Equity indices continue weak trade in morning deals

Indian equity benchmarks continued weak trade in morning deals amid heightened tensions in the Middle East after the US bombed three major nuclear sites in Iran. Traders remained cautious as the Ministry of Commerce & Industry in its latest data has showed that the output of eight key infrastructure sectors slowed down to 0.7 per cent, lowest in nine months, in May 2025 against 6.9 per cent in the same month last year. Traders overlooked the Labour Ministry’s data showing that retail inflation for farm and rural workers eased to 2.84 per cent and 2.97 per cent in May from 3.48 per cent and 3.53 per cent, respectively, in April this year. Traders also paid no heed towards private survey showing that India's private sector activity accelerated sharply in June as companies ramped up production to meet surging domestic and international demand. The HSBC Flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, jumped to a 14-month high of 61.0 this month from 59.3 in May. On the global front, Asian markets are trading mostly in red after the U.S. bombed three nuclear sites in Iran, raising fears of a broader regional conflict.

The BSE Sensex is currently trading at 81611.34, down by 796.83 points or 0.97% after trading in a range of 81476.76 and 81984.44. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.22%, while Small cap index was up by 0.13%.

The few gaining sectoral indices on the BSE were Capital Goods up by 0.37% and Industrials up by 0.02%, while IT down by 1.46%, TECK down by 1.16%, Auto down by 0.99%, Bankex down by 0.81% and FMCG down by 0.78% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 1.79%, Trent up by 0.19% and Adani Ports &SEZ up by 0.13%. On the flip side, Infosys down by 2.46%, Hindustan Unilever down by 1.78%, HCL Technologies down by 1.69%, TCS down by 1.50% and Bajaj Finserv down by 1.44% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has asked the Central Board of Indirect Taxes and Customs (CBIC) to make the Goods and Services Tax (GST) registration easier, seamless, and more transparent for taxpayers, using technology and risk-based parameters. Sitharaman reviewed the performance of Customs and CGST zones on key indicators. She directed the zones to prepare an action plan to improve various parameters, such as GST registration, processing of refunds, and handling taxpayers' grievances.

She also directed the CGST formations to launch targeted awareness campaigns among taxpayers, trade associations, and industry bodies regarding the mandatory documentation required for GST registration, particularly those related to the principal place of business. This would help reduce rejections and delays in registration and enable faster processing of applications. Moreover, she directed CGST Zonal Heads to have a dedicated helpdesk for GST registrations to facilitate the taxpayers in the application process. She also highlighted the need to ensure that GST Seva Kendras and Customs Turant Suvidha Kendras are well-staffed, accessible, and properly maintained so that taxpayers receive timely and quality assistance.

Emphasising taxpayer trust, she called for a targeted and sustained focus on grievance redressal, ensuring the timely resolution of queries and complaints through improved systems and accountability. She also underlined the need for the speedy closure of investigations for Customs and CGST cases, and exhorted for an analysis on detection and recovery and to seek solutions to reduce the gap between detection and recovery. At the same time, she emphasised the need to prevent tax evasion and wrongful input tax credit (ITC) claims.

The CNX Nifty is currently trading at 24893.75, down by 218.65 points or 0.87% after trading in a range of 24824.85 and 24988.10. There were 6 stocks advancing against 44 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 1.94%, Nestle up by 0.32%, Trent up by 0.31%, Adani Ports &SEZ up by 0.19% and Adani Enterprises up by 0.13%. On the flip side, Infosys down by 2.37%, JSW Steel down by 1.89%, HCL Technologies down by 1.74%, Hindustan Unilever down by 1.68% and Shriram Finance down by 1.64% were the top losers.

Asian markets are trading mostly in red; Nikkei 225 slipped 82.43 points or 0.21% to 38,320.80, Taiwan Weighted lost 306.71 points or 1.39% to 21,739.03, Hang Seng declined 31.66 points or 0.13% to 23,498.82, KOSPI dropped 13.10 points or 0.43% to 3,008.74, Straits Times fell 15.94 points or 0.41% to 3,867.49 and Jakarta Composite plunged 126.36 points or 1.83% to 6,780.78.

On the flip side, Shanghai Composite strengthened 5.17 points or 0.15% to 3,365.07.