Indices drift lower in early trade; breadth positive
The key equity benchmarks traded with minor losses in early trade, driven by rising geopolitical tensions between Israel and Iran. Geopolitical developments are expected to continue influencing the market direction, as investors closely track crude oil prices, the G7 summit, Bank of Japans policy decision and the outcome of the upcoming U.S. Federal Reserve meeting later this week. The Nifty slipped below the 24,900 level.
Pharma, auto and consumer durables shares declined while realty, media and PSU Bank shares advanced.
At 09:25 IST, the barometer index, the S&P BSE Sensex declined 165.48 points or 0.20% to 81,630.67. The Nifty 50 index fell 66.55 points or 0.26% to 24,880.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index fell 0.18%.
The market breadth was positive. On the BSE, 1,436 shares rose and 1,348 shares fell. A total of 174 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth 2,539.42 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 5,780.96 crore in the Indian equity market on 16 June 2025, provisional data showed.
Stocks in Spotlight:
Zee Entertainment Enterprises advanced 1.52% after the companys board approved the proposal to raise Rs 2,237 crore from promoter entities via issuing 16.95 crore warrants at issue price of Rs 132 per share. The warrants are proposed to be allotted to Altillis Technologies and Sunbright Mauritius Investments.
Biocon shed 0.92%. The companys board approved the issuance of qualified institutional placement (QIP) of Rs 4,500 crore at floor price of Rs 340.20 per equity share.
Hikal rose 0.51%. The company has successfully passed the Brazilian Health Regulatory Agencys (ANVISA) GMP audit for its manufacturing unit located at Jigani in Bengaluru, Karnataka. The inspection, carried out by ANVISA, Brazil GMP (good manufacturing practices), was for multiple APIs which occurred from April 14th to April 18th, 2025.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell 0.22% to 6.257 from the previous close of 6.270.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.8900 compared with its close of 86.0450 during the previous trading session.
MCX Gold futures for 5 August 2025 settlement fell 0.29% to Rs 98,850.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 98.17.
The United States 10-year bond yield shed 0.49% to 4.430.
Global Markets:
US Dow Jones futures were down 133 points, signaling a weak start for Wall Street.
Asian shares were a mixed bag on Tuesday as investors kept a close watch on the simmering Israel-Iran tensions.
All eyes are now on the Bank of Japan, which is set to announce its policy decision later in the day. Expectations are that the BOJ will hold interest rates steady at 0.5%, opting for caution amid a murky global trade outlook.
Back in the US, Wall Street closed in the green overnight. Hopes for a de-escalation in the Middle East boosted sentiment, with the Dow Jones climbing 0.75%, the S&P 500 gaining 0.94%, and the Nasdaq leading the rally with a 1.52% jump.
On the corporate front, Roku shares popped after the company unveiled a new exclusive partnership with Amazon Ads. The deal is set to create the largest authenticated Connected TV (CTV) footprint in the US, a major win in the growing streaming ad market.
Meanwhile, the US Federal Reserve begins its two-day meeting today. While interest rates are widely expected to remain unchanged at around 4.5%, the spotlight will be on any hints of a pivot to rate cuts, especially as inflation cools and growth shows signs of fatigue.
Across the border, G7 leaders are gathering in Canada this week. The mood might be tense, with US President Donald Trumps tariffs on allied imports casting a shadow. Canadian PM Mark Carney has promised a push for peace and stability but hinted at potential retaliatory tariffs if Washington doesnt ease up on its steel and aluminum duties.
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