Market attention is now gradually shifting towards the upcoming Q1 earnings season, which is expected to provide further cues on corporate performance and economic momentum. The Nifty settled below the 25,500 level after hitting the day's high of 25,608.10 in early trade.

Realty, financial services and PSU bank shares declined, while metal, consumer durables and auto shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex fell 287.60 points or 0.34% to 83,409.69. The Nifty 50 index lost 88.40 points or 0.35% to 25,453.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.18% and the S&P BSE Small-Cap index declined 0.20%.

The market breadth was negative. On the BSE, 1,810 shares rose and 2,204 shares fell. A total of 158 shares were unchanged.

India-US trade deal update:

Intense trade talks between India and the US entered their sixth day on Tuesday in Washington, with negotiations hitting a critical phase. According to an official, India is pushing for better market access for its labour-intensive products.

The Indian delegation, led by Special Secretary Rajesh Agrawal from the Department of Commerce, is in Washington to negotiate the terms of an interim trade agreement. Originally planned as a two-day discussion starting June 26, the talks have been extended as both sides work toward a resolution.

The timing is crucial, with the deadline for the suspension of reciprocal US tariffs set for July 9. Both countries are aiming to wrap up negotiations before that date.

IPO Update:

The initial public offer (IPO) of Crizac received bids for 85,90,935 shares as against 2,58,36,909 shares on offer, according to stock exchange data at 15:15 IST on Wednesday (2 July 2025). The issue was subscribed 0.33 times.

The issue opened for bidding on Wednesday (2 July 2025) and it will close on Friday (04 July 2025). The price band of the IPO is fixed between Rs 233 and 245 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.

New Listing:

Shares of HDB Financial Services were at Rs 840.30 on the BSE, representing a premium of 13.55% compared with the issue price of Rs 740.

The scrip was listed at Rs 835, exhibiting a premium of 12.83% to the issue price.

The stock has hit a high of 850.45 and a low of 827.50. On the BSE, over 78.43 lakh shares of the company were traded in the counter.

Shares of Sambhv Steel Tubes were at Rs 97.99 on the BSE, representing a premium of 19.50% compared with the issue price of Rs 82.

The scrip was listed at Rs 110.10, exhibiting a premium of 34.26% to the issue price.

The stock has hit a high of 110.89 and a low of 96.17. On the BSE, over 71.05 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Realty index fell 1.44% to 970.05. The index fell 4.86% in five consecutive trading sessions.

Phoenix Mills (down 3.55%), Brigade Enterprises (down 3.25%), Prestige Estates Projects (down 2.27%), Anant Raj (down 1.96%), DLF (down 1.29%), Godrej Properties (down 1.29%), Oberoi Realty (down 0.84%), Sobha (down 0.78%) and Raymond (down 0.48%) declined.

Stocks in Spotlight:

Hero MotoCorp rose 0.23%. The company reported dispatching 553,963 units of motorcycles and scooters in June 2025, marking a 10.03% increase compared to 503,448 units dispatched in June 2024.

JSW Energy declined 1.78%. The company said that its step-down subsidiary, JSW Renew Energy Thirty Seven has signed battery energy storage purchase agreements (BESPA) with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) for 250 MW/500 MWh standalone battery energy storage system.

Adani Ports and Special Economic Zone shed 0.29%. The company said that it has handled 41.3 MMT of cargo volume in June 2025, which is higher by 12% as compared with the volume of 37 MMT handled in June 2024.

Maruti Suzuki India added 1.40%. The company's total sales declined 6.27% to 167,993 units in June 2025 as against 179,228 units sold in June 2024.

V-Mart Retail fell 3.53%. The company's revenue from operations jumped 13% to Rs 885 crore in Q1 FY26 compared with Rs 786 crore in Q1 FY25.

NBCC (India) slipped 2.44%. The company said that it has secured a project management consultancy (PMC) contract worth Rs 354.88 crore from the Forest Development Corporation of Maharashtra (FDCM) for the Gorewada Zoo project.

