After a strong rally in June, Indian equity markets have entered a consolidation phase in early July. On July 3, the BSE Sensex dropped 170 points, closing at 83,239.47, while the Nifty 50 slipped 48 points to settle at 25,405.30.
🔍 What’s Driving the Dip?
- Fag-end selling in financial and metal stocks dragged indices lower.
- Global cues remained mixed, with U.S. markets showing resilience but Asian markets trading flat.
- FIIs turned net sellers, offloading ₹1,561 crore worth of equities on July 2.
📊 Sector Snapshot
- Gainers: Auto and pharma stocks like Maruti, Infosys, and NTPC posted gains.
- Laggards: Kotak Mahindra Bank, Bajaj Finance, and Adani Ports led the decline.
🧭 Outlook
Analysts expect continued volatility ahead of the Q1 earnings season and U.S. jobs data, which could influence Fed rate expectations. According to Religare Broking, markets are likely to remain range-bound with a slight downward bias in the short term.
