Positive momentum persists; Utilities stocks jump

A positive momentum persisted in Indian equity markets during late afternoon deals, with gains in Utilities and Power stocks contributing to the overall market performance, despite weak cues from European markets. Sentiments were positive, after a private report stated that the Reserve Bank of India (RBI) is expected to hold interest rates in August but possibly make yet another reduction later this year, following its greater-than-expected cut on June 06 aimed at bolstering growth. Besides, Union Minister of Commerce and Industry, Piyush Goyal has said that India’s FDI success story is not only about impressive numbers but also a reflection of visionary reforms, policy clarity, and the global community’s trust in India’s economic future.

On the global front, European markets were trading mostly in red, as France's industrial production declined for the first time in three months in April. The figures from the statistical office INSEE showed that industrial output fell 1.4 percent monthly in April, reversing a 0.1 percent increase in March. However, Asian markets were trading higher amid Sino-US trade talk optimism. Besides, Taiwan's foreign trade surplus increased notably in May from a year ago as exports grew much faster than imports. The trade surplus rose to $12.6 billion in May from $6.0 billion in the corresponding month last year. The surplus also increased from $7.21 billion in April. 

The BSE Sensex is currently trading at 82442.77, up by 253.78 points or 0.31% after trading in a range of 82369.24 and 82669.00. There were 22 stocks advancing against 7 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index surged 1.09%, while Small cap index was up by 1.17%.

The top gaining sectoral indices on the BSE were Utilities up by 1.68%, Power up by 1.40%, PSU up by 1.11%, Oil & Gas up by 1.10% and IT up by 1.07%, while Realty down by 0.15% was the lone losing index on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 3.06%, Bajaj Finance up by 2.69%, Trent up by 2.33%, Axis Bank up by 2.07% and Power Grid up by 1.47%. On the flip side, Eternal down by 2.27%, ICICI Bank down by 1.49%, Mahindra & Mahindra down by 0.65%, Titan down by 0.63% and Bharti Airtel down by 0.34% were the top losers.

Meanwhile, terming India’s foreign direct investment (FDI) journey as truly transformational, Union Minister of Commerce and Industry, Piyush Goyal has said that India’s FDI success story is not only about impressive numbers but also a reflection of visionary reforms, policy clarity, and the global community’s trust in India’s economic future. 

During an investor roundtable, Minister also reaffirmed the Government’s commitment to make India the world’s most preferred investment destination. Besides, highlighting the investor-friendly policy regime, he noted that FDI up to 100% is allowed through the automatic route in most sectors. Goyal also said that FDI inflows now originate from 112 countries, compared to 89 in 2013-14, underscoring India’s rising global appeal.

Meanwhile, the roundtable saw participation from over 90 representatives, including stakeholders from prominent companies, industrial parks, and industrial associations. Participants from diverse sectors appreciated the Government’s proactive policy measures and liberalized investment norms, which have enhanced India’s standing as an attractive investment destination. 

The CNX Nifty is currently trading at 25102.35, up by 99.30 points or 0.40% after trading in a range of 25077.15 and 25160.10. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Kotak Mahindra Bank up by 2.99%, JIO Financial Serv. up by 2.96%, Bajaj Finance up by 2.70%, Trent up by 2.30% and Axis Bank up by 2.13%. On the flip side, Eternal down by 2.36%, ICICI Bank down by 1.58%, Mahindra & Mahindra down by 0.72%, Titan down by 0.69% and Bharti Airtel down by 0.42% were the top losers.

Asian markets were trading higher; Hang Seng advanced 388.89 points or 1.61% to 24,181.43, Shanghai Composite strengthened 14.41 points or 0.42% to 3,399.77, Straits Times rose 7.93 points or 0.2% to 3,942.22, KOSPI increased 43.72 points or 1.53% to 2,855.77, Nikkei 225 surged 346.96 points or 0.91% to 38,088.57 and Taiwan Weighted added 129.63 points or 0.59% to 21,790.29

European markets were trading mostly in red; UK’s FTSE 100 decreased 3.68 points or 0.04% to 8,834.23 and Germany’s DAX lost 61.8 points or 0.25% to 24,242.66, while France’s CAC rose 7.35 points or 0.09% to 7,812.22.