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Informist, Monday, Aug. 4, 2025 Tel +91 (22) 6985-4000
Equity Alert: Indices end higher backed by select heavyweights, steel stocks
MUMBAI--1536 IST--Benchmark indices closed higher Monday due to short-covering, with select index heavyweights and steel stocks leading the gains. Shares of most steel companies rose as the June quarter earnings of these companies showed robust on-year growth, analysts said. Most information technology and automobile stocks also pushed the Nifty 50 higher.
On Monday, the Nifty 50 closed at 24722.75 points, up 157.40 points or 0.6%, and the BSE Sensex ended at 81018.72 points, up 418.81 points, or 0.5%. Over 59% of stocks traded on the NSE closed in positive territory. Fear indicator India VIX also eased after two days and closed 0.1% lower at 11.9675. All broader market indices ended over 1% higher, outpacing their benchmark peers.
Barring the Nifty FMCG and Nifty Financial Services, all other sectoral indices closed higher. The Nifty India Defence was the top gainer among sectoral indices, closing 2.5% higher.
Additionally, anti-dumping duties by the government are seen as a growth booster for domestic steel companies, they said. The Nifty Metal index snapped a three-session falling streak and was among the top gainers in the sectoral indices. The index closed at 9327.85 points, up 2.5%. Steel Authority of India, Tata Steel, and Jindal Steel & Power were the top gainers in the index, closing around 4% higher each.
Hero MotoCorp rose over 5% and was the top gainer in the Nifty 50 after the company's sales volume in July rose to the highest level in one year. Sarda Energy & Minerals closed over 19% higher, the top Nifty 500 gainer, after the company reported robust earnings for the June quarter on Friday as its consolidated net profit for the latest quarter more than doubled on year and its revenue grew over 76%.
ABB India fell over 5% and was the worst hit in the Nifty 200. The fall was after the company reported weak earnings for the June quarter. Following this, Nomura Global Markets Research trimmed its estimates for sales, earnings before interest, tax, depreciation, and amortisation margin, and the target price on the stock. It has maintained its 'reduce' rating. (Simran Rede)
Equity Alert: Emkay Global says underlying trend in auto sector in July weak
MUMBAI--1458 IST--Emkay Global Financial Services said the underlying trends in the automobile sector in July were weak, with most segments except tractors seeing a decline in sales volume during the month. Original equipment manufacturers' despatches have been largely healthy, supported by a low base, inventory push, strong export growth, and market share gains, the broking firm said in its research report.
Emkay Global prefers TVS Motor Co. and Maruti Suzuki India, Eicher Motors, and Ashok Leyland among original equipment manufacturers. In the auto ancillary space, it prefers Shriram Pistons & Rings, Craftsman Automation, and CEAT.
Eicher's Royal Enfield sales volume continued to outpace the two-wheeler segment, up 31% on year to around 88,000 units in July. TVS Motor logged a strong 30% growth in its volumes and Hero MotoCorp's domestic despatches rose 19% from the year-ago period due to a low base. "...however, absolute volumes at M&M have been range-bound despite the new launches," Emkay Global said.
In the tractors segment, Escorts Kubota posted a strong 24% growth in despatches, indicating a growth revival following several months of muted performance, the report said. Meanwhile, its peer, Mahindra & Mahindra, posted a modest 6% growth. The broking firm's outlook on tractor sales remains positive.
In the passenger vehicles vertical, M&M continued to outperform its peers. The company's domestic volume in this segment grew around 20% compared to the 10-11?cline posted by its peers Tata Motors and Hyundai Motor India. (Anjana Therese Antony)
Equity Alert: ABB India falls 7%; Nomura cuts sales, EBITDA margin guidance
MUMBAI--1456 IST--Shares of ABB India fell 7% Monday after the company reported weak earnings for the June quarter. The company recorded contraction in its bottom line for the first time in nine quarters. A sharp rise in total expenses dragged down the net profit for the quarter.
Nomura Global Markets Research has maintained its 'reduce' rating on the stock and trimmed its target price to INR 4,870. It has cut the sales estimate for 2025 by 2% and for 2026 by 4% to reflect the tepid order inflows. The broking firm expects a gradual recovery amid increasing competitive pressure, especially in the motions and process automation segments. It has also cut the guidance for the company's EBITDA margin for 2025 by 92 bps on year and for 2026 by 15 bps on easing pricing power and lower-than-estimated operating leverage, Nomura said.
