The headline equity indices slipped into the red on Thursday, as rising geopolitical tensions and cautious global cues dampened investor sentiment. The Nifty ended below the 24,280 mark, weighed down by broad-based selling, with realty, metal, and auto stocks bearing the brunt. Barring IT and media, all NSE sectoral indices closed lower.

Tensions flared after Indian forces reportedly neutralised an air defence system in Lahore, keeping markets on edge. Adding to the nervousness, US Fed Chair Jerome Powell warned that persistent tariff hikes could slow economic growth and fuel long-term inflation. His comments on rising inflation and labour market risks further spooked global investors.

The market opened with a slight positive bias but soon gave up gains to trade rangebound through most of the session. Last-hour profit booking dragged the indices lower, although some bargain buying at the bottom helped pare intraday losses.

The S&P BSE Sensex slipped 411.97 points or 0.51% to 80,334.81. The Nifty 50 index fell 140.60 points or 0.58% to 24,273.80.

Mahindra & Mahindra (down 2.85%), Bajaj Finance (down 1.86%) and HDFC Bank (down 0.94%) were major drags.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 1.90% and the S&P BSE Small-Cap index fell 1.05%.

The market breadth was weak. On the BSE, 1,349 shares rose and 2,548 shares fell. A total of 135 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 10.21% to 21.01.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 2.57% to 6.500 as compared with previous close 6.435.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.6600, compared with its close of 84.7700 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement shed 0.39% to Rs 96,702.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.26% to 100.18.

The United States 10-year bond yield added 0.82% to 4.310.

In the commodities market, Brent crude for July 2025 settlement added 61 cents or 1% to $61.73 a barrel.

Global Markets:

The US Dow Jones index futures were currently up by 355 points, signaling a positive opening for US stocks today.

European market advanced on Thursday as traders digest a flurry of earnings and anticipate rate decision from Bank of England and a potential U.K.-U.S. trade deal.

Sweden's Riksbank on Thursday held its key interest rate steady, citing uncertainty in the global economy as a direct result of U.S. President Donald Trump's trade policies. A day earlier, Norway's central bank Norges Bank also kept interest rates unchanged, noting that 'trade barriers have ... become more extensive, and there is uncertainty about future trade policies.'

Most Asian markets ended higher after the U.S. Federal Reserve held interest rates steady, maintaining its benchmark overnight rate in the range of 4.25% to 4.5%, where it has remained since December. The move was widely anticipated by market participants.

In a post-meeting press conference, Federal Reserve Chair Jerome Powell cautioned that the existing tariff increases could weigh on economic growth and contribute to higher long-term inflation if they remain in place.

Investors are closely monitoring developments ahead of the upcoming U.S.-China trade talks. U.S. Treasury Secretary Scott Bessent is scheduled to meet his Chinese counterpart in Switzerland later this week to discuss trade and economic issues.

U.S. equities closed higher on Wednesday, supported by gains in semiconductor stocks. The S&P 500 rose 0.4% to 5,631.27, the NASDAQ Composite gained 0.3% to 17,738.16, and the Dow Jones Industrial Average advanced 0.7% to 41,113.97.

Markets responded to reports suggesting the Trump administration may reverse restrictions imposed during the Biden administration on the export of advanced artificial intelligence chips. These restrictions were originally intended to maintain U.S. leadership in AI technology and limit China's access to such products. A rollback could benefit U.S.-based chipmakers by enabling broader overseas sales.

Shares of Nvidia rose 3.1% on the news, though the stock declined slightly in after-hours trading. U.S.-listed shares of TSMC gained 1.3% and were unchanged after hours. Intel ended the session up 1.9%.

Separately, President Donald Trump announced via social media that he will hold a press conference on Thursday to unveil a 'major trade deal' with representatives of a 'big and highly respected country.' Media reports suggest the country involved is the United Kingdom, which has been engaged in ongoing trade negotiations with the U.S.

Stocks in Spotlight:

Asian Paints declined 1.3% after the company's consolidated net profit tumbled 44.92% to Rs 1,256.72 crore on 4.27% decline in revenue from operations to Rs 8,329.59 crore in Q4 FY25 over Q4 FY24.

