Market Outlook - July 2025

Market Update

Global developments continued to shape investor sentiment
through July, with caution prevailing amid ongoing
uncertainty surrounding India-US trade talks and a subdued
Q1 earnings season marked by cautious management
commentary. The month began with optimism around
a potential interim trade agreement between India and
the US, which ultimately failed to materialize. Trade policy
ambiguity persisted globally leading to volatility, further
intensified by geopolitical tensions such as the Thailand-
Cambodia conflict. India signed Free Trade Agreement (FTA)
with the UK with hopes of boosting bilateral trade, as the US
announced a 25% tariff and penalties on Indian toward the
end of the month month, further raising tariffs by another
25% to reach 50% duty.