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Business Standard
30-07-2025
- Business
- Business Standard
Indices advance ahead of Fed verdict; L&T spurts 4.8%
The headline equity benchmarks closed with modest gains today, aided by strong Q1 earnings from Larsen & Toubro (L&T). However, overall sentiment stayed cautious ahead of the U.S. Federal Reserve's policy outcome due later tonight. Investors also kept a close watch on progress in the India-U.S. trade discussions. The Nifty ended above the 24,850 level, supported by buying in IT, FMCG, and consumer durables stocks. The S&P BSE Sensex advanced 143.91 points or 0.18% to 81,481.86. The Nifty 50 index added 33.95 points or 0.14% to 24,855.05. Larsen & Toubro (up 4.87%), Bharti Airtel (up 0.87%) and HDFC Bank (up 0.16%) boosted the Nifty higher today. In the broader market, the S&P BSE Mid-Cap index added 0.17% and the S&P BSE Small-Cap index rose 0.17%. The market breadth was positive. On the BSE, 2,030 shares rose and 1,968 shares fell. A total of 160 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.77% to 11.21. Economy: The International Monetary Fund (IMF) has upgraded India's economic growth estimate to 6.4% in both 2025-26 and 2026-27 as compared to what it had predicted in April. The growth upgrade, of 0.2 percentage points and 0.1 percentage points, respectively, is in line with the upgrades for global growth. The upward revision is primarily due to the suspension of higher tariffs, strong consumption growth, and a steady push for public investment. Inflation projections are also revised down to 3.7% in 2025 and 4% in 2026, thanks to easing food prices. Numbers to Track: The yield on India's 10-year benchmark federal paper shed 0.02% to 6.368 from the previous close of 6.369. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.4350 compared with its close of 86.9100 during the previous trading session. MCX Gold futures for 5 August 2025 settlement rose 0.43% to Rs 98,680. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 98.89. The United States 10-year bond yield declined 0.05% to 4.333. In the commodities market, Brent crude for September 2025 settlement lost 56 cents or 0.77% to $71.95 a barrel. Global Markets: Most European indices rose on Wednesday as investors assessed a fresh wave of corporate earnings while awaiting key regional growth data and the outcome of the U.S. Federal Reserves policy meeting. Most Asian shares ended lower, led by declines in Japan and Hong Kong, as investors turned cautious ahead of the approaching U.S. tariff deadline and braced for key central bank decisions from the Bank of Japan and the Federal Reserve. As U.S. President Donald Trump's deadline to strike a deal and avoid the Liberation Day tariffs approaches, trade negotiations with some countries appear likely to continue until the last possible moment before the August 1 cutoff date. The U.S. Commerce Secretary was quoted by the media saying that President Donald Trumps upcoming Friday deadline to impose major tariffs on a slew of trading partners will not be delayed further. However, the trade negotiations with China are progressing on a separate timeline, the report added. The US Federal Reserve is expected to leave interest rates unchanged at its policy meeting later on Wednesday, though it could see a rare dissent by some central bank officials in favour of lower borrowing costs. Crude prices rose sharply earlier this week as the U.S. threatened to sanction major buyers of Russian oil, to pressure Moscow into ending its conflict with Ukraine. Signs of progress in U.S. trade relations, after a deal was struck with the European Union, also aided oil markets. However, oil's rally saw some profit booking emerge steam after industry data revealed an unexpected rise in U.S. crude inventories. Data from the American Petroleum Institute, released on Tuesday evening, showed U.S. oil inventories grew about 1.5 million barrels (mb) in the week to July 25. This build contrasted the widely reported market expectations for a 2.5 mb draw, and also marked a reversal from a small draw in the prior week. Stocks on Wall Street closed lower on Tuesday, as investors turn their attention to the Federal Reserves interest rate decision. The S&P 500 slipped 0.30% to close