The frontline indices continued to trade with modest cuts in the mid-morning trade as investors awaited cues from a possible India-US trade deal and the kick-off of the June-quarter earnings season, with TCS scheduled to report its results later today. The Nifty traded below the 25,400 level. IT stocks extended losses as selling pressure persisted for the second straight session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 285.85 points or 0.34% to 83,250.23. The Nifty 50 index lost 104.80 points or 0.41% to 25,371.30.
In the broader market, the S&P BSE Mid-Cap index shed 0.29% and the S&P BSE Small-Cap index added 0.02%.
The market breadth was negative. On the BSE, 1,772 shares rose and 1,954 shares fell. A total of 197 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Smartworks Coworking Spaces received bids for 12,57,372 shares as against 1,04,01,828 shares on offer, according to stock exchange data at 11:30 IST on Thursday (10 July 2025). The issue was subscribed 0.12 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 0.95% to 38,314.05. The index declined 1.72% in the two consecutive trading sessions.
Oracle Financial Services Software (down 1.53%), Coforge (down 1.3%), Tech Mahindra (down 1.26%), Mphasis (down 1.19%), Wipro (down 1.1%), Infosys (down 0.95%), HCL Technologies (down 0.9%), LTIMindtree (down 0.69%), Persistent Systems (down 0.59%) and Tata Consultancy Services (down 0.13%) declined.
Stocks in Spotlight:
Quick Heal Technologies fell 1.96% after Vishal Salvi resigned from the position of chief executive officer (CEO) and key managerial personnel of the company with effect from 31 August 2025.
RailTel Corporation of India shed 0.39%. The company said that it has secured a work order worth Rs 17.47 crore from the General Administration Department (GAD), Chhattisgarh to revamped integrated communication infrastructure.
Global Markets:
US Dow Jones futures slipped 112 points, hinting at a tepid start for Wall Street today.
Most Asian equities traded higher on Thursday, 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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