Barometers edge lower in early trade; Nifty below 25,200 level

The domestic equity indices traded with minor losses in early trade. The Nifty traded below the 25,200 level. Pharma, metal and PSU bank shares advanced while IT, private bank and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, shed 175.81 points or 0.21% to 82,551.83. The Nifty 50 index shed 34.95 points or 0.14% to 25,185.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.23% and the S&P BSE Small-Cap index rose 0.17%.

The market breadth was strong. On the BSE, 1,314 shares rose and 941 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,209.11 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,358.52 crore in the Indian equity market on 23 July 2025, provisional data showed.

Stocks in Spotlight:

Tilaknagar Industries added 2.48% after the company has signed definitive agreement to acquire the Imperial Blue business division from Pernod Ricard India via slump sale, for a lump sum consideration, basis enterprise value of euro 412.6 million (approximately Rs 4,150 crore as on date).

Dr Reddys Laboratories rose 2.85% after the company's consolidated net profit increased 1.8% to Rs 1418.10 crore on 11.4% increase in net sales to Rs 8,545.20 crore in Q1 FY26 over Q1 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.10% to 6.318 from the previous close of 6.312.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.2500 compared with its close of 86.4125 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement shed 0.39% to Rs 99,125.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 97.13.

The United States 10-year bond yield rose 0.11% to 4.394.

In the commodities market, Brent crude for September 2025 settlement rose 20 cent or 0.29% to $68.71 a barrel.

Global Markets:

Asian market traded higher on Thursday as fresh trade developments between the U.S. and Japan, alongside encouraging signals of a deal with the European Union, buoyed investor sentiment.

Investor focus shifted to Washington's evolving trade strategy, with U.S. President Donald Trump setting his sights on the European Union after finalizing a sweeping agreement with Japan. Negotiators from both the U.S. and EU are now under pressure to strike a deal by August 1, as the Trump administration appears firm on its tariff timeline.

On Tuesday, the U.S. and Japan sealed what Trump described as the largest trade deal in history. The agreement includes a $550 billion investment from Japan into the U.S. economy. In return, tariffs on Japanese exports to the American market'ranging from automobiles to agricultural goods'have been reduced to 15% from the previously proposed 25%. Trump hailed the deal as a mutually beneficial win that opens Japan's markets to U.S. cars, trucks, and farm products.

Economic data from Japan, however, painted a mixed picture. The au Jibun manufacturing PMI dropped to 48.8 in July's preliminary reading, below expectations of 50.2 and down from 50.1 in June, signaling a mild contraction. On the other hand, the services sector showed resilience, with the services PMI rising to 53.5 from 51.7 a month earlier.

Overnight on Wall Street, U.S. equities finished higher after Trump promoted his trade accomplishments with Japan and Indonesia on Truth Social. He also hinted at easing tariffs if other nations opened their markets to American goods. Adding to the momentum, Washington unveiled its new 'AI Action (WA:ACT) Plan.'

The Dow Jones Industrial Average jumped 1.14% to a six-month high, while the S&P 500 gained 0.78% and the Nasdaq Composite added 0.61%.

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