at 6,370.86, while the Nasdaq Composite lost 0.38% to 21,098.29. The Dow Jones Industrial Average slipped 204.57 points, or 0.46%, to finish the session at 44,632.99. New Listing: Shares of GNG Electronics settled at Rs 333.50 on the BSE, representing a premium of 40.72% compared with the issue price of Rs 237. The scrip was listed at Rs 350, exhibiting a premium of 47.67% to the issue price. The stock has hit a high of 364 and a low of 325.35. On the BSE, 32 lakh shares of the company were traded in the counter. Shares of Indiqube Spaces settled at Rs 217.90 on the BSE, representing a discount of 8.06% compared with the issue price of Rs 237. The scrip was listed at Rs 218.70, exhibiting a discount of 7.72% to the issue price. The stock has hit a high of 222.75 and a low of 201.55. On the BSE, over 9.55 lakh shares of the company were traded in the counter. Stocks in Spotlight: Larsen & Toubro (L&T) jumped 4.87% after the company reported 30% jump in consolidated net profit to Rs 3,617.19 crore on a 16% rise in revenue to Rs 63,678.92 crore in Q1 FY26 as compared with Q1 FY25. The consolidated order book of the group as on 30 June 2025 was at Rs 612,761 crore, a growth of 6% over March 2025. The share of international orders is 46%. Tata Motors slipped 3.47%. The following media reports that the company is in advanced talks to acquire the truck business of Italy-based Iveco Group from the Agnelli family in a deal valued at $4.5 billion. Investors expressed concerns about the financial strain the acquisition could place on Tata Motors balance sheet. Bank of India advanced 1.92% after the companys standalone net profit climbed 32.3% to Rs 2,252.12 crore on 12.5% increase in total income to Rs 20,518.29 crore in Q1 FY26 over Q1 FY25. Gallantt Ispat soared 10.88% after the companys consolidated net profit jumped 42.61% to Rs 173.79 crore in Q1 FY26 as against Rs 121.86 crore in Q1 FY25. However, revenue from operations fell 2.75% year on year to Rs 1,127.77 crore in the quarter ended 30 June 2025. Blue Dart Express dropped 4.79% after the company reported 8.59% decline in consolidated net profit to Rs 48.83 crore in Q1 FY26 as against Rs 53.42 crore posted in Q1 FY25. However, revenue from operations rose 7.38% YoY to Rs 1,441.92 crore in the quarter ended 30 June 2025. NTPC rose 1.26% after the company reported a 9.80% increase in consolidated net profit to Rs 6,010.60 crore on a 3.2% drop in net sales to Rs 47,065.36 crore in Q1 FY26 over Q1 FY25. Allied Blenders and Distillers rose 1.32% after the companys consolidated net profit stood at Rs 56 crore in Q1 FY26, marking a 398.6% increase compared to Rs 11 crore in Q1 FY25. Revenue from operations (excluding excise duty) increased by 21.80% year-on-year (YoY) to Rs 922.86 crore in Q1 FY26. GE Vernova T&D India hit an upper circuit of 5% after the companys standalone net profit surged 116.44% to Rs 291.20 on 38.8% increase in revenue from operations to Rs 1,330.13 crore in Q1 FY26 over Q1 FY25. Firstsource Solutions added 1.6%. The companys consolidated net profit rose 25.2% to Rs 169.33 crore on a 24.5% jump in revenue from operations to Rs 2,220.93 crore in Q1 FY26 over Q1 FY25. IPO Update: National Securities Depository (NSDL)'s IPO received bids for 6,14,15,712 shares as against 3,51,27,002 shares on offer, according to stock exchange data at 16:45 IST on Wednesday (30 July 2025). The issue was subscribed 1.75 times. Aditya Infotech's IPO received bids for 7,57,48,838 shares as against 1,12,23,759 shares on offer, according to stock exchange data at 16:45 IST on Wednesday (30 July 2025). The issue was subscribed 6.75 times. Laxmi India Finance's IPO received bids for 98,81,750 shares as against 1,13,12,816 shares on offer, according to stock exchange data at 16:45 IST on Wednesday (30 July 2025). The issue was subscribed 0.87 times. M&B Engineering's IPO received bids for 64,04,558 shares as against 97,98,309 shares on offer, according to stock exchange data at 16:45 IST on Wednesday (30 July 2025). The issue was subscribed 0.65 times. Sri Lotus Developers and Realty's IPO received bids for 14,10,41,400 shares as against 3,96,58,730 shares on offer, according to stock exchange data at 16:45 IST on Wednesday (30 July 2025). The issue was subscribed 3.56 times.