ABB reported a nearly 21% on-year fall in its bottom line for the June quarter and an almost 26?cline from the trailing quarter at INR 3.52 billion. This was below the consensus estimate of INR 4.75 billion. ABB reported revenue of INR 31.75 billion, a rise of over 12% on year.
The company's order inflow declined 12% on year to INR 30.40 billion due to a weak base ordering of INR 30.20 billion. The gross margin contracted 386 basis points on year and earnings before interest, tax, depreciation, and amortisation margin dipped 505 bps on year to 14.1% due to competitive pricing and a relatively higher foreign exchange loss of INR 565 million, Nomura said in a report.
The stock fell to INR 5,014.50, its lowest level since Apr. 9. It is down for four consecutive sessions and has fallen more than 10% over this period. At 1449 IST, shares of the company were at INR 5,096, down 5.4%. The stock was the worst performer in the Nifty 200. So far Monday, 1.73 million shares of the company have changed hands on the NSE, higher than 314,330 shares traded during the same period on Friday.
Of the 12 brokerage reports available on the stock with Informist, eight have a 'buy' or equivalent rating on the stock, ICICI Securities has a 'hold' rating, and three have a 'sell' or equivalent rating. Of the 'sell' recommendations, the average target price is INR 5,167, which implies an over 1% upside to the current market price. (Simran Rede)
Equity Alert: Europe mkts recover post selloff Fri; SLI dn on US tariff shock
MUMBAI--1430 IST--European stock indices were up in early trade Monday after a sharp selloff Friday due to US President Donald Trump's tariff-related actions. The pan-European Stoxx 600 index rose 0.2?rly in the session.
Switzerland's SLI was down 0.6%, the only European index to be lower as investors digested a hefty 39% tariff imposed by the US. The Swiss government could revise its trade terms with the US after being hit by what was among the highest tariffs imposed by the US, with experts warning that the tariff could put tens of thousands of jobs at risk and potentially trigger a recession, Reuters reported.
Swiss pharma majors Novartis and Roche fell 1.3% and 2.3%, respectively, after Trump sent letters to the leaders of 17 major pharmaceutical companies, directing them to slash US prescription drug prices. Swiss luxury companies Richemont and Swatch, among the most exposed to tariffs, fell more than 1.5?ch. UBS was down 2.5% after the investment bank said it would pay $300 million to resolve US mortgage securities cases related to misselling of mortage-linked investments. Analysts see watch-makers and machinery and tools suppliers to be among the worst hit by the tariff.
UK-based Lloyds soared 7% and Close Brothers skyrocketed 23?ter the UK's Supreme Court Friday overturned a ruling on car finance commissions that could have put certain banks on the hook for compensation payments stretching into the tens of billions. The original ruling, issued in October, had sent shares of exposed lenders such as Lloyds, Barclays, and Close Brothers lower and spurred them to set aside billions in potential compensation payouts, CNBC reported. It was estimated the cost would run between 9 billion pound sterling and 18 billion pound sterling ($10.40 billion-$20.80 billion), with most individuals likely to receive less than 950 pound sterling in compensation, the report said.
Germany's DAX and Italy's MIB were the best performing among the region's indices, up 1.1% and 1.6%, respectively.
Following were the levels of major European indices at 1425 IST:
INDEX |
LEVEL |
CHANGE IN % |
FTSE 100 Index |
9107.57 | 0.43 |
CAC 40 |
7613.05 | 0.89 |
MIB INDEX |
40576.86 | 1.59 |
DAX PERFORMANCE-INDEX |
23684.48 | 1.10 |
SLI | 1956.96 | (-)0.60 |
(Akash Mandal)
Equity Alert: Indices gain more led by steel, auto stocks
MUMBAI--1357 IST--Benchmark equity indices rose further, led by gains in shares of steel and automobile companies on Monday. The indices rose after two consecutive sessions of losses due to uncertainty over US-India trade ties post a 25% tariff announcement by the US. Broader market indices also gained and outperformed benchmark peers.
At 1355 IST, the Nifty 50 was at 24716.45, up 151.10 points or 0.6%. The 50-stock index breached 24700, after moving past its crucial resistance level of 24600 points. The BSE Sensex was at 81044.08, up 444.17 points or 0.6%. Mid- and small-cap indices also gained – the Nifty Smallcap 50 was up 1.2% and the Nifty Midcap 50 was up nearly 1%.
Among sectoral indices, the Nifty Metal was up 2.3% and was the top gainer. Jindal Steel & Power, Steel Authority Of India, and Tata Steel were up over 4?ch. Only Welspun Corp. and APL Apollo Tubes were the only constituents to trade in the red.
