Indian equity markets began Wednesday’s session on a muted yet positive note. The BSE Sensex rose 106.86 points (0.13%) to 83,804.15, while the NSE Nifty 50 inched up 19.85 points (0.078%) to 25,561.65.

The key benchmark indices swung between gains and losses in a small range around the flat line in early trade. The S&P BSE Sensex was down by 27 points at 83,670, and the NSE Nifty50 index slipped by 20 points to 25,522 level.

Several top-listed firms attracted brokerages’ attention on Wednesday, with HDB Financial Services, Hero MotoCorp, Asian Paints, and KPIT Technologies featuring prominently on analyst radars.

HDB Financial Services, preparing for its much-anticipated market debut, earned a ‘buy’ rating from Emkay, which cited the company’s strong fundamentals, strategic clarity, and solid execution as key positives.

Meanwhile, Hero MotoCorp drew mixed responses from global brokerage houses. While Citi remained cautious following the launch of the Hero Vida VX2 electric scooter and the company’s June sales report, Morgan Stanley took a more optimistic view, reflecting divergent sentiment around the two-wheeler major’s growth trajectory.

Extending early losses, the Indian benchmark indices, BSE Sensex and NSE Nifty, were trading near day’s low level. The BSE Sensex was down 213 points at 83,484, and the Nifty slipped 0.25% to 25,480 level. The broader market also witnessed selling pressure, with the BSE midcap and smallcap indices falling 0.3% and 0.4%, respectively.

Shares of HDB Financial Services gained as much as 14.3% to ₹845.75 in the first hour of trade so far. The NBFC arm of HDFC Bank made a strong debut on the domestic bourses today, with its stock price listing at ₹835 on the BSE and NSE, up 12.84% over the issue price of ₹740 apiece, with a market capitalisation of ₹69,268.82 crore.

The listing was better than Street expectations as HDB Financial shares were commanding a grey market premium (GMP) of ₹65 ahead of its debut, indicating a likely listing around ₹805, up 8.8% over the IPO price.

"The 13% listing premium strikes a measured note, respectable without being euphoric, much like HDB Financial itself. The market appears to have carefully weighed its dual proposition, the stability of HDFC lineage against the challenges of a maturing NBFC sector,” said Tarun Singh, MD and Founder, Highbrow Securities.

Moving forward, HDB's ability to translate its parentage into consistent returns will determine whether today's listing proves to be a starting point or a peak. “For now, it stands as a thoughtful addition to India's financial services landscape neither revolutionary nor disappointing, but importantly, credible," he added.

Sambhv Steel Tubes made a strong debut on the bourses on July 2, 2025, after the successful completion of its ₹540 crore initial public offering (IPO). The stock listed at ₹110 on the NSE, marking a 34.15% premium over its issue price of ₹82. On the BSE, shares debuted slightly higher at ₹110.1, translating to a 34.27% gain.

The listing surpassed grey market expectations, where shares were trading at around ₹96, implying a 17.07% premium to the IPO price prior to debut.

Shares of Asian Paints slipped up to 1% after the Competition Commission of India (CCI) initiated an investigation into alleged anti-competitive practices, following a complaint by Aditya Birla Group's Grasim Industries. The complaint accuses Asian Paints of abusing its dominant position in the paints market by pressuring distributors to refrain from dealing in Grasim’s new paint brand, Birla Opus.

Paras Defence share price jumped nearly 4% after the company's subsidiary, Paras Anti Drone Technologies, has received a letter of intent for an order worth ₹22.21 crore from the French defence company Cerbair.

Medi Assist Healthcare Services has informed exchanges that its subsidiary, Medi Assist Insurance TPA, has completed the acquisition of a 100% stake in Paramount Health Services & Insurance TPA. With this transaction, Medi Assist is set to add ₹4,000 crores of health premiums, under administration, it said in a BSE filing. Following this announcement, shares of Medi Assist Healthcare were trading down by 1% on the BSE.

“The deal also enhances Medi Assist’s provider networks and enables the company to leverage operational synergies, all while incorporating cutting-edge AI and ML-driven automation to scale services more efficiently across all health insurance segments,” it said.

Bajaj twins – Bajaj FinServ and Bajaj Finance, L&T, BEL, HDFC Bank, and RIL were among the top losers on the BSE Sensex.

On the other hand, Tata Steel, UltraTech Cement, Tata Motors, Maruti Suzuki, and Bharti Airtel were the top gainers.

IndusInd Bank shares fell up to 3% after Goldman Sachs downgraded the stock to ‘Sell’ and cut its target price by 15% from current level. The global brokerage has revised earnings estimates sharply downward, slashing FY26 EPS by 25% and FY27 EPS by 17%, with a new target price of ₹722.

Shares of Gabriel India were locked in its 20% upper circuit for the second straight session to hit a new high of ₹1,011.45 on the BSE, in an otherwise weak market. The stock has risen over 40% in two sessions and over 70% in seven trading days after the board of directors of Gabriel approved a composite scheme of arrangement, involving Gabriel India, Asia Investments Pvt Ltd (AIPL), and Anchemco India Pvt Ltd (Anchemco).

Travel Food Services has fixed the price band at ₹1,100-1,045 per equity share for its IPO, which will open on July 7, 2025. The IPO is entirely an offer for sale of equity shares aggregating to ₹2,000 crore by Kapur Family Trust. A discount of ₹104 per equity share will be offered to eligible employees bidding in the employee reservation portion.  

The benchmark indices opened on a weak note and extended losses through the session, with the Sensex tumbling over 450 points and the Nifty sliding below the 25,400 mark. The downturn was largely driven by a broad-based selloff in banking and financial stocks, which dragged the indices lower. Investor sentiment remained cautious amid concerns over high valuations, mixed global cues, and persistent FII selling. The financial pack, which had supported recent market gains, came under heavy pressure, with key banking counters witnessing notable declines.

The BSE Sensex declined 287.60 points, or 0.34%, to close at 83,409.69, while the NSE Nifty50 slipped 88.45 points, or 0.35%, to settle at 25,453.40. Broader markets also edged lower, with the Nifty Midcap100 down 0.14% and the Nifty Smallcap100 falling 0.41%. Sectorally, pressure was seen in realty, financial services, banking, oil & gas, and media stocks, all of which ended in the red. In contrast, buying interest in metals, consumer durables, auto, IT, pharma, and healthcare helped limit the downside.