The domestic equity benchmarks ended with modest losses today, snapping a four-days winning streak, weighed down by weak forex reserves and global uncertainty. Geopolitical relief and optimism over US-India trade provided little support, as caution persisted ahead of the U.S. tariff deadline on July 9. Investors will monitor domestic data and global cues this week.

Private bank, realty and financial service shares declined, while PSU bank, consumer durables and pharma shares advanced. The Nifty settled below 25,550 mark.

As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 452.44 points or 0.54% to 83,606.46. The Nifty 50 index lost 120.75 points or 0.47% to 25,517.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.67% and the S&P BSE Small-Cap index jumped 0.81%.

The market breadth was positive. On the BSE, 2,367 shares rose and 1,747 shares fell. A total of 176 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.20% to 12.79.

IPO Update:

The initial public offer (IPO) of Indogulf Cropsciences received bids for 27,11,29,005 shares as against 1,33,65,710 shares on offer, according to stock exchange data at 15:20 IST on Monday (30 June 2025). The issue was subscribed 20.29 times.

The issue opened for bidding on Thursday (26 June 2025) and it will close on Monday (30 June 2025). The price band of the IPO is fixed between Rs 105 and 111 per share. An investor can bid for a minimum of 135 equity shares and in multiples thereof.

Economy:

India's forex reserves dropped by $1.01 billion to $697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday.

For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by $357 million to $589.06 billion, the data released on Friday showed.

The gold reserves were down by $573 million to $85.74 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) declined by $85 million to $18.672 billion, the apex bank said.

India's reserve position with the IMF also declined by $1 million to $4.45 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Private Bank index fell 0.88% to 28,254.60. The index rallied 1.34% in the past two consecutive trading sessions.

Axis Bank (down 2.11%), Kotak Mahindra Bank (down 2.01%), ICICI Bank (down 1.12%) and HDFC Bank (down 0.67%) declined.

On the other hand, RBL Bank (up 3.80%), Bandhan Bank (up 2.17%) and Federal Bank (up 2.04%) edged higher.

Stocks in Spotlight:

Alembic Pharmaceuticals surged 7.31% after the company received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Doxorubicin Hydrochloride Liposome Injection.

Waaree Energies rallied 6.44% after the firm's wholly owned subsidiary, Waaree Solar Americas received an order to supply 540 MW of solar modules from a renowned customer located in United States.

Hind Rectifiers added 1.29% after the company secured a supply order worth Rs 127 crore from Indian Railways. Meanwhile, the company received another supply order worth Rs 101 crore from Indian Railways.

Karnataka Bank declined 5.87% after the bank's board has accepted the resignation of managing director (MD) & chief executive officer (CEO), Srikrishnan Hari Hara Sarma, effective from 15 July 2025. Additionally, the company's board has approved the appointment of Raghavendra Srinivas Bhat as the chief operating officer (COO), effective from 2 July 2025.

ITD Cementation India jumped 5.10% after the company secured an international marine contract worth $67.4 million (approximately Rs 580 crore) for jetty construction works related to the Ruwais LNG project in Abu Dhabi.

VRL Logistics added 0.84%. The company announced that its board will meet on Friday, 04 July 2025, to consider and recommend the capitalization of reserves & retained profits for issuance of bonus shares.

NLC India rose 0.47%. The company informed that it has received a Letter of Award (LoA) from NTPC to develop a 450 MW interstate transmission system (ISTS)-connected wind-solar hybrid power project.

Aimtron Electronics zoomed 8.13% after the firm has entered into a Rs 97.55 crore original design manufacturing (ODM) agreement with a US-based infrastructure company to develop transformer-free uninterruptible power supply (UPS) systems.

Global Markets:

US Dow Jones futures surged 228 points, signaling a strong start for Wall Street after last week's upbeat finish.

European stocks declined on Monday as investors awaited the latest inflation data from Italy and Germany.

Most Asian shares ended higher, as investors digested details of trade negotiations along with a series of data releases, including South Korea and Japan's industrial output figures for May, and China's purchasing managers' index readings for June.

In China, manufacturing activity contracted for the third straight month in June. The official manufacturing PMI inched up to 49.7 from May's 49.5, still below the 50-mark that separates growth from contraction. Meanwhile, the non-manufacturing PMI, which captures activity in services and construction, ticked up to 50.5 from 50.3. With the economy continuing to lose steam, hopes are building for fresh stimulus measures from Beijing.

South Korea's industrial production index fell 2.9% in May on a seasonally adjusted basis compared to the previous month, according to data released by Statistics Korea on Monday.

Japan's industrial output rose 0.5% in May compared to the previous month, according to data from the Ministry of Economy, Trade and Industry (METI), falling short of the median market forecast of a 3.5% increase.

Back in the US, Friday was a blockbuster session for equities. The S&P 500 closed at its highest level in over four months, gaining about 0.5%. The Nasdaq Composite also reached an all-time high, closing at a record after adding about 0.5%, while the Dow Jones Industrial Average rose nearly 1%. All three indices have made a solid comeback this month after April's slump, which was triggered by escalating trade tensions.

Adding a political twist to the mix, the US Senate on Saturday narrowly voted 51-49 to begin debate on President Trump's sweeping One Big Beautiful Bill. This legislation rolls together tax cuts, spending shifts, and border security measures. While the bill still faces a turbulent legislative journey, the vote kicks off up to 20 hours of debate. However, the Congressional Budget Office estimates it could swell the federal deficit by a staggering $3.3 trillion over the next ten years.

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