The BSE Sensex reached an intraday high of 83,935.29 points but eventually settled at 83,409.69 points, down by 287.6 points, or 0.34%. Similarly, the Nifty50 dropped by 88.45 points, or 0.35%, closing at 25,453.4 points.
The Indian stock market extended its cautious tone as investors remained wary of global uncertainties, particularly amid US President Donald Trump’s firm stance on the tariff deadline. On July 2, 2025, Indian equities continued to feel the heat, with major benchmarks such as the BSE Sensex and the NSE Nifty50 experiencing a dip.
Overall, the market sentiment was tepid, with broader indices like Nifty Midcap100 and Nifty Smallcap100 both ending in the negative. The Nifty Midcap100 dropped 0.14%, and the Nifty Smallcap100 saw a steeper decline of 0.41%. Investors were particularly cautious, weighed down by the risk-off mood that dominated trading today.
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Impact on the stock market
The day was not without its ups and downs, particularly in the sectoral indices. While some sectors performed well, others saw sharp declines.
- Nifty Metal, Consumer Durables, Auto, IT, Pharma, and Healthcare sectors ended in the green, offering some relief to investors. Stocks in these sectors demonstrated resilience, with some companies benefiting from positive sentiment.
- On the other hand, the Nifty Realty, Financial Services, Bank, Oil & Gas, and Media sectors faced challenges. These were the key laggards, with investors steering clear of companies in these sectors.
| Sector/Index | Performance |
| IT & BPM sector | 0.12% |
| Healthcare sector | 0.34% |
| Oil & Gas sector | -0.17% |
| Real estate sector | -1.44% |
| PSU Bank in India | -0.83% |
Top gainers today
| Company | Price (in ₹) | Change % |
| Tata Steel Share Price | 165.88 | 3.64 |
| JSW Steel Share Price | 1,059.90 | 2.94 |
| Asian Paints Share Price | 2,419.40 | 2.11 |
| UltraTechCement Share Price | 12,436.00 | 1.85 |
| Maruti Suzuki Share Price | 12,622.00 | 1.45 |
Top losers today
| Company | Price (in ₹) | Change % |
| Shriram Finance Share Price | 676.90 | -2.81 |
| HDFC Life Share Price | 789.70 | -2.49 |
| IndusInd Bank Share Price | 857.65 | -2.44 |
| Bajaj Finserv Share Price | 2,007.90 | -2.23 |
| Larsen Share Price | 3,596.80 | -1.91 |
Market aftermath: Impact on stocks
Sambhv Steel Tubes: A post-listing rollercoaster
Sambhv Steel Tubes shares had an eventful debut on the stock market today, with the stock listing at Rs 110 per share on the NSE. This represented a 34% premium over the IPO price of Rs 82 per share. On the BSE, the stock opened at Rs 110.10, with a similar premium of 34.27%. However, the excitement was short-lived as the stock fell by 12.5%, hitting an intraday low of Rs 96.25.
Despite the dip, the stock is still trading at a substantial premium over the IPO price, indicating that investors remain cautiously optimistic. As Bhavik Joshi from INVasset PMS pointed out, the future performance of Sambhv Steel Tubes will hinge on the company’s ability to deliver on its earnings and progress, not just sentiment. It will be interesting to watch how the stock fares in the coming weeks.
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IndusInd Bank: Goldman Sachs cuts rating
IndusInd Bank shares came under pressure today, dropping by 3% after Goldman Sachs downgraded the stock to a ‘sell’ and slashed its target price by 15%. The brokerage firm highlighted that the bank’s fundamentals appeared weaker, citing expected lower Return on Assets (ROAs) in the future.
Goldman Sachs also cut its earnings projections for IndusInd Bank, reducing its FY26 and FY27 EPS estimates by 25% and 17%, respectively. The bank’s market capitalisation stood at Rs 66,300 crore as of today. The target price set by Goldman Sachs now stands at Rs 722, which implies further downside potential for the stock, with the brokerage expressing concerns over the bank’s slower growth prospects and weaker return ratios.
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Tata Communications: Bullish outlook
In contrast to the negativity surrounding some stocks, Tata Communications enjoyed a solid rally, with its shares climbing 5% on July 2. The uptick followed a bullish note from Macquarie, which initiated coverage on the stock with an ‘Outperform’ rating and a target price of Rs 2,300.
Macquarie’s report highlighted Tata Communications’ strong positioning in the digital transformation space, given its extensive global digital infrastructure network. The firm suggested that the stock could potentially double over the next three years, making it an attractive prospect for investors looking for growth in the digital services business.
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Crude oil: Market steady amid geopolitical concerns
Crude oil futures remained relatively steady today, with prices trading almost flat despite rising geopolitical concerns in West Asia. US President Donald Trump indicated progress toward a ceasefire agreement between Israel and Hamas, which helped ease fears about potential disruptions in oil supply.
At the time of writing, July crude oil futures were trading at Rs 5,614 per barrel, slightly down from the previous close of Rs 5,615, reflecting a marginal 0.02% decline. Similarly, Brent and WTI crude futures showed little movement, with both trading in the positive territory at $67.16 and $65.47 per barrel, respectively. This stabilisation in crude prices comes after recent tensions in the region had raised concerns about oil supply disruptions.
Additionally, data from the American Petroleum Institute (API) revealed an increase in US crude oil inventories, with stocks rising by 0.68 million barrels for the week ending June 27, contrary to the market’s expectations of a decline.
Conclusion
The Indian stock market experienced a mixed day on July 2, 2025, with major indices like the Sensex and Nifty50 ending lower. The market sentiment remained cautious amid global uncertainties, particularly in relation to the US-China tariff negotiations and geopolitical tensions in the Middle East. Sector performance was varied, with gains in select sectors like IT and Pharma, while sectors like Realty and Financial Services struggled.
Stocks like Sambhv Steel Tubes saw volatility post-listing, while IndusInd Bank was hit by a downgrade from Goldman Sachs. On the other hand, Tata Communications saw significant positive momentum after a strong recommendation from Macquarie.
Crude oil prices steadied amidst geopolitical developments, with a potential ceasefire in the Israel-Hamas conflict providing some relief to the market.
As always, it’s crucial for investors to stay updated on market conditions and focus on companies with strong fundamentals and growth potential, as today’s mixed performance suggests that volatility is here to stay.
For more stock market insights, check out the StockGro blog.
