The frontline indices continued to trade with major cuts in the mid-morning trade. The Nifty traded below the 25,200 level. Media stocks extended losses as selling pressure persisted for the fifth straight session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 685.63 points or 0.82% to 82,504.65. The Nifty 50 index lost 186.85 points or 0.74% to 25,167.70.
In the broader market, the S&P BSE Mid-Cap index fell 0.76% and the S&P BSE Small-Cap index shed 0.78%.
The market breadth was negative. On the BSE, 1,319 shares rose and 2,379 shares fell. A total of 195 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Smartworks Coworking Spaces received bids for 72,65,520 shares as against 1,04,01,828 shares on offer, according to stock exchange data at 11:34 IST on Thursday (10 July 2025). The issue was subscribed 0.70 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 Media index fell 1.78% to 1,701.25. The index dropped 3.43% in the five consecutive trading sessions.
Dish TV India (down 5.01%), Zee Entertainment Enterprises (down 3.32%), PVR Inox (down 2.27%), Saregama India (down 1.97%), Network 18 Media & Investments (down 1.38%), Hathway Cable & Datacom (down 0.71%), Sun TV Network (down 0.26%) declined.
On the other hand, Tips Music (up 1.91%), D B Corp (up 0.56%) and Nazara Technologies (up 0.16%) edged higher.
Stocks in Spotlight:
NIBE fell 1.89%. The company informed that it has received a purchase order from one of the leading Infra and Defence company provider for supply of gun stand assembly for a total consideration of Rs 25.96 crore.
Hindustan Unilever (HUL) surged 4.63% after the FMCG major announced the appointment of Priya Nair as its next chief executive officer and managing director, effective 1 August 2025.
Global Markets:
Asian stocks traded higher on Friday after U.S. President Donald Trump announced 35% tariffs on Canada starting Aug 1. The new duties will be in addition to Trump's recent sectoral tariffs. Trump attributed fentanyl and Canada's retaliatory tariffs as reasons for the rate. The 35% duty might be increased if Canada continues to retaliate, Trump said.
Trump also told reporters Thursday that his administration is preparing to impose blanket tariffs of 15% to 20% on a broader set of trade partners, adding another layer of uncertainty to global trade dynamics.
Despite the rising geopolitical tension, Wall Street closed higher overnight, with the S&P 500 and Nasdaq setting fresh record highs. The S&P 500 gained 0.27%, the Nasdaq edged up 0.09%, and the Dow Jones Industrial Average rose 0.43%, lifted largely by strong performance in chip stocks.
Semiconductor stocks rallied 1% after Taiwan Semiconductor Manufacturing Co. (TSMC) reported a robust 40% jump in Q2 sales, beating expectations and reinforcing optimism around AI-led demand.
Advanced Micro Devices also gained momentum following an upgrade to buy by a broker, while Nvidia extended its rally a day after breaching the $4 trillion market cap mark for the first time.
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