The key equity benchmarks traded with minor cuts in early trade. The Nifty traded below the 25,500 level. Realty, metal and IT shares declined, while consumer durables, FMCG and pharma stocks advanced.
At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 165.59 points or 0.20% to 83,546.92. The Nifty 50 index lost 40 points or 0.16% to 25,482.50.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.06% and the S&P BSE Small-Cap index added 0.33%.
The market breadth was strong. On the BSE, 1,737 shares rose and 876 shares fell. A total of 146 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 26.12 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,366.82 crore in the Indian equity market on 8 July 2025, provisional data showed.
Stocks in Spotlight:
SW Steel shed 0.55%. The company’s consolidated production jumped 14% to 7.26 million tonnes in Q1 FY26 compared with 6.35 million tonnes in Q1 FY25. Indian operations increased 15% YoY to 7.02 million tonnes in Q1 FY26.
Tata Steel shed 0.77%. The company’s India crude steel production fell 0.19% to 5.26 million tonnes in Q1 FY26 as against 5.27 million tonnes in Q1 FY25. The delivery volume of India's crude steel production stood at 4.75 million tonnes in Q1 FY26, down 3.85% YoY.
Mufin Green Finance shed 0.22%. The company’s board is scheduled to meet on Saturday, 5 July 2025, to consider raising Rs 54.48 crore through debt securities via private placement.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.06% to 6.310 from the previous close of 6.306.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.8900 compared with its close of 85.7300 during the previous trading session.
MCX Gold futures for 5 August 2025 settlement shed 0.21% to Rs 96,265.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.19% to 97.68.
The United States 10-year bond yield shed 0.05% to 4.414.
In the commodities market, Brent crude for September 2025 settlement shed 13 cents or 0.19% to $70.02 a barrel.
Global Markets:
Asian markets traded mixed after US President Donald Trump ruled out any extension to the looming August 1 tariff deadline. On Tuesday, he also announced a steep 50% duty on copper imports and signaled that more sector-specific tariffs could follow soon.
In a bold move, Trump threatened to slap tariffs of up to 200% on pharmaceutical exports to the US. However, he added a grace period of "about a year, year and a half" before the measure kicks in.
Meanwhile, fresh economic data from China painted a mixed picture. The country's producer price index tumbled 3.6% in June from a year earlier, the sharpest drop in nearly two years. On the flip side, the consumer price index inched up just 0.1% year-on-year.
Back in the US, Wall Street remained jittery over escalating trade tensions. The Dow fell 0.37%, the S&P 500 slipped 0.07%, and the NASDAQ managed a slim gain of 0.03%.
All eyes now turn to the Federal Reserve, with the minutes from its June policy meeting set to be released later today. Investors will be scanning the details for clues on the Fed's next move on interest rates.