The Nifty Auto index gained sharply, led by shares of two-wheeler makers such as Hero MotoCorp and Eicher Motors, which reported robust sales in July. Hero MotoCorp was up 3.5%, largely on the back of strong sales in domestic and international markets. Its overall sales surged 21% on year. Eicher Motors gained nearly 2% post better wholesale sales numbers.
Among other stocks, UPL rose nearly 8%, extending gains from Friday when it declared its June quarter earnings. Brokerages said the company would see a recovery in Oct-Mar. In Apr-Jun, the company's sales from Europe and North Americal were also robust, the said. ABB India fell neatly 6?ter its net profit for the June quarter was significantly lower than estimates. (Gopika Balasubramanium)
Equity Alert: UPL up 8% as Q1 net loss narrows YoY, FY26 guidance unchanged
MUMBAI--1320 IST--Shares of UPL rose nearly 8% to an intraday high of INR 715.70 Monday. UPL, during market hours Friday, announced a loss lower than analysts' estimated the fertiliser company to report for the June quarter. The company also maintained its guidance for the entire year. The stock had ended 5.5% lower after its earnings. At 1240 IST, the stock was 6.6% higher at INR 709.30 and was the top gainer in the Nifty 200.
"We believe UPL's reaffirmation of its FY26 guidance is credible, with better recovery in 2HFY26...the worst of the inventory and pricing pressure is behind," Nuvama Institutional Equities said in its report whilst maintaining a 'buy' rating on the stock and a target price of INR 808. Nirmal Bang Equities, which was cautious on the stock, also pointed out that the company's June quarter numbers beat the Street's estimates on multiple counts. "India/Europe revenue beat of 9.8%/2.6% vs our estimates and NA (North America) was a tad beat vs our estimates whereas LatAm/RoW (Latin America/ rest of the world) business came below our estimates by 14.0%/18.5%," the brokerage said.
The Mumbai-based fertiliser and chemicals maker reported a net loss of INR 880 million, sharply lower than INR 3.84 billion loss a year ago and also lower than the Street's view of INR 1.94 billion loss. The company also maintained its guidance of 4-8% growth in revenue and 10-18% in earnings before interest, tax, depreciation, and amortisation for 2025-26 (Apr-Mar).
At 1240 IST, 8.44 million shares of the company were traded on the NSE, sharply higher than the 1.21 million shares traded till the same time Friday. (Akash Mandal)
Equity Alert: Asian mkts recover on US rate cut hopes after weak econ data
MUMBAI--1310 IST--Most Asian indices recovered from a slow start and ended in the green Monday on hopes of the US Federal Reserve lowering interest rates. This was after investors across the US and Asia were rattled by lower-than-expected US jobs data for July and a sharp downward revision in June data.
US fund futures still imply an 85% chance that the US Federal Reserve will cut rates in September and by another 100 basis points by this time next year, Reuters reported. Japan's Nikkei 225 and Topix ended 1.3% and 1.1% lower, respectively. They were the worst hit in the region. They fell because of weakness in shares of financial services and export-oriented companies like automobiles as the yen was down against the dollar on expectations of a rate cut by the US Fed in September, CNBC reported.
China's CSI 300 and Hong Kong's Hang Seng reversed early losses to end 0.4% and 0.8% higher, respectively. Hygon Info Tech, Zijin Mining Group, and AVIC Shenyang Aircraft ended 2-3% higher. South Korea's Kospi also recovered from a slow start to end nearly 1% higher. Australia's S&P/ASX 200 closed flat. At 1305 IST, the FTSE Singapore Straits Times was up 0.8%.
Following are the levels of key Asian indices at 1305 IST:
INDEX |
LEVEL |
CHANGE IN % |
CSI 300 Index |
4070.7023 | 0.39 |
Hang Seng Index |
24694.06 | 0.76 |
Nikkei 225 Day |
40290.70 | (-)1.25 |
TOPIX FIRST SECTION |
2916.20 | (-)1.10 |
KOSPI |
3147.75 | 0.91 |
FTSE Singapore Straits Times |
4186.24 | 0.78 |
S&P/ASX 200 Index |
8663.70 | 0.02 |
(Akash Mandal)
Equity Alert: Nuvama bullish on ITC due to early urban demand revival trend
MUMBAI--1302 IST--Nuvama Institutional Equities said it remains positive on ITC due to early trends of a revival in urban demand and broad-based growth across segments. ITC's net revenue for the June quarter beat the broking firm's estimate primarily due to 39% on-year growth in the company's agriculture business, supported by strong exports and expansion in the value added portfolio. Nuvama raised the target price for the company's stock to INR 540 from INR 532 and retained its 'buy' rating.
