PSU bank, IT and Pharma shares declined, while realty, metal and consumer durables shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 345.80 points or 0.41% to 83,190.28. The Nifty 50 index fell 120.85 points or 0.47% to 25,355.25. In two consecutive trading sessions, the Sensex shed 0.62%, while the Nifty fell 0.66%.

In the broader market, the S&P BSE Mid-Cap index shed 0.28% and the S&P BSE Small-Cap index rose 0.12%.

The market breadth was negative. On the BSE, 1,964 shares rose and 2,056 shares fell. A total of 141 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.24% to 11.67.

IPO Update:

The initial public offer (IPO) of Smartworks Coworking Spaces received bids for 41,03,532 shares as against 1,04,01,828 shares on offer, according to stock exchange data at 15:42 IST on Thursday (10 July 2025). The issue was subscribed 0.39 times.

The issue opened for bidding on Thursday (10 July 2025) and it will close on Monday (14 July 2025). The price band of the IPO is fixed between Rs 387 and 407 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index shed 0.79% to 38,376.65. The index rose 0.83% over the past three trading sessions.

Coforge (down 2.22%), Oracle Financial Services Software (down 1.88%), Infosys (down 1.09%), Wipro (down 1.06%), Persistent Systems (down 0.81%), Tech Mahindra (down 0.81%), HCL Technologies (down 0.57%), LTIMindtree (down 0.31%) and Mphasis (down 0.09%) declined.

On the other hand, Tata Consultancy Services (up 0.29%) edged higher.

Stocks in Spotlight:

Eimco Elecon (India) tanked 9.91% after its standalone net profit declined 2.02% to Rs 14.48 crore, while revenue from operations slipped 3.09% to Rs 67.56 crore in Q1 FY26 over Q1 FY25.

Enviro Infra Engineers rose 1.66% after the firm, as the lead partner in a joint venture with AltoraPro Infrastructure, secured an Rs 395.50 crore pollution control project from the Maharashtra Industrial Development Corporation (MIDC).

Indian Renewable Energy Development Agency (IREDA) added 2.47% after the Ministry of Finance granted approval to issue capital gain exemption bonds under section 54EC of the Income Tax Act, 1961.

Shilpa Medicare rose 3.27% after the company announced that its Unit VI facility in Dabaspet, Bengaluru, Karnataka, has received Good Manufacturing Practice (GMP) certification from the Saudi Food and Drug Authority (SFDA).

Emcure Pharmaceuticals advanced 1.83% after the U.S. Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) at its manufacturing facility (Oncology) located at G.I.D.C, Sanand, Ahmedabad, Gujarat.

Amber Enterprises India rose 0.43%. The company announced that its board will meet on Saturday, 12 July 2025, to consider a proposal to raise up to Rs 2,500 crore through the issuance of eligible securities.

Oil India fell 1.91%. The company informed that it has signed an agreement with Gail India to extend their existing gas sale and purchase agreement (GSPA) for another 15 years.

Orient Technologies shed 0.84%. The company announced that it has received a purchase order worth Rs 29.86 crore from Protean eGov Technologies for the procurement, setup, and support of AWS infrastructure.

Global Markets:

US Dow Jones futures slipped 100 points, hinting at a tepid start for Wall Street today.

European markets traded higher on Thursday, shrugging off concerns over tariff updates.

Most Asian equities ended higher, riding a wave of optimism from the tech sector after Nvidia briefly crossed the $4 trillion valuation milestone. However, gains were tempered by growing unease over fresh U.S. trade tariffs announced by President Donald Trump.

Trump has begun dispatching formal letters to major trade partners, outlining steep new tariffs. Japan and South Korea each face a 25% tariff, while Brazil was hit with a 50% levy, prompting strong criticism and threats of reciprocal action from Brasilia. Trump also confirmed a 50% tariff on copper imports, claiming it was necessary to revive the domestic copper industry.

In South Korea, the Bank of Korea held interest rates steady, as expected, while signaling a readiness to ease policy further amid ongoing economic challenges.

Overnight on Wall Street, the Nasdaq hit record highs despite the tariff drama, lifted by a strong rally in Nvidia, which briefly topped $4 trillion in market cap. Investor enthusiasm around AI continued to fuel tech stocks, with Meta Platforms and other major names also ending in the green.

At the close, the Dow Jones gained 0.49%, the S&P 500 rose 0.61%, and the Nasdaq jumped 0.95%.

The Federal Reserve's June meeting minutes, released Wednesday, showed most policymakers still expect rate cuts this year, though divisions are emerging. While some members are eyeing a possible cut as early as July, others see no need for any easing in 2025.

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