
Nifty below 25,450; media shares decline
At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 74.17 points or 0.09% to 83,358.72. The Nifty 50 index lost 22.45 points or 0.09% to 25,438.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was negative. On the BSE, 1,803 shares rose and 1,816 shares fell. A total of 225 shares were unchanged.
Indias foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.
Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.
Indias reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.
Buzzing Index:
The Nifty Media index fell 1.23% to 1,740.05. The index rose 0.83% in the past two trading sessions.
Nazara Technologies (down 2.51%), Zee Entertainment Enterprises (down 1.84%), PVR Inox (down 1.39%), Sun TV Network (down 1.27%) and Saregama India (down 0.83%), D B Corp (down 0.34%) declined.
On the other hand, Dish TV India (up 4.31%), Tips Music (up 0.56%) and Hathway Cable & Datacom (up 0.19%) edged higher.
Stocks in Spotlight:
Power and Instrumentation (Gujarat) added 2.14% after the firm said that it has received a work order from Nyati Engineering & Construction valued at Rs 2.59 crore.
Puravankara rallied 3.39% after the company has selected as the preferred developer for the redevelopment of eight residential societies in Chembur, Mumbai.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Mint
41 minutes ago
- Mint
Tesla share price erodes investor wealth worth $68 billion as Elon Musk launches his own ‘American Party'
Tesla Inc. shares tumbled 6.8% on Monday (July 7), erasing more than $68 billion in market cap, after CEO Elon Musk revealed plans to launch a new political party — the 'America Party.' The move, announced over the weekend, reignited a public feud between Musk and former ally President Donald Trump, escalating investor concerns about the company's future direction. The steep drop marks one of the worst single-day performances for Tesla this year and comes amid growing concerns that Musk's political ambitions could further distract from his role as chief executive of the electric vehicle giant. Tesla's stock slide wiped out $15.3 billion from Musk's net worth, according to the Bloomberg Billionaires Index. The fall marked the largest since Musk's earlier clash with Trump in June, when their spat over a Republican tax bill erased $150 billion from Tesla's market value in a single day. Trump lashed out at Musk's political ambitions, calling the idea of the 'America Party' 'ridiculous.' He also threatened to cut off federal subsidies to Musk's companies, deepening fears among investors. The market turmoil wasn't limited to Tesla. Wall Street saw widespread losses as the White House issued tariff notices to key allies, including Japan and South Korea, threatening import duties of up to 40% starting August 1. The S&P 500 dropped 0.8% — its biggest loss since mid-June — while the Dow fell 422 points (0.9%) and the Nasdaq slid 0.9%.


India Today
2 hours ago
- India Today
Trump's new tariffs and Musk's political bombshell shake Wall Street
Wall Street's major indexes closed lower on Monday, after US President Donald Trump announced hefty tariffs against Japan, South Korea and other trading partners while Tesla shares sank after CEO Elon Musk said he was forming a new US political added to losses after Trump announced the tariff rates against Japanese and South Korean imports, due to take effect on August 1. Stocks wobbled further in the late afternoon when he announced hefty tariffs on Malaysia, Kazakhstan, South Africa, Laos and week, both the Nasdaq and the S&P 500 ended three sessions with record high closes. The latest record finishes came on Thursday after a robust jobs report. "Markets had been telling us that peak tariff risk is behind us but to have tariffs back in the forefront is causing some skittishness," said Emily Roland, co-chief investment strategist at Manulife John Hancock Investments in Boston. "Investors were getting to that period of ebullience in markets and we're taking a little step back from that."But investors likely have some hopes the announcements are not permanent, she said: "That's the pattern we've been in, announcing punitive tariffs and then dialing that back a little bit. That could certainly be the next phase of this back and forth negotiation," said to preliminary data, the S&P 500 lost 49.39 points, or 0.77%, to end at 6,230.76 points, while the Nasdaq Composite lost 183.18 points, or 0.89%, to 20,417.92. The Dow Jones Industrial Average fell 421.03 points, or 0.95%, to 44, of the S&P 500's biggest drags was from electric vehicle maker Tesla, whose shares dived after CEO Musk announced formation of a new political party named the "America Party", further escalating his feud with