Barometers turn range bound, realty shares extent losses for 3rd day

The headline equity benchmarks traded in a narrow range with a slight negative bias in mid-morning trade, weighed down by a mix of global and domestic factors. India's recent forex data revealed a decline in its reserves. Meanwhile, the Israel-Iran truce helped ease geopolitical tensions, and growing optimism over a potential US-India trade deal supported sentiment. Inflows from foreign institutional investors further contributed to the positive undertone. Even concerns around the July 9 U.S. tariff deadline took a backseat, as reports of a likely extension helped calm investor nerves.

The Nifty traded below the 25,600 level. Realty shares witnessed selling pressure for third consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, declined 302.88 points or 0.36% to 83,756.02. The Nifty 50 index lost 82.25 points or 0.32% to 25,555.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index jumped 0.58%.

The market breadth was positive. On the BSE, 2,289 shares rose and 1,567 shares fell. A total of 205 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.12% to 12.78.

Economy:

India's forex reserves dropped by USD 1.01 billion to USD 697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday.

For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by USD 357 million to USD 589.06 billion, the data released on Friday showed.

The gold reserves were down by USD 573 million to USD 85.74 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) declined by USD 85 million to USD 18.672 billion, the apex bank said.

India's reserve position with the IMF also declined by USD 1 million to USD 4.45 billion in the reporting week, the apex bank data showed.

IPO Update:

The initial public offer (IPO) of Indogulf Cropsciences received bids for 4,02,54,435 shares as against 1,33,65,710 shares on offer, according to stock exchange data at 11:15 IST on Monday (30 June 2025). The issue was subscribed 3.01 times.

The issue opened for bidding on Thursday (26 June 2025) and it will close on Monday (30 June 2025). The price band of the IPO is fixed between Rs 105 and 111 per share. An investor can bid for a minimum of 135 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index fell 0.41% to 989.85. The index fell 2.92% in three consecutive trading sessions.

Macrotech Developers (down 2.05%), Prestige Estates Projects (down 0.87%), DLF (down 0.85%), Brigade Enterprises (down 0.26%) and Godrej Properties (down 0.24%) were the top losers.

On the other hand, Raymond (up 1.29%), Anant Raj (up 0.87%) and Phoenix Mills (up 0.66%) edged higher.

Stocks in Spotlight:

Rail Vikas Nigam rose 0.92%. The company emerged as the lowest bidder (L1) for an order worth Rs 213.22 crore from South Central Railway.

Insolation Energy shed 0.48%. The company's wholly owned subsidiary, Insolation Green Energy, received a Letter of Intent (LOI) from Jaipur Vidyut Vitran Nigam Limited (JVVNL).

Titagarh Rail Systems added 0.80%. The firm's consortium with its associate company, Titagarh Firema S.p.A, has received additional supply order for Pune Metro Rail Project from Maharashtra Metro Rail Corporation (MMRC).

Global Markets:

US Dow Jones futures surged over 266 points, signaling a strong start for Wall Street after last week's upbeat finish.

Asian shares traded higher, riding a wave of optimism despite mixed economic signals. Investors were closely watching fresh data from across the region, including industrial output numbers from South Korea and Japan, and China's latest PMI readings.

In China, manufacturing activity contracted for the third straight month in June. The official manufacturing PMI inched up to 49.7 from May's 49.5, still below the 50-mark that separates growth from contraction. Meanwhile, the non-manufacturing PMI, which captures activity in services and construction, ticked up to 50.5 from 50.3. With the economy continuing to lose steam, hopes are building for fresh stimulus measures from Beijing.

Back in the US, Friday was a blockbuster session for equities. The S&P 500 closed at its highest level in over four months, gaining about 0.5%. The Nasdaq Composite also reached an all-time high, closing at a record after adding about 0.5%, while the Dow Jones Industrial Average rose nearly 1%. All three indices have made a solid comeback this month after April's slump, which was triggered by escalating trade tensions.

Adding a political twist to the mix, the US Senate on Saturday narrowly voted 51-49 to begin debate on President Trump's sweeping One Big Beautiful Bill. This legislation rolls together tax cuts, spending shifts, and border security measures. While the bill still faces a turbulent legislative journey, the vote kicks off up to 20 hours of debate. However, the Congressional Budget Office estimates it could swell the federal deficit by a staggering $3.3 trillion over the next ten years.

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