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Indices continue to witness losses in late morning deals
Jun-30-2025

Domestic equity indices were trading lower with cut of over 0.30 percent in late morning deals on account of selling by funds and retail investors. Selling in Kotak Mahindra Bank, Bharti Airtel, Ultratech Cement, Maruti Suzuki and ICICI Bank companies’ stocks dragged markets. Sentiments were weak after a private report said India's trade deficit is likely to widen to $300 billion in the financial year 2025-26, even though oil prices are expected to remain moderate. However, broader indices were trading higher with BSE Mid cap index and Small cap index gaining in the range of 0.35-0.60 percent. On the BSE sectoral front, traders were seen pilling up positions in Capital Goods, PSU, Industrials, Healthcare and Oil & Gas, while selling was witnessed in Realty, Metal, Telecom, TECK and Bankex. 

On the global front, Asian markets were trading mostly higher, following positive cues from the US markets on Friday, as investors parsed details on trade negotiations. Back home, in the stock specific development, Titagarh Rail Systems surged on bagging Rs 430 crore order.  

The BSE Sensex is currently trading at 83758.44, down by 300.46 points or 0.36% after trading in a range of 83694.44 and 84099.53. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.36%, while Small cap index up by 0.58%.

The top gaining sectoral indices on the BSE were Capital Goods up by 0.94%, PSU up by 0.74%, Industrials up by 0.67%, Healthcare up by 0.19% and Oil & Gas up by 0.10%, while Realty down by 0.44%, Metal down by 0.41%, Telecom down by 0.38%, TECK down by 0.31% and Bankex down by 0.30% were the losing indices on BSE.

The top gainers on the Sensex were SBI up by 1.58%, Eternal up by 0.93%, Sun Pharma up by 0.80%, Bharat Electronics up by 0.69% and Titan up by 0.68%. On the flip side, Kotak Mahindra Bank down by 1.29%, Bharti Airtel down by 1.05%, Ultratech Cement down by 1.00%, Maruti Suzuki down by 0.95% and ICICI Bank down by 0.90% were the top losers.

Meanwhile, Crisil Ratings in its report has indicated that India's gross sugar production is likely to rise 15 per cent in sugar season 2025-26 to about 35 million tonnes (MMT), supported by above-average monsoon, boosting cane acreage and yields in key sugar-producing states like Maharashtra and Karnataka. It added that the growth is expected to ease tightness in the domestic supply and has the potential to boost ethanol diversion and revive exports with appropriate policy support. In fiscal 2026, it expects operating margin of sugar mills to recover to about 9-9.5 per cent aided by improved supplies and potentially higher diversion of sugar for blending ethanol with gasoline. It also expects the growth to support credit profiles of sugar players, which saw some pressure last fiscal.

Supported by high sugar output and the government's 20 per cent blending target, Crisil estimates the diversion for ethanol to rise to 4 million tonnes (from 3.5 million tonnes in sugar season 2025) in sugar season 2026. It added that the strategic diversification to ethanol was intended to de-risk earnings and cash flow of sugar mills. However, it noted that the rising cane costs (cane FRP has been hiked by 4.5 per cent to Rs 355 per quintal for sugar season 2026) and stagnant ethanol procurement prices have limited improvement in profitability. Therefore, the operating margin of integrated millers is expected to improve only marginally by 40-60 bps to 9-9.5 per cent despite a 15 per cent jump in sugar output. It added standalone millers, lacking distillery or co-generation power sales, may continue to face margin pressure.

It has estimated the exports to limit at 1 million tonnes in sugar season 2026 owed to high sugar output and opening inventory of 2 months of consumption. It added that any easing of export curbs will depend on the decision to divert higher volumes for ethanol, adequate domestic availability, benign inflation trends and favourable global price parity as seen in sugar season 2023. Further, it emphasized a need to watch the temporal and spatial distribution of monsoon, its impact on cane yield, timely ethanol price revisions and clarity on export policy amid global sugar price movements.

The CNX Nifty is currently trading at 25555.40, down by 82.40 points or 0.32% after trading in a range of 25536.70 and 25669.35. There were 19 stocks advancing against 31 stocks declining on the index.

The top gainers on Nifty were SBI up by 1.61%, JIO Financial up by 1.50%, Indusind Bank up by 1.45%, HDFC Life Insurance up by 1.17% and Shriram Finance up by 1.14%. On the flip side, Tata Consumer down by 2.20%, Dr. Reddy's Lab down by 1.58%, Hero MotoCorp down by 1.41%, Kotak Mahindra Bank down by 1.33% and Adani Enterprises down by 1.13% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 16.59 points or 0.24% to 6,913.99, Shanghai Composite strengthened 12.44 points or 0.36% to 3,436.67, Straits Times rose 1.81 points or 0.05% to 3,968.01, KOSPI increased 16.28 points or 0.53% to 3,072.22 and Nikkei 225 surged 263.82 points or 0.65% to 40,414.61. However, Taiwan Weighted lost 324.06 points or 1.46% to 22,256.02 and Hang Seng declined 88.82 points or 0.37% to 24,195.33.
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