Dear Trader…

Nifty future ended marginally lower at 25,558 (-0.21%), as investors maintained a cautious approach amid developments on the US tariff front and the start of Q1 earnings season. The Nifty Metal index declined 1.6% as metal stocks witnessed selling pressure after US President announced plans to impose 50% tariffs on copper imports; while having implemented similar duties on steel and aluminium earlier. Nifty Pharma index closed in the green as concerns allayed after US deferred the planned 200% tariffs on pharmaceuticals imports by 12-18 months.

Shares of IT companies would be in focus with TCS Q1FY26 result announcement on Thursday. We expect TCS to post revenue decline of 0.5% QoQ in constant currency terms, with EBIT margins likely to remain flat, impacted by talent investments, lower utilization, and limited operating leverage. Indian markets remain in a wait and watch mode, tracking the conclusion of the India-US mini trade deal, which is likely to determine the near-term market direction.

Nifty futures opened at 25592 points against the previous close of 25611 and opened at a low of 25522 points. Nifty Future closed with an average movement of 123 points and a decline of around 53 points and 25558 points…!!

On the NSE, the midcap 100 index will decline 0.13% and smallcap 100 index is closing rise 0.59%. Speaking of various sectoral indices, the NSE saw gains in only FMCG, Consumer Durables, Auto, PSU Bank and Financial Services stocks, while all other sectoral indices closed lower.

At the start of intra-day trading, August gold opened at Rs.96193, fell from a high of Rs.96336 points to a low of Rs.95802 with a decline of 437 points, a trend of around Rs.96035 and September Silver opened at Rs.1,07,889, fell from a high of Rs.1,08,280 points to a low of Rs.1,07,403 with a decline of 303 points, a trend of around Rs.1,07,682.

Meanwhile, The FIIs as per Wednesday’s data were net buyers in both equity and debt segments, according to data released by the NSDL. In equity segment, the gross buying was of Rs 12845.27 crore against gross selling of Rs 12561.04 crore. Thus, FIIs stood as net buyers of Rs 284.23 crore in equities.

In the debt segment, the gross purchase was of Rs 1713.82 crore with gross sales of Rs 1269.25 crore. Thus, FIIs stood as net buyers of Rs 444.57 crore in debt. Of the total debt, FIIs stood as net buyers in Debt-General Limit segment at Rs 1184.75 crore, they stood at net sellers in Debt-VRR segment at Rs 55.43 crore, while net sellers in Debt-FAR segment at Rs 684.75 crore.

In the hybrid segment, the gross buying was of Rs 11.88 crore against gross selling of Rs 35.40 crore. Thus, FIIs stood as net sellers of Rs 23.52 crore in hybrid segment.

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