After market hours Friday, ITC reported a slightly lower than expected net profit of INR 49.12 billion for the June quarter, which was also flat on year. Its revenue rose almost 20% from the year-ago period to INR 210.59 billion.
The broking firm also raised its revenue estimate for 2025-26 (Apr-Mar) by 3% and for FY27 by 4%. The fast-moving consumer goods company's volume rose almost 7% on year to an eight-quarter high and was 4% higher than Nuvama's expectations. However, the broking firm reduced its earnings-per-share estimate for FY26 and FY27 by 2?ch, given the miss in margin for the reporting quarter. ITC's earnings before interest, tax, depreciation, and amortisation margin declined 547 basis points on year due to consumption of high-cost tobacco inventory, and higher input prices of major commodities such as edible oil and wheat, Nuvama said.
At 1258 IST, the stock was up 0.5% at INR 418.60 on the National Stock Exchange. Over 11 million shares of the company changed hands on the bourse so far Monday, similar to the number of shares traded during the same period Friday. Of the 21 research reports available on the company with Informist, 19 have a 'buy' or equivalent rating on the stock with an average target price of INR 509 which is almost 22% higher than the currrent market price. One brokerage has a 'hold' view on the company and the remaining one has a 'sell' rating. (Anjana Therese Antony)
Equity Alert: Sarda Energy up 20?ter Q1 consol PAT, EBITDA double on year
MUMBAI--1240 IST--Shares of Sarda Energy and Minerals rose much as 20% to INR 527.15, the highest in four months, after the company reported robust earnings for the June quarter on Friday. The company's consolidated net profit for the latest quarter more than doubled on year to INR 4.34 billion, while its revenue grew over 76% on year to INR 16.33 billion.
The company's consolidated earnings before interest, taxes, depreciation, and amortisation for the quarter also doubled on year to INR 6.97 billion. The growth during the quarter was mainly driven by the energy segment, which contributed INR 8.00 billion to the company's revenue, which is around 47% of total sales, and INR 4.67 billion to EBITDA, Sarda Energy and Minerals said in a post-earnings press release. The company also reported a steady performance in its metals segment despite lower realisations, with stable volume growth, reflecting operational resilience. Along with the June quarter earnings, the company's board approved raising up to INR 10 billion through debt instruments.
There is no research report on the company available with Informist as of Monday. At 1237 IST, shares of the company were up 18.8% at INR 521.75 on the National Stock Echange. So far, over 11 million shares of the company changed hands on NSE compared to 114,345 shares traded till the same time Friday. (Arya S. Biju)
Equity Alert: Hero MotoCorp rises over 3%; July sales volume up 21% on year
MUMBAI--1132 IST--Shares of Hero MotoCorp Monday rose over 3% to an intraday high of INR 4,453.90 after the company said its sales volume in July rose to the highest level in one year. This was largely on the back of strong sales in domestic and international markets, the company said Friday after market hours.
The automaker's overall sales rose to 449,755 units in July, up over 21% from the same month a year ago. The rise was led by a near 19% rise in domestic sales to 412,397 units and an over 64% rise in exports to 37,358 units.
The stock is up for the third consecutive session and has risen nearly 5% over this period. At 1126 IST, shares of the company traded at INR 4,460, up 3.4%. The stock was the top gainer in the Nifty 50. So far Monday, 671,131 shares of the company have changed hands on the NSE, higher than 190,313 shares traded during the same period on Friday.
Of the 20 brokerage reports available on the stock with Informist, 16 have a 'buy' or equivalent rating on the stock, three have a 'hold' or equivalent rating. Only Kotak Securities has a 'sell' rating. Of the 'buy' or equivalent recommendations, ICICI Securities has the highest target price of INR 6,620 and Prabhudas Lilladher has the lowest target of INR 4,036.
In the March quarter, the company lost 170 basis points of market share on a year-on-year basis in the two-wheeler segment, according to a report by Kotak Institutional Equities. On the other hand, it gained 290 bps market share on a quarterly basis in domestic electric two-wheeler category, the report said. (Simran Rede)
Equity Alert: Bosch marginally up ahead of Apr-Jun earnings
KOLKATA--1044 IST--Shares of Bosch rose marginally ahead of the company's earnings for the June quarter later in the day. At 1044 IST, the shares traded at INR 40,475, up 0.21%. So far Monday, 15,787 shares of the company have changed hands on NSE.