Business Standard
24-07-2025
- Business
- Business Standard
Benchmarks end lower amid IT selloff, stalled US-India trade talks
Domestic equity benchmarks ended in the red today as intense selling pressure in IT stocks dragged indices lower, following disappointing earnings from key sector players. Investor sentiment was further dampened by negative global cues. The White House's announcement that U.S. President Donald Trump will visit the Federal Reserve on Thursday an unexpected and controversial move has heightened tensions with Fed Chair Jerome Powell, injecting fresh uncertainty into global markets. Adding to the unease, trade negotiations between India and the U.S. have reportedly hit a roadblock. With Washingtons August 1 deadline approaching, talks remain stalled over tariff reductions on key agricultural and dairy products, raising doubts over the finalisation of an interim trade deal. The Nifty 50 closed below the 25,100 mark, weighed down by broad-based selling across sectors. However, selective buying in pharma and PSU banks helped limit the downside. The market had opened on a positive note but quickly gave up gains during the early part of the session. Despite a mild recovery attempt later in the day, indices eventually closed near the days lows. The S&P BSE Sensex slumped 542.47 points or 0.66% to 82,184.17, while the Nifty 50 fell 157.80 points or 0.63% to 25,062.10. Nestle India (down 5.41%), Reliance Industries (down 1.53%) and Infosys (down 1.32%) were major drags today. In the broader market, the S&P BSE Mid-Cap index declined 0.43%, and the S&P BSE Small-Cap index was down 0.50%. Market breadth was weak on the BSE, with 2,410 stocks declining and only 1,645 advancing. Meanwhile, 166 stocks remained unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.97% to 10.72. Economy: The HSBC India Manufacturing PMI climbed to 59.2 in July 2025 from 58.4 in the previous month, according to preliminary estimates. The latest figure signaled a robust expansion in manufacturing activity and marked the highest reading in nearly 17-and-a-half years, highlighting the sector's continued momentum. The HSBC India Services PMI declined to 59.4 in July 2025 from 60.4 in the previous month, preliminary readings showed. The latest figure marked a slowdown from the fastest expansion in ten months, as output growth eased compared to the prior month. The HSBC India Composite PMI fell to 60.7 in July 2025 from a final 61.0 in June, which was a 14-month high, flash data showed. Despite the slight dip, the latest result remained well above its long-run average of 54.8. Services activity rose at a slightly slower pace, though still robust by historical standards, while manufacturing output grew the most since April 2024. India-UK Deal: India and the UK signed a landmark Free Trade Agreement on Thursday, aiming to boost annual bilateral trade by $34 billion. Under the agreement, India will reduce tariffs on 90% of goods imported from the UK, while the UK will eliminate duties on 99% of Indian exports. The pact is expected to benefit key sectors such as leather, textiles, electronics, and software, while also attracting fresh investments between the two nations. Numbers to Track: The yield on India's 10-year benchmark federal paper rose 0.25% to 6.328 from the previous close of 6.312. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.4200 compared with its close of 86.4125 during the previous trading session. MCX Gold futures for 5 August 2025 settlement declined 0.82% to Rs 98,600. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.17% to 97.39. The United States 10-year bond yield rose 0.41% to 4.407. In the commodities market, Brent crude for September 2025 settlement gained 70 cents or 1.02% to $69.21 a barrel. Global Markets: The US Dow Jones index futures are currently down by 179 points, indicating a negative start for US stocks today. Most shares in Europe and Asia advanced on Thursday as fresh trade developments between the U.S. and Japan, alongside encouraging signals of a deal with the European Union, buoyed investor sentiment. Investor focus shifted to Washingtons evolving trade strategy, with U.S. President Donald Trump setting his sights on the European Union after finalizing a sweeping agreement with Japan. Negotiators from both the U.S. and EU are now under pressure to strike a deal by August 1, as the Trump administration appears firm on its tariff timeline. On Tuesday, the U.S. and Japan sealed what Trump described as "the largest trade deal in history." The agreement includes a $550 billion investment from Japan into the U.S. economy. In return, tariffs on Japanese exports to the American marketranging from automobiles to agricultural goodshave been reduced to 15% from the previously proposed 25%. Trump hailed the deal as a mutually beneficial win that opens Japans markets to U.S. cars, trucks, and farm products. Economic data from Japan, however, painted a mixed picture. The au Jibun manufacturing PMI dropped to 48.8 in Julys preliminary reading, below expectations of 50.2 and down from 50.1 in June, signaling a mild contraction. On the other hand, the services sector showed resilience, with the services PMI rising to 53.5 from 51.7 a month earlier. Overnight on Wall Street, U.S. equities finished higher after Trump promoted his trade accomplishments with Japan and Indonesia on Truth Social. He also hinted at easing tariffs if other nations opened their markets to American goods. Adding to the momentum, Washington unveiled its new AI Action (WA: ACT) Plan. The Dow Jones Industrial Average jumped 1.14% to a six-month high, while the S&P 500 gained 0.78% and the Nasdaq Composite added 0.61%. Stocks in Spotlight: The Nifty IT index fell 2.21% to 36,135.80. Infosys dropped 1.32 after the companys consolidated net profit declined 1.59% to Rs 6,921 crore despite a 3.31% increase in revenue from operations to Rs 42,279 crore in Q1 FY26 over Q4 FY25. On a year on year (YoY) basis, the companys net profit and revenue jumped 8.68% and 7.54%, respectively in Q1 FY26. The companys total contract value (TCV) of large deal wins was $3.8 billion in Q1 FY26, with a net new of 55%. The companys total clients stood at 1,861 as on 30th June 2025 as compared with 1,867 clients as on 30th June 2024. The IT major has informed that the voluntary attrition rate (LTM IT Services) came in at 14.4% in Q1 FY26, up from 14.1% in Q4 FY25 and 12.7% in Q1 FY25. Coforge tumbled 9.42% after the company has reported 4.8% decline in consolidated net profit (continuing business) to Rs 247.2 crore despite an 8.2% increase in revenue to Rs 3,689 crore in Q1 FY26 as compared with Q4 FY25. The companys order intake for the quarter $507 million. The executable order book over next twelve months at $1.55 billion, a 46.9% YoY increase. The company signed 5 large deals in Q1 FY26 across North America, UK, and APAC. Persistent System slumped 7.68%. The IT firm has reported 7.37% jump in consolidated net profit to Rs 424.94 crore on 2.82% increase in revenue from operations to Rs 3,333.59 crore in Q1 FY26 over Q1 FY25. The order booking for the quarter ended on 30th June 2025, was at $520.8 million in total contract value (TCV) and at $385.3 million in annual contract value (ACV) terms. Cigniti Technologies declined 