Post Session: Quick Review

Indian equity markets rebounded on Monday, with both the Nifty and Sensex settling higher by over 3.5%, supported by broad-based buying across most sectoral indices and positive global cues. Markets made a gap-up opening and extended their gains throughout the session, trading near the day’s high, as sentiments were optimistic after India and Pakistan announced reaching an understanding to stop all firings and military actions on land, air and sea. Additionally, progress in trade negotiations between the US and China further lifted investors sentiments.

Some of the important factors in trade:

Indian economy projected to grow at 6.5% in FY 26: Support also came as the Confederation of Indian Industry (CII) president Sanjiv Puri stated that India's GDP is projected to grow at 6.5 per cent in the current fiscal (FY26) and the country's economy is resilient enough to overcome the short-term impact of geopolitical issues.  

India secures ‘BBB’ rating with stable trend: Investors got some encouragement after the global sovereign credit rating agency, Morningstar DBRS, upgraded India’s Long-Term Foreign and Local Currency - Issuer Ratings from BBB (low) to BBB with a Stable trend. 

FIIs offloads Rs 3,798.71 crore: Traders overlooked exchange data which showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,798.71 crore on Friday, after remaining net buyers for many days.  

Global front: European markets were trading in green, while Asian markets ending in green as the US and China both reported substantial progress after two days of talks in Switzerland aimed at de-escalating a trade war.

The BSE Sensex ended at 82429.90, up by 2975.43 points or 3.74% after trading in a range of 80651.07 and 82495.97. There were 28 stocks advancing against 2 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 3.85%, while Small cap index up by 4.18%. (Provisional)

The top gaining sectoral indices on the BSE were IT up by 6.75%, Realty up by 5.87%, Metal up by 5.24%, TECK up by 5.21% and Utilities up by 5.07%, while there were no losing sectoral indices on the BSE. (Provisional)

The top gainers on the Sensex were Infosys up by 7.67%, HCL Technologies up by 5.97%, Tata Steel up by 5.64%, Eternal up by 5.51% and TCS up by 5.42%. On the flip side, Indusind Bank down by 3.38% and Sun Pharma down by 3.14% were the few losers. (Provisional)

Meanwhile, India has imposed an anti-dumping duty of up to $664 per tonne on imports of a certain type of solar glass from China and Vietnam for five years in a bid to protect domestic manufacturers from cheap imports from these two countries.

The duty was imposed after the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) recommended for the same after conducting a detailed probe on the dumping of 'Textured Toughened (Tempered) Coated and Uncoated Glass' from China and Vietnam. Commonly used in solar panels, these glasses are also referred to as Solar Glass, Low Iron Solar Glass, Solar PV Glass, High Transmission Photovoltaic Glass, and Tempered Low Iron Patterned Solar Glass. It has concluded in its findings that there is a substantial increase in the volume of dumped imports of the glass from these countries in absolute and relative terms.

The anti-dumping duty imposed under this notification shall be effective for a period of five years from the date of imposition of the provisional anti-dumping duty, that is, December 4, 2024, unless revoked, amended or superseded earlier. The imposed duty will be in the range of $570 per tonne and $664 per tonne. The DGTR conducted the probe following applications regarding the same from Borosil Renewables on behalf of the domestic industry.  

The CNX Nifty ended at 24924.70, up by 916.70 points or 3.82% after trading in a range of 24378.85 and 24944.80. There were 48 stocks advancing against 2 stocks declining on the index. (Provisional)

The top gainers on Nifty were Infosys up by 7.69%, Adani Enterprises up by 7.60%, Shriram Finance up by 7.16%, HCL Technologies up by 6.43% and Trent up by 6.42%. On the flip side, Indusind Bank down by 3.40% and Sun Pharma down by 3.36% were the few losers. (Provisional)

European markets were trading higher; France’s CAC rose 128.54 points or 1.66% to 7,872.29, Germany’s DAX gained 274.69 points or 1.17% to 23,774.01 and UK’s FTSE 100 increased 39 points or 0.46% to 8,593.80.

Asian markets settled higher on Monday after China and the United States touted substantial progress on their trade talks. They had agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy. The United States would reduce the tariff on Chinese imports to 30% from its current 145%, while China would lower its import duty on American goods to 10% from 125%. Market sentiments also boosted following the ceasefire between India and Pakistan over the weekend.