According to InCred Research Services Pvt. Ltd., Bosch's net profit likely increased to INR 5.2 billion in the June quarter from INR 4.7 billion in the year-ago quarter. Its top line is expected to have risen to INR 47 billion from INR 43.2 billion in the year-ago quarter. Motilal Oswal Financial Services Ltd. pegs the net profit at INR 4.9 billion on revenues of INR 46.2 billion. Only two pre-earnings reports are available with Informist.
InCred sees the company's earnings before interest, taxes, depreciation, and amortisation at INR 6.1 billion and Motilal Oswal expects it to be INR 5.7 billion.
The company's share price has risen sharply by 28% from its closing price in May, when it reported its earnings for the March quarter. Of the four research reports on the company available with Informist, one has a 'buy' rating on the stock, two brokerages have a 'hold' rating for an average target price of INR 29,829, and one brokerage has a 'sell' rating. The stock is down 0.6% from its 52-week high of INR 40,730 hit on Aug. 1. (Avishek Rakshit)
Equity Alert: Indices gain boosted by rise in heavyweights RIL, HDFC Bank
MUMBAI--0952 IST--Benchmark indices opened higher Monday, taking a breather from the fall in the two previous sessions due to tariff imposition by the US and outperformed most of their global peers. Most heavyweights pushed the Nifty 50 higher, with Reliance Industries and HDFC Bank rising over 0.5%. However, along with the rise in the indices, the volatility in the market rose, with the fear gauge India VIX rising over 2% at 12.2525.
Market participants focus on the outcome of the Reserve Bank of India's monetary policy committee meeting on Wednesday. It is a three-day-long meeting, starting Monday. The rate-setting committee is expected to keep the repo rate unchanged at 5.50% after the 50-basis-point cut in its meeting in June.
At 0951 IST, the Nifty 50 traded at 24623.95 points, up 58.60 points, or 0.2% and the BSE Sensex traded at 80714.35 points, up 114.44 points, or 0.1%. Barring Nifty IT, all other sectoral indices were in positive territory. The Nifty Auto and Nifty India Defence were the top gainers among the pack, over 1% higher. All broader market indices were up 0.3-0.6%, with most of them outperforming their benchmark peers.
Shares of ITC rose nearly 1?ter some brokerages retained their 'buy' rating on the stock post its June quarter earnings. The company declared its earnings after market hours Friday with its net profit flat on year at INR 49 billion, which fell marginally short of the Street's projection of INR 49.8 billion.
Reliance Power fell for the fourth session and hit 5% lower circuit at the opening trade Monday at INR 47.58. In a significant development ahead of questioning Anil Ambani of Reliance Group, the Enforcement Directorate late on Friday arrested Partha Biswal, the managing director of Biswal Tradelink Pvt. Ltd., The Times of India reported Sunday. This company was searched by the agency in connection with an INR 680 million fake bank guarantee provided by the Ambani group to Solar Energy Corp. of India Ltd. to secure a tender. (Simran Rede)
Equity Alert: Near-term outlook bearish; market awaits MPC meet outcome Wed
MUMBAI--0824 IST--The US tariffs on India are likely to continue to weigh on investors' sentiment in the near term, analysts said. However, they echoed optimism about the medium-to-long term outlook for the domestic market on hope of earnings growth in the second half or by the end of the current financial year, higher government capital expenditure, and improved demand environment.
This week the Reserve Bank of India's policy outcome Wednesday will be a key event, where the Monetary Policy Committee is likely to leave the repo rate unchanged at 5.50?ter its surprising 50-basis-point cut in its meeting in June. "Tariffs have definitely set the tone negative for us. But we will be one of the least hit (countries) considering our growth prospects. Also, we (India) will discuss with them (the US) more to come to a deal (bilateral) possible in a few months," an analyst at a domestic broking firm said.
The domestic equity market continued its southward journey for the second consecutive session Friday after the US announced 25% tariff and a penalty on India. Foreign investors remained net sellers for the 10th straight session Friday, offloading shares worth INR 33.60 billion. They have also been increasing their short positions in index futures over a couple of months due to uncertainties created by US tariffs and no major improvement in corporate earnings growth.
