The key domestic indices traded with moderate losses in mid-morning trade pressured by weak global cues. The market saw limited profit booking as traders remained cautious. Investors will closely monitor key events such as the RBI MPC meeting, auto sales numbers, and global trade developments. The Nifty slipped below the 24,650 mark.
Realty shares jumped after declining in the past trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 362.89 points or 0.45% to 81,088.12. The Nifty 50 index fell 112.45 points or 0.45% to 24,637.50.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.23% and the S&P BSE Small-Cap index added 0.42%.
The market breadth was positive. On the BSE, 2,009 shares rose and 1,867 shares fell. A total of 197 shares were unchanged.
Economy:
India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post market hours Friday. The GDP growth, higher than the previous quarter of 6.4%, was lower than the 8.4% growth logged in Q4 FY24.
Meanwhile, India’s fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central government’s fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before.
Further, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) declined to 57.6 in May 2025, down from 58.2 in April 2025, highlighting the weakest improvement in operating conditions since February, the headline figure was nevertheless well above both the neutral mark of 50.0 and its long-run average of 54.1.
Panellists suggested that demand strength continued to support sales and production, though competition, inflation and the India-Pakistan conflict had reportedly weighed on growth.
Buzzing Index:
The Nifty Realty index advanced 1.16% to 960.40. The index fell in the past trading session.
Prestige Estates Projects (up 3.87%), Brigade Enterprises (up 3.02%), Anant Raj (up 2.01%), Phoenix Mills (up 1.91%), Oberoi Realty (up 0.7%), Sobha (up 0.22%), Godrej Properties (up 0.2%) and Macrotech Developers (up 0.04%) advanced.
Stocks in Spotlight:
Genus Power Infrastructures spurted 5.32% after the company's standalone net profit surged 312% to Rs 129 crore, while revenue from operations climbed 123% to Rs 937 crore in Q4 March 2025 over Q4 March 2024.
Cipla rose 0.01%. The company announced that the United States Food and Drug Administration (USFDA) has concluded a current Good Manufacturing Practices (cGMP) inspection at its manufacturing facility in Bommasandra, Bengaluru.
Zydus Lifesciences shed 0.66%. The pharmaceutical company announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) for Rifaximin tablets, 550 mg, under the reference listed drug (RLD) Xifaxan tablets, 550 mg.
Global Markets:
US Dow Jones futures were down 196 points, signaling a weak start for Wall Street.
Asian shares declined Monday after U.S. President Donald Trump announced a fresh tariff hike on steel imports, sending jitters across global markets. Speaking to U.S. steelworkers late Friday, Trump said he would double tariffs on steel from 25% to 50%, effective Wednesday, June 4.
Markets in China, Malaysia, and New Zealand were closed for holidays, muting some of the early regional reactions.
Trump also took to Truth Social to confirm the June 4 rollout, claiming the hike was in response to China’s alleged breach of a recent trade agreement. He didn’t elaborate on how the deal was violated but added that he plans to speak with Chinese President Xi Jinping “soon.”
Wall Street ended last week on a mixed note. The S&P 500 was nearly flat, inching down 0.01% to close a strong month. The Nasdaq Composite slipped 0.32%, while the Dow Jones eked out a 0.13% gain.
Commerce Secretary Howard Lutnick backed the tariff decision over the weekend, saying the measures were “not going anywhere”, even as they face stiff legal resistance. A federal trade court had recently blocked much of Trump’s tariff plans, but an appeals court swiftly reinstated them. The case now looks poised to head to the Supreme Court.
Trump, undeterred, hinted he’d use alternative mechanisms to enforce the tariffs if necessary. This legal showdown is unfolding just weeks ahead of a key July deadline to ink new trade deals. If those talks fall through, Trump has threatened sweeping new tariffs on several major economies.