Domestic indices continue to trade higher in late morning deals

Indian equity markets continued to trade higher in late morning deals on account of buying in Bajaj Finance, Eternal, Bharti Airtel, Reliance Industries and Ultratech Cement companies’ stocks. Positive cues from other Asian markets supported domestic sentiments.  There was some encouragement in markets as the commerce and industry ministry said the government has disbursed Rs 21,534 crore under its Production-Linked Incentive (PLI) scheme for 12 sectors. Meanwhile, an article in the Reserve Bank of Indian’s June Bulletin has said that amid global uncertainties, various high-frequency indicators for May 2025 point towards resilient economic activity in India across the industrial and services sectors. In the stock specific development, Western Carriers zoomed as the company has secured a logistics contract worth approximately Rs 558 crore from Jindal Stainless (JSL).

On the global front, Asian markets were trading mostly in green as geopolitical tensions eased and focus shifted to the upcoming U.S. trade tariff deadline of July 9. Back home, on the BSE sectoral front, traders were seen pilling up positions in Oil & Gas, Energy, Metal, Consumer Durables and Basic Materials, while selling was witnessed in Realty, IT, Consumer Disc, Healthcare and Auto.

The BSE Sensex is currently trading at 83047.11, up by 291.60 points or 0.35% after trading in a range of 82816.26 and 83380.98. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.17%, while Small cap index down by 0.25%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.02%, Energy up by 0.88%, Metal up by 0.42%, Consumer Durables up by 0.31% and Basic Materials up by 0.26%, while Realty down by 1.74%, IT down by 0.24%, Consumer Disc down by 0.23%, Healthcare down by 0.20% and Auto down by 0.19% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 1.40%, Eternal up by 1.26%, Bharti Airtel up by 1.08%, Reliance Industries up by 1.05% and Ultratech Cement up by 1.00%. On the flip side, SBI down by 1.06%, Sun Pharma down by 1.00%, Kotak Mahindra Bank down by 0.73%, Mahindra & Mahindra down by 0.65% and Tech Mahindra down by 0.62% were the top losers.

Meanwhile, in order to boost domestic manufacturing, the Indian government has disbursed Rs 21,534 crore under Production-Linked Incentive (PLI) schemes so far for 12 sectors, including electronics and pharma. The sectors to which PLI schemes are being provided includes Large-Scale Electronics Manufacturing, IT Hardware, Bulk Drugs, Medical Devices, Pharma, Telecom, Food Processing, White Goods, Automobiles, Specialty Steel, Textiles and Drones. In 2021, the government announced PLI schemes for 14 sectors with an outlay of Rs 1.97 lakh crore.

The Commerce and Industry Minister Piyush Goyal, while reviewing the progress of the schemes, has asked the concerned ministries to prepare a roadmap for the next five years both on investment and disbursement. The ministry also emphasized that the scheme has witnessed investments worth Rs 1.76 lakh crore, which has generated production/ sales of over Rs 16.5 lakh crore and employment of over 12 lakh (direct and Indirect) till March 2025.

Regarding the progress of the scheme for the pharma sector, it said the sector has witnessed cumulative sales of Rs 2.66 lakh crore which includes exports of Rs 1.70 lakh crore achieved in the first three years of the scheme. Besides, the sector has achieved the overall domestic value addition of 83.70 per cent as on March 2025. The scheme has contributed in India becoming a net exporter of bulk drugs (Rs 2,280 crore) from net importer (Rs 1,930 crore) as was the case in 2021-22. Further, the ministry added that, exports of Indian Man-made Fibre (MMF) Textiles have reached $6 billion during 2024-25 as against $5.7 billion during 2023-24.

The CNX Nifty is currently trading at 25348.70, up by 103.95 points or 0.41% after trading in a range of 25259.90 and 25437.90. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were JIO Financial up by 1.95%, Bajaj Finance up by 1.56%, Eternal up by 1.36%, Reliance Industries up by 1.17% and Bharti Airtel up by 1.14%. On the flip side, Dr. Reddy's Lab down by 1.65%, SBI down by 0.97%, Sun Pharma down by 0.89%, Hero MotoCorp down by 0.65% and Kotak Mahindra Bank down by 0.62% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 12.84 points or 0.19% to 6,844.98, Shanghai Composite strengthened 0.99 points or 0.03% to 3,456.96, Straits Times rose 5.23 points or 0.13% to 3,931.21, Nikkei 225 surged 604.76 points or 1.55% to 39,546.83 and Taiwan Weighted added 9.37 points or 0.04% to 22,439.98. However, Hang Seng declined 184.26 points or 0.75% to 24,290.41 and KOSPI dropped 29.05 points or 0.93% to 3,079.20.