View on market: Volatility persists, eagerly searching for growth

Asian markets showed mixed trends as trade tensions rose and the US dollar strengthened. Investors reacted cautiously after fresh tariff-related comments from President Trump, suggesting higher blanket tariffs on most trading partners. Meanwhile, US stock futures turned negative after early gains, reflecting uncertainty ahead of upcoming corporate earnings. In India, the stock markets declined for the second straight day, led by losses in major companies like Bharti Airtel and HDFC Life Insurance. Both the Nifty and Sensex ended lower, reflecting weak investor sentiment. On Wall Street, major US indices had a mixed session. The S&P 500 hit another record high, supported by gains in consumer and energy stocks. The Dow also moved higher, nearing previous peaks, while the Nasdaq edged down slightly. Overall, global markets remain cautious with mixed performances in Asia, recent highs in the US, and ongoing concern over trade developments. Investors are now focusing on company earnings expected to be announced next week.

Key Quarterly Results for Today:

AAGAMCAP, AMAL, ASTONEALAB, BIRLAMONEY, DMART, DRONACHRYA, ELECON, EMERALD, JAGSONFI, MONOT, NATHBIOGEN, PANCM, SUPERHOUSE, SWRNASE.

Economic Calendar:

• USD: Federal Budget Balance (Jun) on 11^th July 2025.
• IND: Foreign Reserves USD on 11^th July 2025.
• USD: CPI Index Data on 14^th July 2025.
• IND: WPI Inflation for June (YoY) on 14^th July 2025.

IPO Watch:

Brokerage Radar:

UBS ON IDFC FIRST:

Initiate Neutral with TP of Rs 85, Limited ROA upside potential, High credit cost and opex pose medium-term ROA challenges, Sector tailwinds to support growth; NIM to remain stable, High credit cost and opex to be challenging; expect ROA of c1% by FY27.

JEFFERIES ON TCS:

Maintain Hold; Hike TP to Rs 3480 from Rs 3400, Q1 Review: Weak start to FY26, Revenue led miss; Broad-based weakness in growth, Revenue growth unlikely in FY26, Challenged environment to limit margin expansion, Cut FY26/28 EPS estimates by 1-2% to factor this; expect 7% EPS CAGR over FY26-28.

MORGAN STANLEY ON TATA ELXSI:

Maintain Underweight with TP of Rs 4660, Q1: Another weak quarter amid recovery hopes, Another quarter of a miss, on low expectations, Management sounded constructive and hopeful of recovery again, driven by Autos and Media, Stock has outperformed most peers since the lows of April 2025.

GOLDMAN SACHS ON HUL:

Maintain Neutral with TP of Rs 2400, Ms. Nair has had a distinguished career at Hindustan Unilever since 1995, She has overseen most of HUL’s categories, excluding foods, Anticipate HUL’s volume growth will gradually improve over FY26.

International Markets:

U.S & Europe:

*As per 11^th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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