The Nifty 50 closed 0.8% lower at 24565.35 points Friday and the BSE Sensex ended 0.7% lower at 80599.91 points after hitting their two-month lows during the day. The near-term support for the 50-stock index is pegged at 24000-24200 levels and resistance is 24800 points, a senior technical and derivatives analyst at a domestic broking firm said. The August GIFT Nifty contract traded on the NSE International Exchange was slightly up at 24683 at 0757 IST, 0.5% or nearly 118 points higher than the Nifty 50's spot level.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies Sunday agreed to raise oil production by 547,000 barrels per day for September amid mounting worries over likely supply disruptions from Russia. India is a net importer of crude oil and around 35% of its demand is met from Russia. Following OPEC's announcement, Brent crude oil futures traded on the Intercontinental Exchange fell for the second straight session Monday, down 0.3% at $69.43 per barrel at 0757 IST. US President Donald Trump hinted that India was no longer going to buy oil from Russia, according to a social media post by news agency ANI.
(Anjana Therese Antony)
Equity Alert: Many Asian indices sharply lower as US econ concerns weigh
MUMBAI--0806 IST--Many Asian indices were sharply lower in early trade Monday as fears regarding the US economy weighed on the sentiment. Japan's Nikkei 225 and Topix were down 1.9% and 1.5%, respectively, and were the worst hit in the region.
Losses in Japanese market were led by financial services stocks. Mizuho Financial Group and Mitsubishi UFJ Financial Group were down nearly 5% as Japanese government bond yields dropped sharply. The 10-year yield was down 8.5 basis points at 1.465%, Dow Jones Newswires reported.
In the US, nonfarm payrolls increased by 73,000 jobs in July, after rising by a downwardly revised 14,000 in June. Economists polled by Reuters had forecast payrolls would increase by 110,000 jobs in July. With the June data being revised, the three-month average slowed to just 35,000 from 231,000 at the start of the year.
"The report brings payroll growth closer in line with big data indicators of job gains and the broader growth dataset, both of which have slowed significantly in recent months...taken together, the economic data confirm our view that the US economy is growing at a below-potential pace," Reuters reported analysts at Goldman Sachs as saying.
Taiwan's IDX Composite and Australia's S&P/ASX 200 were also lower. China's CSI 300 was flat. South Korea's Kospi, Hong Kong's Hang Seng, and the FTSE Singapore Strait Times all traded in the green.
Following are the levels of key Asian indices at 0800 IST:
INDEX |
LEVEL |
CHANGE IN % |
CSI 300 Index |
4055.5706 | 0.02 |
Hang Seng Index |
24594.78 | 0.35 |
Nikkei 225 Day |
40034.42 | (-)1.88 |
TOPIX FIRST SECTION |
2905.32 | (-)1.47 |
KOSPI |
3136.50 | 0.55 |
FTSE Singapore Straits Times |
4181.57 | 0.67 |
S&P/ASX 200 Index |
8637.10 | (-)0.29 |
(Akash Mandal)
Equity Alert: US indices end sharply lower; US tariffs, economic data weigh
MUMBAI--0747 IST--US indices ended sharply lower Friday as fresh US tariff-related news and a weaker-than-expected emplyment data dented sentiment. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite ended 1-2% lower.
Shares of heavyweight Amazon plunged over 8?ter its quarterly result failed to meet lofty expectations for its Amazon Web Services cloud computing unit, Reuters reported. Apple fell nearly 3?spite beating the Street's expectations on earnings as chief executive officer Tim Cook warned US tariffs would add $1.1 billion in costs over time.
The US announced a host of trade deals before the Aug. 1 deadline including those with Canada, Brazil, India, and Taiwan. US employment data also came in below expectations as non-farm payrolls increased by 73,000 jobs in July, after rising by a downwardly revised 14,000 in June. Economists polled by Reuters had forecast payrolls would increase by 110,000 jobs after rising by a previously reported 147,000 in June, Reuters reported.
"The president's unorthodox economic agenda and policies may be starting to make a dent in the labor market," Reuters reported Christopher Rupkey, chief economist at FWDBONDS, as saying. "The labor market is not rolling over, but it is badly wounded and may yet bring about a reversal in the U.S. economy's fortunes."
Following are the closing levels of US indices Friday:
INDEX | LAST LEVEL | CHANGE IN % |
Dow Jones Industrial Average | 43588.58 | (-)1.23 |
NASDAQ Composite | 20650.132 | (-)2.24 |
S&P 500 | 6238.01 | (-)1.60 |
(Akash Mandal)
End
US$1 = INR 87.66
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
All prices from National Stock Exchange, unless otherwise specified.
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