6.85% after the companys consolidated net profit dropped 9.97% to Rs 65.9 crore on a 0.74% rise in revenue to Rs 534.2 crore in Q1 FY26 over Q4 FY25. Oracle Financial Services Software rose 2.08% after the company reported a 4.09% increase in consolidated net profit to Rs 641.9 crore on a 6.36% rise in revenue from operations to Rs 1,852.2 crore in Q1 FY26 over Q1 FY25. Indian Energy Exchange (IEX) tumbled 29.49% after media reports indicated that the Central Electricity Regulatory Commission (CERC) has formally announced the implementation of power market coupling in India. According to reports, under the first phase of the new regulatory framework, the day-ahead market (DAM) is expected to be coupled by January 2026. The model proposes a round-robin system where multiple power exchanges will alternately function as Market Coupling Operators (MCOs). Market coupling is a mechanism through which buy and sell bids from all power exchanges are aggregated and centrally matched to arrive at a single, uniform market clearing price (MCP). Once implemented, this would mean only one trading price for electricity across all exchanges at any given time, eliminating price variations across platforms. Nestle India dropped 5.41% after the companys standalone net profit declined 11.70% to Rs 659.23 crore in Q1 FY26, compared with Rs 746.60 crore posted in Q1 FY25. However, revenue from operations jumped 5.86% to Rs 5,096.2 crore in Q1 FY26, compared to Rs 5,096.2 crore in Q1 FY25. Trent declined 3.92% after a foreign brokerage downgraded the stock to "neutral" from its previous "buy" rating, while also lowering the target price from Rs 6,970 to Rs 5,500 per share. Dr Reddys Laboratories added 1.4% after the companys consolidated net profit rose 1.8% to Rs 1,418.10 crore on 11.4% increase in revenue from operations to Rs 8,545.20 crore in Q1 FY26 over Q1 FY25. Thyrocare Technologies surged 11.11% after the healthcare service provider reported a 61.07% increase in consolidated net profit to Rs 38.93 crore on a 23.02% rise in revenue from operations to Rs 193.03 crore in Q1 FY26 over Q1 FY25. Force Motors rallied 12% after the company reported a 52.39% surge in consolidated net profit to Rs 176.36 crore on a 21.88% rise in revenue from operations to Rs 2,297.25 crore in Q1 FY26 over Q1 FY25. Natco Pharma slipped 3.58%. The company informed that the U.S. Food and Drug Administration (US FDA) has issued an EIR for its active pharmaceutical ingredient (API) division located in Mekaguda, Hyderabad, Telangana. The US FDA had conducted an inspection at the companys aforementioned unit from 9 June to 13 June 2025. Post the inspection, the company received one observation in Form-483, which was classified as voluntary action indicated (VAI). Bajaj Steel Industries dropped 6.21% after the companys consolidated net profit plunged 78.93% to Rs 7.40 crore in Q1 FY26 as against Rs 35.13 crore posted in Q1 FY25. Revenue from operations declined 23.74% YoY to Rs 107.53 crore for the quarter ended 30 June 2025. IPO Update: GNG Electronics' IPO bids for 36,79,39,845 shares as against 1,41,88,644 shares on offer, according to stock exchange data at 16:45 IST on Thursday (24 July 2025). The issue was subscribed 25.93 times. Brigade Hotel Ventures's IPO received bids for 3,11,20,684 shares as against 5,11,93,987 shares on offer, according to stock exchange data at 16:45 IST on Thursday (24 July 2025). The issue was subscribed 0.61 times. Indiqube Spaces' IPO bids for 4,28,58,837 shares as against 1,71,48,335 shares on offer, according to stock exchange data at 16:45 IST on Thursday (24 July 2025). The issue was subscribed 2.50 times.
