts' estimates on some fronts. However, most brokerages are still upbeat regarding the company's prospects. At 1031 IST, the stock traded 2.1% lower at INR 1,445.10.
Macquarie has kept an 'outperform' rating on the stock with a target price of INR 1,500, but the stock could see a moderation in the near term after its strong earnings, ET Now reported the brokerage as saying. Morgan Stanley has an 'overweight' rating on the stock with a target price of INR 1,617. The brokerage said growth in the company's retail and fuel refining business missed its view, but it was bullish on the guidance provided by the company.
Jefferies has kept its 'buy' rating on the stock with a target price of INR 1,726. The company's earnings before interest, tax, depreciation, and amortisation was 3?low the brokerage's estimates and retail growth slowed down due to electronics sales moderating on early onset of the monsoon season. The brokerage said focus will now shift to the company's annual general meeting with a possible listing of its Jio subsidiary.
Among domestic brokerages, Prabhudas Lilladher has upgraded the stock to 'accumulate' from 'hold' and raised its target price by 4% to INR 1,555 on the possibility of an upturn in the company's new energy segment. However, the brokerage pointed out that the stock may come under pressure in the near term.
The company's consolidated net profit for the June quarter rose 78% on year to INR 269.94 billion, sharply higher than analysts' expectations of INR 199.54 billion. However, excluding a one-time gain of INR 89 billion, the company's bottom line missed analysts' estimates by a considerable margin.
All 15 brokerage recommendation on the company available with Informist have a 'buy' or equivalent rating on the stock with a target price of INR 1,602. At 1031 IST, 5.90 million shares of the company were traded on the NSE, sharply higher than the 1.50 million shares traded till the same time Friday. (Akash Mandal)
Equity Alert: Prabhudas Lilladher upgrades RIL to 'accumulate' from 'hold'
MUMBAI--0905 IST--Prabhudas Lilladher upgraded Reliance Industries' stock to 'accumulate' from 'hold' and raised its target price by 4% to INR 1,555 on the possibility of an upturn in the company's new energy segment. The stock had closed flat at INR 1,476 on Friday ahead of its earnings announcement.
"The company mentions that the cell manufacturing is expected to be commissioned in 1-2 quarters while the whole new energy ecosystem would take 4-6 quarters to commercialise...in absence of any quantitative details, we introduce valuation of INR 111/share for this segment, valuing it at 2x the earlier announced capex of INR 750 billion," the brokerage said. It, however, pointed out that the stock may come under pressure in the near term.
Nuvama Institutional Equities kept a 'buy' rating on the stock with a target price of INR 1,767. "We expect fully integrated 10 GW polysilicon-to-module facility by end-FY26 (2025-26), may add 6% to consolidated PAT...NE (new energy) platform to be self-funded in a few years," the brokerage said. It also said that captive power costs are expected to fall 25%, which might boost the company's consolidated bottom line by an additional 6%.
The company's consolidated net profit for the June quarter rose 78% on year to INR 269.94 billion, sharply higher than analysts' expectations of INR 199.54 billion. This was boosted by a one-time income of over INR 89.00 billion, likely from the stake sale in Asian Paints during the quarter. (Akash Mandal)
Equity Alert: Nuvama ups HDFC Bank target price by 3% on strong Q1
MUMBAI--0848 IST--Shares of HDFC Bank will be in focus after it reported strong earnings for the June quarter on Saturday. However, Nuvama Institutional Equities said the bank's net interest margin missed its expectations. The brokerage, however, raised its target price on the stock by 3% to INR 2,270 from INR 2,195 and maintained a 'buy' rating. On Friday, the stock had ended at INR 1,957.40, down 1.5%.
"Reported NIM fell 19bp (basis points) QoQ, 6bp more than expected while core NIM fell 11bp QoQ in Q1FY26...we note that HDFC reprices its EBLR book faster than peers," Nuvama said in its report. The brokerage, however, said the bank's asset quality stayed best-in-class during the quarter, and the bank used majority of the gains from HDB Financial Services' stake sale towards contingency and floating provisions. "Given a fortified buffer of provisions, which is a traditional strength of HDFC Bank, likely pickup in growth and stability in NIM in H2, we reiterate BUY," the brokerage said.
Prabhudas Lilladher has raised the stock's target price to INR 2,150 from INR 2,125 due to increase in valuation of subsidiaries. The brokerage has retained its 'buy' rating. "For FY26/27, we are factoring loan growth of 11%/12% YoY with an LDR (loan-to-deposit ratio) of 92%/90%," it said.
HDFC Bank reported a net profit of INR 181.55 billion for the June quarter on a total income of INR 992 billion. Its top line was above analysts' estimates of INR 173.12 billion. (Akash Mandal)
Equity Alert: Asian mkt up except Nikkei, S&P ASX; FTSE Singapore up 11th day
MUMBAI--0840 IST--Asian indices were up Monday, except for those of Japan and Australia. Japanese market fell after the ruling coalition under Prime Minister Shigeru Ishiba lost control of the upper house in an election Sunday. Meanwhile, indices in China were up after People's Bank of China held its key prime loan rates steady.
