Indian equity benchmark -- Nifty -- ended lower for third straight session on Monday ahead of the US President Donald Trump’s tariff deadline. Index made a pessimistic start following mixed cues from other Asian markets. Soon, index wiped out their losses and entered in green terrain. Traders took note of Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) member Nagesh Kumar’s statement that the Indian economy is growing at a robust pace and will not face any challenge in achieving a growth rate upwards of 6.5% in the current financial year. He also said the Indian economy, among all economies, continues to remain a bright spot for the world. But market failed to hold on its gains and slipped below neutral line. In afternoon session, index magnified its losses and traded near day’s low. Some cautiousness came as economic think tank GTRI stated that India must proceed with caution in its trade talks with the US, drawing lessons from countries like Vietnam and Japan.  Besides, Kotak Mahindra Bank’s weaker-than expected Q1 result weigh on investors’ sentiments. Finally, index closed below 24,700 mark.

Most of the sectorial indices ended in red except Pharma and FMCG stocks. The top gainers from the F&O segment were Laurus Labs, Adani Green Energy, and Mphasis. On the other hand, the top losers were Kotak Mahindra Bank, Lodha Developers and SBI Cards and Payment Services. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 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 6.98% and reached 12.06. The 50 share Nifty down by 156.10 point or 0.63% to settle at 24,680.90.

Nifty July 2025 futures closed at 24706.20 (LTP) on Monday, at a premium of 25.30 points over spot closing of 24680.90, while Nifty August 2025 futures ended at 24811.80 (LTP), at a premium of 130.90 points over spot closing. Nifty July futures saw an additional of 3,102 units, taking the total open interest (Contracts) to 1,65,262 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 discount of 0.80 points at 1514.10 (LTP) compared with spot closing of 1514.90. The numbers of contracts traded were 56,938. (Provisional) 

HDFC Bank July 2025 futures traded at a premium of 0.20 points at 2010.10 (LTP) compared with spot closing of 2009.90. The numbers of contracts traded were 44,816. (Provisional) 

Reliance Industries July 2025 futures traded at a premium of 2.10 points at 1389.20 (LTP) compared with spot closing of 1387.10. The numbers of contracts traded were 43,423. (Provisional) 

Bajaj Finance July 2025 futures traded at a premium of 0.90 points at 881.90 (LTP) compared with spot closing of 881.00. The numbers of contracts traded were 43,240. (Provisional) 

State Bank of India July 2025 futures traded at a premium of 2.05 points at 798.60 (LTP) compared with spot closing of 796.55. The numbers of contracts traded were 40,470. (Provisional)

Among, Nifty calls, 24800 SP from the July month expiry was the most active call with an additional of 1,13,647 units open interests. Among Nifty puts, 24800 SP from the July month expiry was the most active put with a contraction of 3,228 units open interests. The maximum OI outstanding for Calls was at 25000 SP (2,16,069 units) and that for Puts was at 24000 SP (1,12,738 units). The respective Support and Resistance levels of Nifty are: Resistance 24831.20 -- Pivot Point 24738.90 -- Support 24588.60.

The Nifty Put Call Ratio (PCR) finally stood at (0.53) for July month contract. The top five scrips with highest PCR on Indian Energy Exchange (1.48), Laurus Labs (1.14), Jindal Steel & Power (1.12), Vedanta (1.08) and Eternal (1.07).

Among most active underlying HDFC Bank witnessed an additional of 11,351 units of Open Interest in the July month future, Infosys witnessed a contraction of 3,681 units of Open Interest in the July month future, ICICI Bank witnessed a contraction of 46 units of Open Interest in the July month futures, Reliance Industries witnessed a contraction of 5,198 units of Open Interest in the July month futures and Kotak Mahindra Bank witnessed a contraction of 1,961 units of Open Interest in the July month futures. (Provisional).