also awaited other US trade announcements after Trump said on Sunday that the US was on the cusp of several deals and would notify other countries of higher tariffs by July 9, with new duties to take effect on August Monday, Trump threatened an extra 10% tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South early April, stock indexes saw dramatic volatility after Trump unveiled a base tariff rate of 10% on most countries and additional duties ranging up to 50% on April 2 and then announced a 90-day pause days early April, the Nasdaq confirmed a bear market or a 20% drop from its recent record, while the S&P 500 had narrowly averted a bear. Both indexes had returned to record levels by late of WNS Holdings rallied after the French IT services firm Capgemini agreed to buy the outsourcing firm for $3.3 billion in tariff policies have stoked inflation worries, further complicating the Fed's path to lower rates. Minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy are betting on a roughly 95% probability that rates will remain unchanged in July while the odds for a September cut are close to 60%, according to CME Group's FedWatch area of investor focus is US tax-cut and spending plans, signed into law by Trump late last week. These are expected to swell the national deficit by over $3 trillion in the next decade.- EndsMust Watch


Mint
2 hours ago
- Mint
Tariff headlines and moving deadlines
(The opinions expressed here are those of the author, a columnist for Reuters.) Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what moved markets today and we'll take a close look at how markets are digesting the latest U.S. tariff headlines and how they reacted to Tesla CEO Elon Musk's move to reclaim political influence. I'd love to hear from you so please feel free to reach out at * US stocks fell on nervousness about Wednesday's tariff deadline, while Tesla tumbled after Elon Musk unveiled a new political party * Treasury yields rose as trade talks dragged on and investors prepared for auctions this week * Crude oil prices rose despite OPEC plan to increase supply in August * Gold weakened on the back of the firmer dollar US signals trade announcements imminent as deadline looms Tesla slides as Musk's 'America Party' heightens investor worries Tesla short sellers set to pocket about $1.4 billion in profits after stock slump Trump says will impose 25% tariffs on Japan, South Korea Tariff headlines and moving deadlines Wall Street paused its bull run to start Monday on the back foot bracing for a barrage of tariff headlines before Wednesday, which U.S. President Donald Trump set as the expiration of a postponement he declared in the wake of the April 2 "Liberation Day" meltdown. While last week's record highs for the S&P 500 and Nasdaq suggest that markets are learning to take the White House's fluid trade tactics in stride, they did pull back even more at midday after Trump said that from August 1 he will impose 25% tariffs on Japan and South Korea, two of the U.S.'s most stalwart trade allies who have yet to reach trade deals with Trump. Trump has promised to notify countries that haven't reached deals by the July 9 deadline of what their new tariffs will be as of August 1, which now becomes the next big calendar notation for investors. Treasury Secretary Scott Bessent said more trade announcements were likely by Wednesday. Monday's pullback aside, the stock market has more than recovered from the April panic, riding out numerous other potential major risks, from Trump's threats to fire Fed Chair Jerome Powell, to the U.S. bombing of Iran nuclear sites to last week's passage of the "Big Beautiful Bill" that economists predict will add trillions to the U.S. debt, any tariff revenue notwithstanding. Only the dollar remains deep underwater. Although it bounced nicely on Monday, it is off 7% against the euro since April 2, and the broader dollar index is down about 6%, while the S&P 500 is up 9.5%. The 10-year Treasury note's benchmark yield is only about 20 basis points higher than its April 2 close, having weathered global concern that the U.S. was no longer a safe place to be invested. Speaking of the "big beautiful" tax bill, Tesla CEO and former-Trump-ally- turned enemy Elon Musk declared it would bankrupt America and announced the formation of a third U.S. political party, the America Party. Investors immediately tanked Tesla shares, which also weighed on Wall Street, recalling how his stint running Trump's Department of Government Efficiency was a costly distraction from the business of making electric vehicles and rockets. What could move markets tomorrow? * No major U.S. data, Fed speakers or other events Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.