Indian equity benchmark -- Nifty -- ended lower on Thursday amid India-US trade deal uncertainty. Index made a slightly positive start followed by firm cues from other Asian markets. Soon, index slipped below its neutral line. Some cautiousness came with the Reserve Bank of India’s latest monthly bulletin statement that net foreign direct investment (FDI) into India fell 98% year-on-year to $35 million in May 2025 amid higher repatriation by overseas investors and a fall in gross inflows. Investors opted to remain on sidelines ahead of weekly F&O expiry.

In afternoon session, index intensified its losses and continued its lacklustre trade for most part of the session. However, losses remained capped as some support came with the latest HSBC Flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, showing that India's private sector showed robust growth in July, primarily fuelled by strong manufacturing performance and international demand. The index recorded a score of 60.7 in July. While slightly down from June's 61.0, it remained firmly above the 50-mark, indicating continuous expansion for the fourth consecutive year. Finally, index closed below 25,100 mark.

Traders were seen piling up positions in PSU Bank, Pharma and Auto stocks, while selling was witnessed in IT, FMCG and Realty. The top gainers from the F&O segment were Canara Bank, Indian Bank, and Samvardhana Motherson International. On the other hand, the top losers were Indian Energy Exchange, Coforge and Persistent Systems. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 23900 - 24100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility increased by 1.97% and reached 10.72. The 50 share Nifty down by 157.80 point or 0.63% to settle at 25,062.10.

Nifty July 2025 futures closed at 25082.00 (LTP) on Thursday, at a premium of 19.90 points over spot closing of 25062.10, while Nifty August 2025 futures ended at 25189.00 (LTP), at a premium of 126.90 points over spot closing. Nifty July futures saw an additional of 2,786 units, taking the total open interest (Contracts) to 1,72,851 units. The near month derivatives contract will expire on July 31, 2025. (Provisional)

From the most active contracts, Infosys July 2025 futures traded at a premium of 4.50 points at 1557.50 (LTP) compared with spot closing of 1553.00. The numbers of contracts traded were 49,330. (Provisional)

Coforge July 2025 futures traded at a discount of 5.00 points at 1675.00 (LTP) compared with spot closing of 1680.00. The numbers of contracts traded were 36,919. (Provisional)

Persistent Systems July 2025 futures traded at a premium of 10.00 points at 5185.00 (LTP) compared with spot closing of 5175.00. The numbers of contracts traded were 33,094. (Provisional)

Canara Bank July 2025 futures traded at a premium of 0.41 points at 114.29 (LTP) compared with spot closing of 113.88. The numbers of contracts traded were 28,050. (Provisional)

Nestle India July 2025 futures traded at a premium of 0.30 points at 2316.30 (LTP) compared with spot closing of 2316.00. The numbers of contracts traded were 24,323. (Provisional)

Among, Nifty calls, 25500 SP from the July month expiry was the most active call with an additional of 35,747 units open interests. Among Nifty puts, 25000 SP from the July month expiry was the most active put with an additional of 12,175 units open interests. The maximum OI outstanding for Calls was at 26000 SP (1,59,247 units) and that for Puts was at 24000 SP (1,12,243 units). The respective Support and Resistance levels of Nifty are: Resistance 25199.33 -- Pivot Point 25109.02 -- Support 24971.78.

The Nifty Put Call Ratio (PCR) finally stood at (0.76) for July month contract. The top five scrips with highest PCR on Indian Energy Exchange (2.60), Eternal (1.25), Laurus Labs (1.12), Mphasis (1.05) and One97 Communications (1.05).

Among most active underlying Infosys witnessed an additional of 2,710 units of Open Interest in the July month future, Coforge witnessed an additional of 3,732 units of Open Interest in the July month future, Canara Bank witnessed a contraction of 750 units of Open Interest in the July month futures, Reliance Industries witnessed an additional of 1,318 units of Open Interest in the July month futures and Eternal witnessed an additional of 1,636 units of Open Interest in the July month futures. (Provisional).