Benchmark equity indices extended their losing streak for the third straight session on July 28, falling to their lowest levels in a month. The decline came amid persistent uncertainty around India-US trade deal and muted corporate earnings from kotak Mahindra Bank. Investor sentiment were also weighed down by Tata Consultancy Services’ (TCS) job cut announcements and the ongoing sell-off by foreign institutional investors (FIIs).
Sectorally, realty stocks led the decline, with the Nifty Realty index tumbling 4 per cent on fears that IT sector layoffs could dampen housing demand. The IT pack was also under pressure, with TCS, Wipro, LTI Mindtree, and Tech Mahindra losing 1 to 3 per cent.
Banks were another drag, as Kotak’s poor earnings triggered a broader selloff in the sector. IndusInd Bank, Punjab National Bank (PNB), State Bank of India (SBI), and Bank of Baroda fell between 1 per cent and 3 per cent, mirroring the weak sentiment.
However, pharma stocks offered some respite, as Laurus Labs and Cipla rallied after posting better-than-expected results.
Stock Market Cues For Today, July 29
For the session on July 29, a slew of market cues will be influencing the action on the Dalal Street. Here they are:
India-US Trade Deal
The US has recently secured trade deals with the European Union, Japan, Indonesia, and Vietnam. The attention is now on the long-awaited India-US trade deal. Minister of Commerce Piyush Goyal said talks with the US have made “significant progress” and that US negotiators will visit India in the second half of August.
However, the delay raises concerns, as US President Donald Trump’s August 1 deadline for trade deals nears. Countries without agreements will face tariffs Trump announced earlier on April 2, which he dubbed as "Liberation Day". India is slated for a 26 per cent tariff, if the deal is not announced before August 1.
Signs Of Rate Cuts In The US
The US Federal Reserve's rate-setting Federal Open Market Committee (FOMC) will be announcing its decision on interest rates on July 30.
The FOMC typically meets eight times per year to decide on interest rates and other monetary policy matters. However, this FOMC's meeting comes amid Trump's attacks on Fed Chair Jerome Powell for not cutting rates fast enough.
Largely analysts expect no rate cuts, however, investors would be watching for any signs that cuts may start in September.
IIP Index June 2025
India’s Index of Industrial Production (IIP) grew 1.5 per cent year-on-year (YoY) in June 2025, slightly up from 1.2 per cent YoY in May 2025, according to data released by Ministry of Statistics. However, on a month-on-month basis, industrial output contracted by 2.72 per cent.
Manufacturing grew 3.9 per cent, while mining and electricity declined by 8.7 per cent and 2.6 per cent, respectively.
Key drivers within manufacturing industry included basic metals (9.6 per cent), refined petroleum products (4.2 per cent), and fabricated metal products (15.2 per cent).
Q1 Results Today
As many as 100 companies listed on the Bombay Stock Exchange (BSE) are going to release their quarterly earnings for the period ended June 30, 2025 (Q1 FY26).
Among some of the big names are Asian Paints, Larsen & Toubro, NTPC, Varun Beverages, Welspun Corp, Jubilant Pharmova, Bank of India, Happiest Minds Technologies, Kolte-Patil Developers, Star Health and Allied Insurance Company, and Triveni Engineering & Industries.
Further, investors will be reacting to the earnings released by companies post-market hours on July 28, including IndusInd Bank, GAIL (India), Mazagon Dock Shipbuilders & Engineers, Torrent Pharma, Gravita India, Adani Total Gas, Paradeep Phosphates, Flair Writing, Go Digit General Insurance, NTPC Green Energy, JK Paper, Sanghi Industries, Waaree Energies, Arvind Fashions, Bajaj Healthcare, KEC International, Quess Corp, and Laxmi Organic Industries and others.
Global Markets
US stocks ended mixed on July 28. The S&P 500 closed at record highs for a sixth straight session, while Nasdaq Composite also closed at life-time high levels as investors weighed the implications of the recently announced US-EU trade agreement and looked ahead to the U.S. Federal Reserve's upcoming interest rate decision later this week.
The S&P 500 climbed 1.13 points, or 0.02 per cent, to settle at 6,389.77, while the Nasdaq Composite gained 70.27 points, or 0.33 per cent, to close at 21,178.58. Meanwhile, the Dow Jones Industrial Average slipped 64.36 points, or 0.14 per cent, to end at 44,837.56.
In Asian Markets, Japan’s Nikkei was trading 0.9 per cent lower in the early session, while South Korea’s Kospi surged over 0.6 per cent. the Hong Kong-based Hang Seng was down nearly 1 per cent, and China’s SSE Composite traded around flat levels, though with a negative bias.
