Market extends losses; European mrkt decline
The key equity indices traded with major losses in afternoon trade as concerns over global trade tensions weighed on investor sentiment, overshadowing optimism surrounding a potential rate cut by the Reserve Bank of India. Market participants are expected to closely monitor domestic economic indicators and global trade developments. The Nifty traded below the 24,550 mark.
Realty and metal shares advanced while banking stocks, IT and consumer durables stocks declined.
At 13:25 IST, the barometer index, the S&P BSE Sensex, declined 668.19 points or 0.83% to 80,680.82. The Nifty 50 index dropped 186.25 points or 0.75% to 24,530.35.
In the broader market, the S&P BSE Mid-Cap index shed 0.37% and the S&P BSE Small-Cap index fell 0.09%.
The market breadth was negative. On the BSE, 1,751 shares rose and 2,143 shares fell. A total of 158 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.07% to 16.97.
Gainers & Losers:
Shriram Finance (up 1.46%), Grasim Industries (up 1.02%), Bajaj Auto (up 0.75%), Mahindra & Mahindra (M&M) (up 0.38%) and Hindalco Industries (up 0.29%) were the major Nifty gainers.
Grasim Industries added 1.02% after the company announced that its finance committee has approved the issuance of non-convertible debentures (NCDs) aggregating up to Rs 1,000 crore.
Adani Ports & Special Economic Zone (APSEZ) (down 2.46%), Bajaj Finserv (down 2.22%), Coal India (down 1.99%), Adani Enterprises (down 1.83%) and Apollo Hospitals Enterprise (down 1.58%) were the major Nifty losers.
Stocks in Spotlight:
Maruti Suzuki India declined 1.42%. The companys total production rose 1.38% to 195,882 units in May 2025 as against 193,207 units recorded in May 2024.
Larsen & Toubro (L&T) fell 1.51%. The company announced that its water & effluent treatment (WET) vertical has secured significant orders from the Public Health Engineering Department of Rajasthan. The value of the contract ranges from Rs 1,000 crore to Rs 2,500 crore.
MIC Electronics shed 0.85%. The company said that it has received a letter of acceptance (LoA) worth Rs 1.11 crore from the Pandit Deen Dayal Upadhyaya Division of East Central Railway.
Waaree Renewable Technologies rose 0.50% after the company secured a letter of award (LoA) for the engineering, procurement, and construction (EPC) of a large-scale solar power project. The new contract is valued at approximately Rs 346.33 crore.
Transrail Lighting gained 4.70% after the company announced that it has secured fresh domestic and international orders worth Rs 534 crore.
Global Markets:
US Dow Jones futures were down 185 points, signaling a weak start for Wall Street.
European market declined as investors in Europe will be keeping a close eye on the latest inflation data from the euro zone.
Most Asian stocks advanced on Tuesday, tracking overnight gains across all three major U.S. stock indices, despite ongoing global trade tensions. South Korean markets remained closed due to polling day.
China responded to U.S. allegations of violating a temporary trade agreement, stating that the United States had failed to uphold its side of the deal. The exchange highlights increasing strain in trade negotiations between the two countries.
Separately, the European Union criticized U.S. President Donald Trump's proposal to raise steel tariffs to 50%, arguing that the move could disrupt ongoing EU-U.S. trade discussions. An EU spokesperson reportedly indicated that the bloc is prepared to implement countermeasures if necessary.
China's Caixin/S&P Global manufacturing purchasing managers index (PMI) declined to 48.3 in May from 50.4 in April, marking its first drop below the 50-point threshold, indicating contraction, since September of the previous year.
In the U.S., stock indices closed higher on Monday, supported by gains in technology stocks and a surge in the energy sector following a rise in oil prices. Domestic steel and aluminum stocks also climbed on expectations of benefits from potential tariff increases. The S&P 500 rose 0.41%, the Nasdaq Composite gained 0.67%, and the Dow Jones Industrial Average edged up 0.08%.
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