The key equity indices continued to trade with modest losses in the mid-morning trade, dragged down by weakness in auto and energy stocks. Meanwhile, investor sentiment remained cautious as markets assessed the recently signed trade deal with Britain, which aims to reduce tariffs on goods such as textiles, whisky, and automobiles.

The Nifty traded below the 24,900 level. Media shares extended losses for the three consecutive trading sessions.

At 11:30 ST, the barometer index, the S&P BSE Sensex, tanked 519.38 points or 0.63% to 81,667.36. The Nifty 50 index declined 179.20 points or 0.72% to 24,882.75.

In the BSE Mid-Cap segment, The Phoenix Mills led the gainers, jumping 4.88%, followed by Torrent Pharmaceuticals, which rose 1.97%, and Supreme Industries, up 1.54%.

On the losing side, APL Apollo Tubes tumbled 5.03%, emerging as the biggest loser. Aditya Birla Capital declined 3.95%, while Steel Authority of India slipped 3.78%.

In the BSE Small-Cap segment, Tatva Chintan Pharma Chem soared 16.49%, leading the gainers. Filatex India followed with a gain of 9.29%, while Indian Energy Exchange climbed 8.46%.

Among the laggards, Force Motors plunged 9.39%, becoming the top loser. Paisalo Digital fell 8.13%, and Authum Investment & Infrastructure dropped 7.18%.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.06% and the S&P BSE Small-Cap index tanked 1.41%.

The overall market breadth was weak, with more stocks declining than advancing. On the BSE, 1,084 stocks advanced, 2,656 declined, and 183 remained unchanged.

Economy:

India and the United Kingdom have signed the Comprehensive Economic and Trade Agreement (CETA), marking a major step toward strengthening bilateral economic ties. The agreement was signed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, in the presence of Prime Ministers Narendra Modi and Rishi Sunak.

This milestone reflects a shared commitment to deeper economic integration between two major global economies. India-UK bilateral trade stands at nearly USD 56 billion, with a target to double it by 2030.

CETA grants duty-free access for 99% of India's exports to the UK, benefitting labour-intensive sectors such as textiles, leather, marine products, footwear, sports goods, toys, and gems & jewellery, along with high-growth sectors like engineering goods, auto components, and organic chemicals.

IPO Update:

The initial public offer (IPO) of Shanti Gold International received bids for 39,31,350 shares as against 1,26,67,200 shares on offer, according to stock exchange data at 11:12 IST on Friday (25 July 2025). The issue was subscribed 0.31 times.

The initial public offer (IPO) of Brigade Hotel Ventures received bids for 4,21,87,904 shares as against 5,11,93,987 shares on offer, according to stock exchange data at 11:12 IST on Friday (25 July 2025). The issue was subscribed 0.82 times.

The initial public offer (IPO) of Indiqube Spaces bids for 5,39,07,273 shares as against 1,71,48,335 shares on offer, according to stock exchange data at 11:15 IST on Friday (25 July 2025). The issue was subscribed 3.14 times.

The initial public offer (IPO) of GNG Electronics bids for 56,05,03,503 shares as against 1,41,88,644 shares on offer, according to stock exchange data at 11:15 IST on Friday (25 July 2025). The issue was subscribed 39.50 times.

Buzzing Index:

The Nifty Media index fell 1.97% to 1,680.65. The index declined 5.25% in the four trading sessions.

Zee Entertainment Enterprises (down 3.31%), Network 18 Media & Investments (down 2.87%), Tips Music (down 1.9%), PVR Inox (down 1.66%), Saregama India (down 1.65%), Hathway Cable & Datacom (down 1.6%), D B Corp (down 1.07%), Sun TV Network (down 1.05%), Dish TV India (down 0.7%) and Nazara Technologies (down 0.21%) declined.

Stocks in Spotlight:

ACC slipped 1.30% after the cement maker's consolidated net profit fell 50.01% to Rs 375.38 crore in Q1 in FY26 as against Rs 751.03 crore posted in Q4 FY25. However, revenue from operations shed to Rs 6,036.11 crore in Q1 FY26 as against Rs 6,039.70 crore reported in Q4 FY25.

On a year-on-year (YoY) basis, net profit rose 4.35%, while total income increased 18.05% in Q1 FY26.

Trident soared 4.03% after its consolidated net profit surged 89.83% to Rs 139.96 crore on a 2.06% drop in revenue from operations to Rs 1,706.89 crore in Q1 FY26 over Q1 FY25.

Global Markets:

Asian markets came off their early highs on Friday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes US President Donald Trump's tariff deadline and a host of central bank meetings.

Mixed inflation data, however, dampened the sentiment for Japanese investors. Tokyo consumer inflation data for July showed a slightly bigger-than-widely anticipated easing in prices. But core inflation still remained above the Bank of Japan's 2% annual target, keeping uncertainty over the central bank's rate hikes largely in play.

Focus now is on China's Politburo meeting, a convening of top political leaders, for more cues on the Chinese economy. The meeting was supposed to be convened in late-July.

US stocks were mixed on Thursday, with the S&P 500 notching its fourth record close in a row as tech earnings from Alphabet pointed to AI as a key growth catalyst.

The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM (IBM) shares.

Alphabet beat widely reported market's second quarter earnings expectations and doubled down on its AI spending spree. The Google parent's shares rose alongside other AI-linked stocks such as Nvidia, helping buoy the tech-focused gauges.

Tesla's stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced rough quarters as President Trump's budget bill kills off tax credits.

Optimism around trade deals remained strong after the US-Japan agreement helped push the S&P 500 and Nasdaq Composite to new record highs on Wednesday. Meanwhile, media reports indicated that the US and EU are nearing a deal to impose a 15% tariff on most European imports'significantly lower than the previously threatened 30%.

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