Benchmarks tread water amid global jitters; Nifty holds 24,750

Domestic equity benchmarks closed with modest losses today as investors adopted a cautious stance ahead of India's GDP data release. Sentiment was also weighed down by global trade uncertainties after a U.S. federal appeals court upheld tariff measures introduced during President Trump's tenure.

Traders are now eyeing several key economic indicators, including the U.S. PCE price index due later today, China's official PMI data expected over the weekend, and the RBI's policy decision scheduled for next Friday.

The Nifty ended just shy of the 24,750 level. Metal, IT, and auto stocks came under pressure, while banking stocks provided some support with decent gains.

The S&P BSE Sensex declined 182.01 points or 0.22% to 81,451.01. The Nifty 50 index shed 82.90 points or 0.33% to 24,750.70.

Infosys (down 1.43%), Mahindra & Mahindra (down 0.90%) and ICICI Bank (down 0.73%) were major drags.

In the broader market, the S&P BSE Mid-Cap index fell 0.39% and the S&P BSE Small-Cap index added 0.17%.

The market breadth was negative. On the BSE, 1,826 shares rose and 2,160 shares fell. A total of 133 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.08% to 16.08.

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 today. The GDP growth, higher than the previous quarter of 6.4%, was lower than the 8.4% growth logged in Q4 FY24.

Numbers to Track:

The yield on India's 10-year benchmark federal paper added 0.16% to 6.192 from previous close of 6.182.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.5500, compared with its close of 85.4825 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement shed 0.33% to Rs 95,074.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.17% to 99.51.

The United States 10-year bond yield rose 0.05% to 4.426.

In the commodities market, Brent crude for July 2025 settlement rose 27 cents or 0.42% to $64.42 a barrel.

Global Markets:

European shares advanced on Friday, shrugging off concerns over the re-imposition of U.S. tariffs by U.S. courts.

German retail sales fell by 1.1% in April compared with the previous month, data showed on Friday.

Asian shares ended lower as investor sentiment remained cautious amid signs of a slowing U.S. economy, persistent inflation concerns, and uncertainty surrounding recent judicial developments linked to U.S. President Donald Trump's tariff policies.

On Wednesday, the U.S. Court of International Trade ruled that Trump had exceeded his authority in imposing the so-called reciprocal tariffs and ordered them to be vacated. In response, the Trump administration filed an appeal, and by Thursday afternoon, an appellate court reinstated the levies. The administration indicated it may approach the Supreme Court as early as Friday to pause the lower court's decision.

In regional economic data, Japan's core consumer price index, excluding fresh food, rose 3.6% year-on-year in May, slightly higher than April's 3.4%, according to the Statistics Bureau. The country's unemployment rate remained unchanged at 2.5% in April.

South Korea reported a 0.9% decline in industrial production for April on a seasonally adjusted basis, following a 2.9% increase in March, according to data released by Statistics Korea.

Despite the uncertainty, U.S. markets closed slightly higher overnight. The S&P 500 rose 0.4%, the Nasdaq Composite added 0.39%, and the Dow Jones Industrial Average gained 0.28%. However, gains were limited by investor caution surrounding the ongoing legal proceedings related to the tariffs.

Stocks in Spotlight:

Bajaj Auto tanked 3%. The company's standalone net profit rose 6% to Rs 2,049 crore, while revenue from operations increased 6% to Rs 12,148 crore in Q4 March 2025 over Q4 March 2024.

Welspun Living tumbled 9.64% after the company reported a 9.71% decrease in consolidated net profit of Rs 131.82 crore in Q4 FY25 as against Rs 146 crore in Q4 FY24. Revenue rose by 2.74% year-over-year to Rs 2,645.90 crore during the period under review.

NBCC (India) soared 6.23% after the company reported a 29.27% increase in consolidated net profit of Rs 175.92 crore in Q4 FY25 as against Rs 136.08 crore in Q4 FY24. Revenue from operations rose 16.17% year on year (YoY) to Rs 4,642.55 crore in the quarter ended 31 March 2025.

SJVN dropped 5.70% after the company reported consolidated net loss of Rs 127.60 crore in Q4 FY25 as against net profit of Rs 61.08 crore posted in Q4 FY24. However, revenue from operations rose by 4.45% year-over-year to Rs 504.40 crore during the period under review.

Ola Electric Mobility declined 4.26% after the company's consolidated net loss widened to Rs 870 crore in Q4 FY25, compared with a net loss of Rs 416 crore in Q4 FY24. Revenue from operations tumbled 61.8% YoY to Rs 611 crore in Q4 FY25.

Landmark Cars fell 5.16% after the company's consolidated net profit declined 86.6% YoY to Rs 1.42 crore despite a 26.3% jump in revenue from operations to Rs 1,091.22 crore in Q4 FY25 over Q4 FY24.

Sobha jumped 3% after the company's consolidated net profit surged 481.2% to Rs 40.86 crore on 62.6% increase in revenue from operations to Rs 1,240.62 crore in Q4 FY25 over Q4 FY24.

Suzlon Energy surged 9.23% after the company's consolidated net profit surged 365.2% to Rs 1,182.22 crore on 73.2% jump in revenue from operations to Rs 3,773.54 crore in Q4 FY25 over Q4 FY24.

KNR Constructions declined 4.48% after the company's consolidated net profit tumbled 60.58% to Rs 139.24 crore on 31.03% decline in revenue from operations Q4 FY25 over Q4 FY24.

Gujarat Pipavav Port surged 5.58% after the company's consolidated net profit jumped 70.68% to Rs 112.36 crore on 0.19% marginally rise in revenue from operations to Rs 251.77 crore in Q4 FY25 over Q4 FY24.

IPO Update:

The initial public offer (IPO) of Scoda Tubes received bids for 63,46,36,200 shares as against 1,18,46,169 shares on offer, according to stock exchange data at 16:40 IST on Friday (30 May 2025). The issue was subscribed 53.57 times.

The issue opened for bidding on Wednesday (28 May 2025) and it will close on Friday (30 May 2025). The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

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