At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 39.13 points or 0.05% to 83,391.69. The Nifty 50 index lost 6.75 points or 0.03% to 25,454.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.09% and the S&P BSE Small-Cap index fell 0.30%.

The market breadth was negative. On the BSE, 1,745 shares rose and 2,062 shares fell. A total of 212 shares were unchanged.

Economy:

India's foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.

Foreign currency assets surged by $5.75 billion to $594.82 billion. Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.

India's reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.

IPO Update:

The initial public offer (IPO) of Travel Food Services received bids for 4,72,290 shares as against 1,34,12,842 shares on offer, according to stock exchange data at 11:13 IST on Monday (7 July 2025). The issue was subscribed 0.04 times.

The issue opened for bidding on Monday (7 July 2025) and it will close on Wednesday (9 July 2025). The price band of the IPO is fixed between Rs 1,045 and 1,100 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index shed 0.66% to 9,516.70. The index declined 1.88% in three consecutive trading sessions.

Welspun Corp (down 1.38%), National Aluminium Company (down 1.26%), Hindalco Industries (down 0.94%), Lloyds Metals & Energy (down 0.88%) and Hindustan Zinc (down 0.84%), Steel Authority of India (down 0.84%), Vedanta (down 0.76%), Jindal Stainless (down 0.61%), NMDC (down 0.49%) and Hindustan Copper (down 0.45%) fell.

On the other hand, APL Apollo Tubes (up 0.83%), JSW Steel (up 0.23%) and Jindal Steel & Power (up 0.1%) edged higher.

Stocks in Spotlight:

DCX Systems gained 3.86% after the company announced it had received an industrial license to manufacture high-end defence electronics.

Keystone Realtors added 1.98% after the company announced that its collections jumped 19% to Rs 575 crore in Q1 FY26, compared to Rs 485 crore recorded in Q1 FY25.

Global Markets:

US Dow Jones futures were down 128 points, signaling a weak start for Wall Street.

Asian equities also traded lower amid continued uncertainty surrounding US trade policy. President Donald Trump confirmed that the reciprocal tariffs announced in April will take effect on August 1 for countries that have not reached a trade agreement with the US.

US Treasury Secretary Scott Bessent reiterated that the tariffs introduced in April will be enforced starting August 1. While he clarified that this date does not represent a new deadline, he noted it may provide additional time for trade partners to renegotiate terms.

The Reserve Bank of Australia has commenced its two-day policy meeting, with markets widely expecting a 25 basis point rate cut, which would bring the benchmark rate down to 3.60%.

On Thursday, US equity indices closed at record highs, supported by optimism that the administration may again delay the imposition of tariffs. The S&P 500 gained 0.8%, the NASDAQ Composite advanced 1%, and the Dow Jones Industrial Average rose 0.8%. U.S. market was closed Friday for the Independence Day holiday.

Strength in technology stocks also contributed to the rally, with continued investor interest in major artificial intelligence firms such as Nvidia.

Meanwhile, the US economy added 147,000 nonfarm payroll jobs in June, while the unemployment rate held steady at 4.1%, according to the Bureau of Labor Statistics. The labor market data suggests underlying resilience, prompting a reduction in expectations for imminent rate cuts.

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