The key equity benchmarks traded with minor losses in early trade. Investors remained cautious as Trump's 90-day tariff reprieve nears its deadline. The Nifty traded below the 25,450 mark.

Media, private bank and PSU Bank shares declined while metal, auto and pharma shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex declined 44.70 points or 0.05% to 83,364.99. The Nifty 50 index fell 6.85 points or 0.03% to 25,446.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index jumped 0.05%.

The market breadth was positive. On the BSE 1,647 shares rose and 1,292 shares fell. A total of 147 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth 1,561.62 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,036.68 crore in the Indian equity market on 2 July 2025, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.08% to 6.283 from the previous close of 6.288.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6900 compared with its close of 85.6200 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement rose 0.08% to Rs 97,467.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 96.83.

The United States 10-year bond yield lost 0.63% to 4.263.

In the commodities market, Brent crude for September 2025 settlement declined 51 cents or 0.74% to $68.60 a barrel.

Stocks in Spotlight:

V2 Retail added 2.43% after the company's standalone revenue stood at Rs 628 crore in Q1 FY26, up 51% compared with Rs 415 crore in Q1 FY25. This growth underscores the effectiveness of its product-first strategy, improved sell-throughs, and deeper market penetration. SSSG for the quarter stood at 5% in Q1 FY26.

Baazar Style Retail rose 0.82%. The company standalone revenue jumped 37% to Rs 377.7 crore in Q1 FY26, compared with Rs 275.7 crore in Q1 FY25. Total stores increased 40% to 232 in Q1 FY26 as against 166 stores in Q1 FY25.

Avenue Supermarts (Dmart) declined 3.30%. The company's revenue jumped 16.19% to Rs 15,932.12 crore in the quarter ended 30th June 2025 compared with Rs 13,711.87 crore in quarter ended 30th June 2024.

Global Markets:

Asian market were a mixed bag on Thursday, with investors awaiting clarity on the U.S.-Vietnam trade deal announced by President Donald Trump. According to a post on Truth Social, the U.S. will slap a 20% tariff on Vietnamese imports, while Vietnam will impose ZERO Tariff on U.S. goods. The announcement comes as Trump's 90-day tariff reprieve nears its deadline.

Back in the U.S., Wall Street closed on a mixed note. The Dow Jones dipped 0.02%, while the S&P 500 rose 0.47%, and the Nasdaq jumped 0.94%.

Tesla made headlines with a sharp 5% rebound, recovering from the previous day's drop triggered by another round of sparring between Trump and Elon Musk. The EV giant reported Q2 deliveries of 384,122 vehicles, down from 443,956 last year but beating analyst expectations.

Meanwhile, U.S. private payrolls disappointed again. June saw a decline of 33,000 jobs, against expectations of a 99,000 gain. May's figures were also revised down to 29,000, marking the weakest two-month stretch since early 2023. The soft labor data reflects employer caution and worker hesitation amid tariff-related economic jitters.

All eyes are now on the upcoming nonfarm payrolls report, due Thursday, which could provide clues on the Fed's next move on interest rates.

Markets will wrap up early on Thursday ahead of the July 4 Independence Day holiday.

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