At 0808 IST, Japan's Nikkei 225 and Topix were down 0.2?ch. In Japan, the ruling coalition needed 50 seats to retain control of the 248-seat upper chamber but with just one seat left to be announced, the coalition was on 47, Japan's public broadcaster NHK reported. However, Prime Minister Ishiba said he has no plans to quit.
China's CSI 300 and Hong Kong's Hang Seng were up 0.3% and 0.6%, respectively. China kept its benchmark lending rates steady Monday as it continues to struggle with weak consumer sentiment and softening growth. The People's Bank of China held the one-year loan prime rate at 3.0% and the five-year rate at 3.5%, CNBC reported. Others such as South Korea's Kospi was up 0.4%. The FTSE Singapore Straits Times gained for the eleventh consecutive session and was up 0.7%.
Meanwhile, in the Pacific, Australia's S&P ASX 200 was down nearly 1% in early trade. The index fell ahead minutes of Reserve Bank of Australia's July meeting release which is due Tuesday.
Following are the levels of key Asian indices at 0808 IST:
|
INDEX |
LEVEL |
CHANGE IN % |
|
CSI 300 Index |
4075.1795 | 0.41 |
|
Hang Seng Index |
24964.90 | 0.56 |
|
Nikkei 225 Day |
39819.11 | (-)0.21 |
|
TOPIX FIRST SECTION |
2834.48 | (-)0.19 |
|
KOSPI |
3201.48 | 0.42 |
|
FTSE Singapore Straits Times |
4218.92 | 0.70 |
|
S&P/ASX 200 Index |
8669.10 | (-)1.01 |
(Gopika Balasubramanium)
Equity Alert: Mkt seen down; RIL, ICICI Bank, HDFC Bank in focus post Q1 results
MUMBAI--0825 IST--Benchmark indices are likely to open lower Monday, with index heavyweights HDFC Bank and ICICI Bank seen weaker. Reliance Industries will also be in focus as it reported earnings after close of trading session Friday. The Nifty 50 may fall more as the index ended below its crucial support of 25000 points on Friday.
Analysts expect the 50-stock index to remain weak near term in view of the weak start to June quarter earnings, with volatility expected due to stock-specific reactions. The July contract of the GIFT Nifty also hints at a weak start for the market. At 0808 IST, the contract was at 24994.50 points, down 0.1% from its previous close. On Friday, the Nifty 50 ended at 24968.40 points, down 143.05 points or 0.6%. The index fell below 25000 points intraday for the first time since Jun. 24. The BSE Sensex had closed at 81757.73 points, down 501.51 points or 0.6%.
Indices in the US ended flattish Friday amid subdued trade after hitting record highs in the previous session. The Nasdaq Composite and the S&P 500 ended broadly flat, while the Dow Jones Industrial Average closed slightly lower. The indices recovered after having dipped midway through the session on reports that US President Donald Trump was pushing for steep 15-20% tariffs in a deal with the European Union.
Investors also assessed a host of mixed economic data. Retail sales in the US rose 0.6% in June, higher than the 0.1% rise expected by Reuters. Jobless claims fell by 7,000 to a seasonally adjusted 221,000 for the week ended Jul. 12, the lowest level since April. However, consumer prices rose 0.3% last month, the largest gain since January. Indices in Asia were mixed in early trade Monday. (Akash Mandal)
Equity Alert: US indices end largely flat Friday; cryptocurrency stocks gain
MUMBAI--0741 IST--US indices closed largely unchanged on Friday, recovering from a brief fall after Financial Times reported the US president is pushing for new steeper tariffs on products from the European Union. Gains were also limited after indices touched record highs during the week, as investors were less influenced by President Donald Trump's tariff policies and confident that his policies may not damage the US economy as severely as anticipated.
"People are a little tired of trying to trade tariff headlines or deadlines, and people are more concerned with seeing the proof of this come to fruition through numbers," Greg Boutle, head of US equity and derivatives strategy at BNP Paribas, was quoted as saying by Reuters. A slew of economic data for June released during the week--robust retail sales, a rise in consumer inflation, and flat producer prices--gave mixed signals.
The S&P 500 and Nasdaq Composite ended flat, while the Dow Jones Industrial Average closed 0.3% lower. On a week-on-week basis, the S&P 500 gained 0.6%, the Nasdaq rose 1.5%, while the Dow Jones made slight losses. On Friday, cryptocurrency stocks were up after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies. Shares of Robinhood Markets and Coinbase Global ended up 4.1% and 2.2%, respectively.
Some companies also reacted to their June quarter earnings. Of the 59 S&P 500 companies to report second-quarter earnings this season, 81.4% have exceeded Wall Street's earnings expectations, Reuters reported, citing data from LSEG. Charles Schwab ended 2.9% higher after posting higher profits and Regions Financial ended 6.1% higher after its management raised forecasts for 2025 interest income.
Following are the closing levels of US indices Friday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 44342.19 | (-)0.32 |
| NASDAQ Composite | 20895.665 | 0.05 |
| S&P 500 | 6296.79 | (-)0.01 |
(Gopika Balasubramanium)
End
US$1 = INR 86.27
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
All prices from National Stock Exchange, unless otherwise specified.
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