Barometers edge lower in early trade; breadth strong

The key equity benchmarks traded with small cuts in early trade. The Nifty traded below the 24,700 level. Oil & gas, FMCG and IT shares declined, while media, PSU bank and realty stocks advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, dropped 229.02 points or 0.28% to 80,789.70. The Nifty 50 index declined 49.20 points or 0.20% to 24,674.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.04% and the S&P BSE Small-Cap index added 0.43%.

The market breadth was strong. On the BSE, 1,880 shares rose and 971 shares fell. A total of 124 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,566.51 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,386.29 crore in the Indian equity market on 4 August 2025, provisional data showed.

Trump Tariffs:

U.S. President Donald Trump has announced his plans to significantly raise tariffs on Indian exports to the country.

India is not only buying massive amounts of Russian oil, but they are then, for much of the oil purchased, selling it on the open market for big profits,' Trump reportedly wrote on a social media platform.

India said it was being 'targeted' by the U.S. and the European Union over its imports of Russian oil after U.S. President Donald Trump, in an overnight social media post, threatened New Delhi with much steeper tariffs.

India began importing oil from Russia only after traditional supplies were diverted to Europe following the outbreak of the Russia-Ukraine war in 2022, the Indian foreign ministry reportedly said in a statement.

The ministry stated that it was revealing that the very nations criticizing India'namely the EU and the U.S.'were themselves engaging in trade with Russia.

The EU's bilateral trade with Russia stood at 67.5 billion euros ($78.1 billion) in 2024, while its services trade in 2023 was at 17.2 billion euros, according to European Commission data. Citing that data, India said the bloc's trade was 'significantly more' than India's total trade with Russia.

Stocks in Spotlight:

DLF shed 0.60%. The company's consolidated net profit jumped 18.1% to Rs 762.67 crore in Q1 FY26, compared with Rs 645.61 crore in Q1 FY25. Net sales increased 99.4% YoY to Rs 2,716.70 crore in Q1 FY26.

Aurobindo Pharma rose 0.96%. The company's consolidated net profit tumbled 10.3% to Rs 824.75 crore despite of 4.5% increase in net sales to Rs 7,791.77 crore in Q1 FY26 over Q1 FY25.

Sona BLW Precision Forgings rose 0.65%. The company reported a 12.1% decline in consolidated net profit to Rs 124.71 crore on 4.2% fall in net sales to Rs 853.91 crore in Q1 FY26 over Q1 FY25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.10% to 6.307 from the previous close of 6.313.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.8025 compared with its close of 87.6600 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement shed 0.09% to Rs 101,135.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 98.82.

The United States 10-year bond yield fell 0.26% to 4.199.

In the commodities market, Brent crude for October 2025 settlement declined 16 cents or 0.23% to $68.60 a barrel.

Global Markets:

Markets in Asia edged higher on Tuesday, marking a second straight day of gains, as investor optimism grew that the Federal Reserve will take steps to support the world's largest economy.

A few Bank of Japan board members said the central bank would consider resuming interest rate increases if trade friction de-escalates, minutes of its June policy meeting reportedly showed on Tuesday.

At the June 16-17 meeting, the BOJ kept interest rates steady at 0.5% and decided to decelerate the pace of its balance sheet drawdown next year, signalling its preference to move cautiously in removing remnants of its massive stimulus.

Meanwhile, South Korea's consumer prices rose 2.1% in July from a year earlier, slightly slower than the rise of 2.2% in June, government data showed on Tuesday.

On Wall Street, all three major averages soared into the green on Monday, with the Dow Jones Industrial Average recouping its losses from Friday's session.

The blue-chip index climbed 585.06 points, or 1.34%, to finish the day at 44,173.64. Additionally, the broad market S&P 500 and the tech-heavy Nasdaq Composite rocketed higher by 1.47% and 1.95%, ending at 6,329.94 and 21,053.58, respectively.

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