Indices edge lower in early trade; breadth strong

The key equity benchmarks traded with minor cuts in early trade. The Nifty traded below the 25,500 level. Pharma, auto and IT shares declined, while realty, metal and consumer durables stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 58.98 points or 0.07% to 83,477.10. The Nifty 50 index lost 19.55 points or 0.08% to 25,456.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index added 0.38%.

The market breadth was strong. On the BSE, 1,955 shares rose and 881 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 77 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 920.83 crore in the Indian equity market on 9 July 2025, provisional data showed.

Stocks in Spotlight:

Emcure Pharmaceuticals rose 1.17% after the company announced that the US Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) at its manufacturing facility (Oncology) located at G.I.D.C., Sanand, Ahmedabad, Gujarat.

Oil India rose 0.06%. The company has signed the agreement for extending the existing gas sale and purchase agreement with GAIL (India) for another 15 years to supply up to 900,000 standard cubic meters per day (SCMD) of natural gas from OIL's Rajasthan Gas Fields.

Amber Enterprises India shed 0.06%. The company's board is scheduled to meet on Saturday, 12 July 2025, to consider raising Rs 2,500 crore by issuing permissible securities

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.03% to 6.312 from the previous close of 6.314.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.5900 compared with its close of 85.7300 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement rose 0.05% to Rs 96,510.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 97.41.

The United States 10-year bond yield shed 0.09% to 4.336.

In the commodities market, Brent crude for September 2025 settlement shed 5 cents or 0.07% to $70.14 a barrel.

Global Markets:

US Dow Jones futures slipped 112 points, hinting at a tepid start for Wall Street today.

Most Asian equities edged higher on Thursday, riding a wave of optimism from the tech sector after Nvidia briefly crossed the $4 trillion valuation milestone. However, gains were tempered by growing unease over fresh U.S. trade tariffs announced by President Donald Trump.

Trump has begun dispatching formal letters to major trade partners, outlining steep new tariffs. Japan and South Korea each face a 25% tariff, while Brazil was hit with a 50% levy, prompting strong criticism and threats of reciprocal action from Brasilia. Trump also confirmed a 50% tariff on copper imports, claiming it was necessary to revive the domestic copper industry.

In South Korea, the Bank of Korea held interest rates steady, as expected, while signaling a readiness to ease policy further amid ongoing economic challenges.

Overnight on Wall Street, the Nasdaq hit record highs despite the tariff drama, lifted by a strong rally in Nvidia, which briefly topped $4 trillion in market cap. Investor enthusiasm around AI continued to fuel tech stocks, with Meta Platforms and other major names also ending in the green.

At the close, the Dow Jones gained 0.49%, the S&P 500 rose 0.61%, and the Nasdaq jumped 0.95%.

The Federal Reserve's June meeting minutes, released Wednesday, showed most policymakers still expect rate cuts this year, though divisions are emerging. While some members are eyeing a possible cut as early as July, others see no need for any easing in 2025.

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