01-Jul-2025      10:39

Indices trade near flat line; PSU bank shares tumble

The key equity benchmarks traded near the flat line in morning trade, despite optimism surrounding a potential US-India trade deal and supportive global cues. Investors will monitor a slew of economic data this week. The Nifty traded above the 25,500 level.

PSU bank shares declined, snapping a five-day gaining streak.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 67.22 points or 0.09% to 83,679.11. The Nifty 50 index added 14.05 points or 0.06% to 25,530.55.

In the broader market, the S&P BSE Mid-Cap index declined 0.24% and the S&P BSE Small-Cap index fell 0.27%.

The market breadth was almost even. On the BSE 1,693 shares rose and 1,690 shares fell. A total of 173 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.54% to 12.59.

Economy:

India's industrial output growth fell to a nine-month low of 1.2% in May 2025, dragged down by weak performance in the manufacturing, mining, and electricity sectors, data released by the National Statistical Office (NSO) on Monday showed. The factory output, measured by the Index of Industrial Production (IIP), had grown 6.3% in May 2024, while the April 2025 estimate has been revised to 2.6%, slightly down from the earlier 2.7%. According to the data, manufacturing ' which forms over three-fourths of the IIP ' grew 2.6% in May, down from 5.1% a year ago. Mining output shrank 0.1%, reversing a 6.6% expansion in May last year. Electricity generation saw a sharp contraction of 5.8% compared to a robust 13.7% growth a year ago.

India's gross collection of goods and services tax (GST) hit an all-time high of Rs 22.08 lakh crore in the financial year 2024-25, marking a 9.4% year-on-year (YoY) growth compared to the previous financial year, according to an official statement on Monday, 30 June 2025. On 1 July 2025, India will mark the completion of eight years since the implementation of the GST.

India's fiscal deficit for the first two months of FY26 stood at Rs 13,163 crore, or just 0.8% of the full-year target of Rs 15.69 lakh crore, according to data released by the Controller General of Accounts on Monday. The year-ago deficit for the same period was significantly higher at Rs 50,600 crore.

New Listing:

Shares of Kalpataru were currently trading at Rs 428.30 at 10:30 IST on the BSE, representing a premium of 3.45% compared with the issue price of Rs 414.

The scrip was listed at Rs 414.10, exhibiting a premium of 0.02% to the issue price.

So far, the stock has hit a high of 453 and a low of 414.10. On the BSE, over 4.82 lakh shares of the company were traded in the counter so far.

Shares of Ellenbarrie Industrial Gases were currently trading at Rs 537.45 at 10:24 IST on the BSE, representing a premium of 34.36% compared with the issue price of Rs 400.

The scrip was listed at Rs 492, exhibiting a premium of 23% to the issue price.

So far, the stock has hit a high of 541.20 and a low of 485.65. On the BSE, over 41.21 lakh shares of the company were traded in the counter so far.

Shares of Globe Civil Projects were currently trading at Rs 88.10 at 10:17 IST on the BSE, representing a premium of 24.08% compared with the issue price of Rs 71.

The scrip was listed at Rs 91.10, exhibiting a premium of 28.31% to the issue price.

So far, the stock has hit a high of 91.10 and a low of 86.65. On the BSE, over 7.32 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index declined 1.07% to 7,125.35. The index surged 5.31% in the past five trading sessions.

Union Bank of India (down 1.76%), Bank of Baroda (down 1.52%), Punjab & Sind Bank (down 1.24%), Canara Bank (down 1.17%), Punjab National Bank (down 0.72%), Bank of Maharashtra (down 0.61%), Bank of India (down 0.57%), State Bank of India (down 0.52%), UCO Bank (down 0.43%), and Indian Bank (down 0.41%) declined.

Stocks in Spotlight:

Gabriel India hit an upper limit of 20% after the company's board approved a comprehensive restructuring scheme aimed at transforming the company into a diversified mobility solutions provider.

Bajaj Auto shed 0.25%. The company has reported total auto sales of 3,60,806 units for June 2025, which is higher by 1% as compared with the figure of 3,58,477 units recorded in June 2024.

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