Business Standard
22-07-2025
- Business
- Business Standard
Barometers erase early losses; Nifty trades above 25,100
The frontline indices reversed all losses and traded with minor gains in the early-afternoon trade. The Nifty traded above the 25,100 level. Pharma shares extended losses for the third consecutive trading session. At 12:30 ST, the barometer index, the S&P BSE Sensex, rose 125.24 points or 0.15% to 82,327.51. The Nifty 50 index added 16.35 points or 0.06% to 25,106.45. In the broader market, the S&P BSE Mid-Cap index shed 0.38% and the S&P BSE Small-Cap index rose 0.06%. The market breadth was negative. On the BSE, 1,840 shares rose and 1,977 shares fell. A total of 219 shares were unchanged. Economy: India's core industries comprising eight sectors reported 1.7% growth in June 2025, down from 5% in the same month of 2024, data released on Monday by Ministry of Commerce and Industry showed. On a month-on-month basis, the expansion in June is relatively up, when these key sectors grew by 1.2%. Commerce ministry data showed the production of steel, cement and refinery products recorded positive growth in June 2025. The Index of Eight Core Industries (ICI) measures the combined and individual performance of production of eight core industries -- Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). The cumulative growth rate of ICI during April to June, 2025-26 is 1.3% (provisional) as compared to the corresponding period of last year. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.61% to 10.91. The Nifty 31 July 2025 futures were trading at 25,125 at a premium of 18.55 points as compared with the spot at 25,106.45. The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 60.7 lakh contracts at the 25,500 strike price. Maximum put OI of 54.6 lakh contracts was seen at 25,000 strike price. Buzzing Index: The Nifty Pharma index slipped 0.98% to 22,311.70. The index fell 1.62% in three consective trading sessions. Granules India (down 3%), Aurobindo Pharma (down 2.64%), Lupin (down 2.26%), Gland Pharma (down 2.19%), Dr Reddys Laboratories (down 1.69%), Laurus Labs (down 1.22%), Divis Laboratories (down 1.05%), Ajanta Pharma (down 0.99%), Torrent Pharmaceuticals (down 0.93%) and Zydus Lifesciences (down 0.93%) declined. On the other hand, Natco Pharma (up 1.29%), Mankind Pharma (up 1.15%) and Abbott India (up 0.28%) edged higher. Stocks in Spotlight: Titan Company advanced 1.42% after the company announced that it has entered into an agreement for acquiring 67% shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries. Dev Information Technology (DEV IT) jumped 5.38% after the company announced that it has secured an order worth Rs 1.29 crore from the National Informatics Centre Services Incorporated (NICSI. Latent View Analytics rallied 3.02% after the company reported 30% jump in consolidated net profit to Rs 50.6 crore on a 31.9% increase in total revenue from operations to Rs 236 crore in Q1 FY26 as compared with Q1 FY25.
Business Standard
05-06-2025
- Business
- Business Standard
Nifty climbs above 24,700 level; pharma shares rally for 2nd day
The key benchmark indices traded with moderate gains in morning trade, supported by buying interest amid positive global sentiment. While investors await the outcome of the RBI policy meeting later this week, they are also closely monitoring bond markets, Brent crude trends, and global trade developments. The Nifty traded above the 24,700 level. Pharma shares rallied for the second consecutive trading sessions. At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 357.15 points or 0.44% to 81,355.40. The Nifty 50 index added 117 points or 0.48% to 24,730.65. In the broader market, the S&P BSE Mid-Cap index rose 0.41% and the S&P BSE Small-Cap index added 0.68%. The market breadth was strong. On the BSE, 2,420 shares rose and 1,108 shares fell. A total of 210 shares were unchanged. Buzzing Index: The Nifty Pharma index jumped 1% to 21,585.35. The index increased 1.08% for the two consecutive trading sessions. Dr Reddys Laboratories (up 2.88%), Glenmark Pharmaceuticals (up 2.46%), Zydus Lifesciences (up 1.98%), Laurus Labs (up 1.76%), Lupin (up 1.74%), Aurobindo Pharma (up 1.48%), Cipla (up 1.23%), Natco Pharma (up 0.94%), Mankind Pharma (up 0.65%) and Alkem Laboratories (up 0.61%) advanced. Dr. Reddy's Laboratories rose 2.88% after the company announced a collaboration with Iceland-based Alvotech to co-develop and commercialize a biosimilar to Keytruda (pembrolizumab) for global markets. Stock in Spotlight: CESC shed 0.09%. The company said that its subsidiary, Purvah Green Power, has signed a framework agreement with Envision Energy India for the supply and commissioning of 1 GW wind turbine generators (WTGs)
