The Nifty traded below the 24,750 mark. FMCG shares extended losses for the third consecutive trading session. The market is volatile due to the monthly expiry of the Nifty F&O series today.

At 12:30 ST, the barometer index, the S&P BSE Sensex, shed 4.42 points or 0.01% to 81,308.10. The Nifty 50 index fell 8.95 points or 0.03% to 24,743.50.

The broader market outperformed the frontline indices, The S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index added 0.37%.

The market breadth was positive. On the BSE, 1,873 shares rose and 1,937 shares fell. A total of 154 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 7.21% to 16.72. The Nifty 26 June 2025 futures were trading at 24,860.20, at a premium of 116.70 point as compared with the spot at 24,743.50.

The Nifty option chain for the 26 June 2025 expiry showed a maximum call OI of 44.3 lakh contracts at the 26,000 strike price. Maximum put OI of 48.9 lakh contracts was seen at 24,000 strike price.

Economy:

India's industrial output growth slowed to 2.7% in April, as against the revised growth of 3% in the preceding month of March, according to the data released by the Ministry of Statistics and Programme Implementation. Manufacturing output, which carries the largest weight in the index, advanced 3.4% in April as against 4% in the previous month, while electricity generation increased to 1.1% from 7.5% in March. Mining activity contracted by 0.2% in April from an expansion of 1.2% a month ago.

RBI Annual Report Highlights:

The Reserve Bank of India (RBI) in its annual report projected that the Indian economy is likely to maintain its position as the fastest-growing major economy in FY2025-26. The optimism is fueled by a pick-up in private consumption, robust bank and corporate balance sheets, supportive financial conditions, and a sustained push from the government on capital expenditure.

The central bank also painted a positive inflation outlook for the coming year, citing easing global supply chain pressures, a dip in commodity prices, and the prospect of a strong agricultural output driven by an above-normal southwest monsoon.

However, the RBI cautioned that financial markets may face intermittent volatility, particularly in response to global uncertainties like shifting trade tariff policies and rising geopolitical tensions.

On the financial front, the RBI's balance sheet grew 8.20% year-on-year to Rs 76.25 lakh crore as of 31 March 2025. While income for the year increased by 22.77%, expenditure increased by 7.76%. The year ended with an overall surplus of Rs 2.68 lakh crore as against Rs 2.10 lakh crore in the previous year, resulting in an increase of 27.37%.

The asset side of the balance sheet saw increases in gold reserves, domestic investments, and foreign investments. Domestic assets accounted for 25.73% of total assets, while foreign currency assets, gold, and other holdings made up the remaining 74.27%.

On the liabilities side, the growth was attributed to a rise in currency in circulation, revaluation accounts, and other liabilities by 6.03%, 17.32% and 23.31%, respectively.

Buzzing Index:

The Nifty FMCG index slipped 0.39% to 55,489.30. The index declined 2.73% in three consecutive trading sessions.

United Breweries (down 1.86%), Godrej Consumer Products (down 1.74%), Tata Consumer Products (down 1.28%), Patanjali Foods (down 0.86%), Colgate-Palmolive (India) (down 0.73%), Varun Beverages (down 0.72%), ITC (down 0.68%), Marico (down 0.56%), Dabur India (down 0.52%) and United Spirits (down 0.01%) declined.

Stocks in Spotlight:

Birlasoft shed 0.51%. The company reported a 4.42% increase in consolidated net profit to Rs 122.11 crore in Q4 FY25, up from Rs 116.94 crore in Q3 FY25. However, revenue from operations decreased 3.36% quarter-on-quarter (QoQ) to Rs 1,316.89 crore in Q4 FY25.

Cummins India surged 6.98%. The company has reported 7% fall in standalone net profit to Rs 521 crore on a 6% rise in total sales to Rs 2,414 crore in Q4 FY25 as compared with Q4 FY24.

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