Coal India added rose 0.36%. The company's consolidated net profit jumped 12.04% to Rs 9,604.02 crore during the quarter as compared with Rs 8,572.14 crore posted in corresponding quarter last year. Revenue from operations increased 0.31% YoY to Rs 34,156.35 crore in Q4 FY25.

Tata Motors rose 0.21%, logging its second straight session of gains, buoyed by positive sentiment around the India-UK Free Trade Agreement and its proposed business demerger. The recently announced FTA between India and the UK has lifted hopes for Tata-owned Jaguar Land Rover (JLR), as the deal is expected to slash vehicle import duties from 100% to 10% under a quota system. This could significantly improve JLR's competitiveness and sales volumes in the Indian market. Meanwhile, Tata Motors' strategic demerger ' aimed at splitting its Commercial Vehicles (CV) business from its Passenger Vehicles (PV), EV, and JLR arms ' received overwhelming shareholder support, with 99.9995% voting in favor. Under the plan, investors will receive one share in the newly listed CV entity (which retains the Tata Motors name) for every share held. The remaining business, including PV and JLR, will be renamed Tata Motors Passenger Vehicles.

Ginni Filaments hit an upper limit of 20% after the company reported standalone net profit of Rs 4.79 crore in Q4 March 2025 as against net loss of Rs 50.82 crore in Q4 March 2024. Net sales rose 5.81% year-on-year to Rs 103.50 crore in Q4 March 2025. Profit before tax stood at Rs 8.08 crore in Q4 FY25 as against pre-tax loss of Rs 53.84 crore in Q4 FY24.

Shriram Pistons & Rings soared 13.63% after the company reported 22.52% surge in consolidated net profit to Rs 146.55 crore in Q4 FY25 as against Rs 119.61 crore posted in Q4 FY24. Revenue from operations jumped 15.52% to Rs 988.37 crore in the quarter ended 31 March 2025.

Voltas slipped 1.62%. The company's consolidated net profit zoomed 106.99% to Rs 241.02 crore in Q4 FY25, compared with Rs 116.44 crore in Q4 FY24. Total income jumped 13.85% year on year to Rs 4,847.25 in the fourth quarter of FY25.

Blue Star dropped 4.36%. The company reported consolidated net profit stood at Rs 194 crore in Q4 FY25, recording growth of 21.47%, compared with Rs 159.71 crore posted in Q4 FY24. Revenue from operations increased by 20.77% to Rs 4,018.96 crore for the fourth quarter ended 31 March 2025, as against Rs 3,327.77 crore during the same period the previous year,

Dabur India declined 2.77% after the company's consolidated net profit tumbled 8.34% to Rs 312.73 crore in Q4 FY25, compared with Rs 341.22 crore in Q4 FY24. Revenue from operations was at Rs 2,830.14 crore in the fourth quarter of FY25, marginally up 0.55% year on year.

Mahindra & Mahindra (M&M) lost 2.85%. The company said that its total production jumped 20.26% to 85,925 units in the month of April 2025, compared with 71,445 units produced in the same period last year.

Symphony jumped 7% after the company's consolidated net profit jumped 64.58% to Rs 79 crore on 46.99% increase in revenue from operations to Rs 488 crore in Q4 FY25 over Q4 FY24.

Sonata Software shed 1.15%. The IT company's consolidated net profit rose 2% to Rs 107.5 crore in Q4 FY25 compared with Rs 105 crore in Q3 FY25. Revenue from operations fell 7.94% QoQ to Rs 2,617.20 crore during the quarter ended 31st March 2025.

United Breweries declined 2.84%. The company's consolidated net profit jumped 19.88% to Rs 97.76 crore in Q4 FY25, compared to Rs 81.55 crore posted in the corresponding quarter last year. Revenue from operations (excluding excise duty) rose 8.89% YoY to Rs 2,322.98 crore in the March 2025 quarter.

DB Corp (DBCL) tanked 6.34% after the company reported 57.29% fall in consolidated net profit to Rs 52.33 crore on an 11.25% decline in total revenue to Rs 547.66 crore in Q4 FY25 over Q4 FY24.

Chavda Infra advanced 2.97% after the company announced that it had secured a construction order worth Rs 150 crore for the Arvind Aqua City residential project in Kalyangadh, Gujarat.

Advait Energy Transitions added 2.21% after the company announced that it had received an order worth Rs 7.43 crore from Gujarat BESS, Sanand.

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