Business Standard
04-06-2025
- Business
- Business Standard
Barometers turn rangebound; media shares rally for 6th day
The domestic equity indices continued to trade in narrow range with minor gains in mid-morning trade, sustaining upward momentum, as investor sentiment remained positive ahead of the upcoming RBI policy meeting. However, market participants will closely track domestic bond markets, Brent crude oil prices and global trade development. The Nifty traded above the 24,550 mark. Media shares witnessed buying demand for sixth consecutive trading session. At 11:26 IST, the barometer index, the S&P BSE Sensex, 176.33 points or 0.22% to 80,913.84. The Nifty 50 index added 51.20 points or 0.21% to 24,595.05. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.42% and the S&P BSE Small-Cap index added 0.52%. The market breadth was positive. On the BSE, 2,060 shares rose and 1,680 shares fell. A total of 183 shares were unchanged. The Reserve Bank of India commenced its monetary policy meeting today, 4 June 2025, which will conclude on 6 June 2025. The meeting is being chaired by Governor Sanjay Malhotra. With inflation showing signs of moderation, market participants are speculating on the possibility of a rate cut. Economy: The seasonally adjusted HSBC India Services PMI Business Activity Index rose 58.8 in May from 58.7 in April 2025. Growth was reportedly underpinned by healthy demand conditions, new client wins and greater staffing capacity. The HSBC India Composite PMI Output Index came at 59.3 in May, down only marginally from 59.7 in April. The downward movement in the headline index reflected softer growth of factory production, as services activity rose at a quicker pace. Buzzing Index: The Nifty Media index advanced 0.98% to 1,743.05. The index rallied 3.14% for the six consecutive trading sessions. Saregama India (up 7.47%), D B Corp (up 6.36%), Tips Music (up 2.92%), PVR Inox (up 2.68%), Hathway Cable & Datacom (up 0.7%) and Sun TV Network (up 0.13%) advanced. Stocks in Spotlight: Maruti Suzuki India rose 0.54%. The company said that has expanded its solar power capacity by 30 megawatt peak (MWp), taking its total installed capacity to 79MWp across locations. Rajesh Power Services (RPSL) added 2.32% after the company has been declared the successful bidder (L1) for multiple projects under the Madhya Gujarat Vij Company (MGVCL). Global Markets: European markets set to open higher as investors await the release of Spanish and Italian services purchasing managers index (PMI) data, which measures activity in the sector. Polands central bank will also scheduled to announce its latest monetary policy decision on Wednesday. Most Asian shares climbed following a tech-led rally on Wall Street, with Nvidia once again in the spotlight. South Korean stocks led the charge after opposition leader Lee Jae-myung won the presidential election. The Kospi surged over 2%, hitting its highest level since August 2024, as markets cheered expectations of bold fiscal stimulus and a more pragmatic stance on international trade. Over in Australia, GDP growth came in at 1.3% year-on-year for Q1 2025. It's the same pace as the previous quarter, signaling steady but subdued momentum. In the US, all three major indices closed higher. The S&P 500 rose 0.58%, the Dow added 0.51%, and the Nasdaq outperformed with a 0.81% gain. Nvidia shares jumped more than 2% as investors continued to digest last weeks blockbuster earnings. On the policy front, President Trump signed off on higher tariffs, doubling duties on steel and aluminum imports to 50%. He cited the move as a step to deter dumping and strengthen US producers. Notably, the UK was granted an exemption, sticking to the previous 25% rate under a trade deal signed in May. Labor market data also impressed. The latest JOLTS report showed job openings at 7.39 million, topping estimates of 7.11 million and up from 7.2 million in the previous month. All eyes now turn to Fridays non-farm payrolls for the next big clue on the Feds rate path.
