View on market: Volatility persists, eagerly searching for growth

Asian markets mostly declined after the U.S. President confirmed that there would be no delay in raising tariffs on key trading partners by the set deadline. This created caution among investors across the region. Japan’s major indices dropped, South Korea’s market also saw notable losses, while Australia’s market managed to edge higher. In the U.S., futures remained largely steady. European futures were slightly positive, indicating a mixed global sentiment. Back home, Indian stock markets closed with slight gains. Shares of major companies like Reliance Industries and HDFC Bank supported the upward move. In the U.S., the strong rally took a breather as investors shifted focus from large technology companies to other sectors. The S&P 500 ended slightly lower, the Nasdaq dropped due to tech selling, while the Dow rose, helped by gains in non-tech stocks. This shift marked a rotation of interest as the new financial quarter began.

Economic Calendar:

• USD: Crude Oil Inventories on 02^nd July 2025.
• IND: S&P Global Services PMI (June) on 03^rd July 2025.
• USD: Initial and Continuing Jobless Claims Data on 03^rd July 2025.
• IND: Foreign Reserves USD on 04^th July 2025.

IPO Watch:

Brokerage Radar:

MORGAN STANLEY ON HERO MOTO:

Maintain Underweight with TP of Rs 3765, Vida VX2 – Impressive and Differentiated Launch, See this as an interesting launch with BaaS the key differentiation, Customer response in key urban markets will be a key to track.

GOLDMAN SACHS ON KPIT TECH:

Maintain Neutral; Cut TP to Rs 1230 from Rs 1280, Expect modest start to FY26; Growth better in H2, Auto ER&D spending and deal closures remain subdued in the ongoing uncertain tariff environment, Do not see any major deal closures in the near term.

INVESTEC ON ASIAN PAINTS:

Maintain Sell with TP of Rs 2080, CCI directs further investigation into anti-competitive conduct by Asian Paints, If the final order is in favour of Grasim, it could lower the entry barriers for challengers in the paints industry.

EMKAY ON HDB FINANCIAL:

Initiate Buy with TP of Rs 900, Right ingredients, clear idea, and impressive execution, Improving external setting complements internal strength to drive growth and, Sustained growth, improved profitability to drive re-rating, To deliver 20%/27% AUM/EPS CAGR over FY25-28.

International Markets:

U.S & Europe:

*As per 02^nd July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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