Asian Paints rose 2.31%. The Competition Commission of India (CCI) ordered an investigation into the company for allegedly abusing its dominant position in the decorative paints market. The move came following a complaint by Grasim Industries, which has recently entered the sector under its Birla Opus Paints brand. The complaint claimed that the company was discouraging distributors from selling Birla Opus products by offering incentives such as foreign travel and discounts in exchange for exclusivity.

Tamilnad Mercantile Bank shed 0.66%. The company reported 9.38% increase in total deposits to Rs 53,803 crore as on 30th June 2025 compared with Rs 49,188 crore as on 30th June 2024.

Dev Information Technology (DEVIT) rose 0.83%. The company announced that it has secured significant orders worth approximately Rs 4.4 crore from Alivus Lifesciences.

Lupin added 0.47%. The company announced that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Loteprednol Etabonate Ophthalmic Gel, 0.38%.

Paras Defence and Space Technologies jumped 4.22% after its subsidiary, Paras Anti-Drone Technologies has received a Rs 22.21 crore letter of intent (LoI) from France's Cerbair to supply 30 units of its CHIMERA 200 anti-drone system.

NMDC added 0.06%. The company has reported a 5.93% rise in iron ore production in June 2025 to 3.57 million tonnes (MT), compared to 3.37 MT recorded in the same month of the previous year.

Dreamfolks Services fell 5.21% following the closure of the programs run for its clients including Axis Bank, ICICI Bank, effective from 1 July 2025.

South Indian Bank slipped 1.65%. The private lender said that its gross advances jumped 8.02% to Rs 89,201 crore as of 30 June 2025 as against Rs 82,580 crore as of 30 June 2024.

Keystone Realtors jumped 4.04% after the company announced that it has been selected by 8 housing societies as the developer for the large-scale cluster redevelopment project in Andheri West, Mumbai.

Nibe shed 0.76%. The company said that it has received a purchase order from one of the leading Infra and Defence Company for supply of turret structure assembly for a total consideration of Rs 22.66 crore.

RITES jumped 5.32% after the company announced that it has secured two orders, one from an international entity and another through a domestic joint venture.

Afcons Infrastructure shed 0.58%. The company said that it has received a letter of commitment (LoC) from Reliance Industries (RIL) for undertaking civil and structural erection work at RIL's facility in Jamnagar, Gujarat.

Global Markets:

European market advanced on Wednesday as investors remained focused on the European Central Bank forum in Sintra, Portugal, on Wednesday, with ECB President Christine Lagarde due to address policymakers today.

Most Asian stocks ended mixed as investors evaluated recent comments from U.S. Federal Reserve Chair Jerome Powell. Powell stated on Tuesday that the central bank would have already cut interest rates if not for U.S. President Donald Trump's tariff policies.

In Singapore, stocks touched a record high on Wednesday morning, supported by local market strength despite broader global uncertainty.

Overnight in the United States, major indices ended the session with mixed results. The S&P 500 dipped 0.11% and the Nasdaq Composite declined 0.82%. In contrast, the Dow Jones Industrial Average rose 0.91%, reflecting some rotation into blue-chip stocks.

Investor sentiment remained cautious ahead of the July 9 tariff deadline, when reciprocal tariffs are scheduled to be reimposed unless a resolution is reached.

Tesla shares dropped 5.3% after President Trump criticized CEO Elon Musk, claiming he has benefited disproportionately from government subsidies. Trump also called for a review of Tesla's federal support.

The tension follows Musk's public criticism of a large tax and spending bill, which narrowly passed in the Senate on Tuesday. The bill is expected to add approximately 3.3 trillion dollars to the national debt. It now moves to the House of Representatives for further consideration, with President Trump aiming to sign it into law by the July 4 holiday.

Traders are now focused on Thursday's U.S. nonfarm payrolls report, which may influence the Federal Reserve's decision on a potential rate cut in July.

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