Post Session: Quick Review

A sharp rebound witnessed in Indian equity markets on Wednesday after yesterday's lackluster session, with both Sensex and Nifty ending with strong gains, amid easing geopolitical tensions and growing optimism around a potential U.S.-India bilateral trade agreement. After a cautious start, markets gained traction and traded firm throughout the session.

Some of the important factors in trade:

Premature to talk about rate hikes: Investors’ sentiment bolstered after Reserve Bank of India (RBI) Governor Sanjay Malhotra said it was premature to discuss interest rate hikes, noting that the central bank was monitoring the impact of higher crude oil prices on inflation before taking a view on the policy path.

India, US hold high-level trade talks to advance interim deal: Some support came after India and the United States have held high-level trade talks aimed at salvaging and recalibrating a proposed bilateral trade agreement after changes in US tariff policy disrupted a framework negotiated earlier this year.

India’s GDP growth to be at 6.6% in FY27 amid energy stress: Traders took a note of reports that S&P Global Ratings has lowered India’s Gross Domestic Product (GDP) growth projection to 6.6 per cent for the current fiscal year ending March 2027 (FY27).

Steel stocks were in watch: India has initiated an anti-dumping investigation into imports of Cold Rolled Grain Oriented (CRGO) Electrical Steel and Amorphous Metal from China, Japan, South Korea and Russia.

On global front: European markets were trading mixed and Asian markets ended mixed, due to skepticism over spending in AI infrastructure and mixed signals from talks between Washinton and Tehran on ending their conflict.

The BSE Sensex ended at 76991.22, up by 790.54 points or 1.04% after trading in a range of 76121.59 and 77190.37. There were 22 stocks advancing against 8 stocks declining on the index. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 2.17%, IT up by 1.81%, Bankex up by 1.78%, Oil & Gas up by 0.78% and TECK up by 0.68%, while Capital Goods down by 1.87%, Power down by 1.66%, Industrials down by 0.92%, Utilities down by 0.79% and Telecom down by 0.79% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Interglobe Aviation up by 4.24%, Trent up by 3.61%, Tech Mahindra up by 3.30%, Bajaj Finance up by 2.94% and ICICI Bank up by 2.65%. On the flip side, NTPC down by 2.18%, Tata Steel down by 1.78%, Maruti Suzuki India down by 1.60%, Bharat Electronics down by 1.56% and Bharti Airtel down by 1.37% were the top losers. (Provisional)

Meanwhile, in a significant step toward strengthening bilateral relations, India and the United States have held high-level trade talks aimed at salvaging and recalibrating a proposed bilateral trade agreement after changes in US tariff policy disrupted a framework negotiated earlier this year. US Trade Representative Jamieson Greer is on two-day India visit for talks with Commerce and Industry Minister Piyush Goyal to advance negotiations on the proposed India-US trade agreement. Goyal met Greer as both sides sought to conclude an interim trade pact before July 24, 2026, when Washington’s temporary 10 per cent tariff on imports from trading partners is set to expire.

Greer’s visit comes days after Prime Minister Narendra Modi and US President Donald Trump held their first meeting in over a year on the sidelines of the G7 summit in France on June 17, 2026, adding fresh momentum to trade negotiations that both sides consider critical to strengthening economic ties. The US Embassy in India described the bilateral trade partnership as a win-win for both countries. It added that the US remains focused on securing a fair, reciprocal trade agreement that opens markets for American exporters and delivers benefits to both nations.

The talks between the ministers focused on reworking a framework agreement announced on February 13, 2025, which was built around tariff commitments later rendered uncertain by a US Supreme Court ruling striking down sweeping tariffs imposed under Trump. Meanwhile, the US was India’s second-largest trading partner in 2025-26. India’s exports to the US rose marginally by 0.92 per cent to $87.3 billion during the last fiscal year despite high tariffs, while imports increased 15.95 per cent to $52.9 billion. As a result, India’s trade surplus with the US declined to $34.4 billion in 2025-26 from $40.89 billion in 2024-25.

The CNX Nifty ended at 24021.65, up by 197.55 points or 0.83% after trading in a range of 23789.25 and 24090.05. There were 29 stocks advancing against 21 stocks declining on the index. (Provisional)

The top gainers on Nifty were Interglobe Aviation up by 4.95%, Adani Enterprises up by 3.60%, Trent up by 3.31%, Tech Mahindra up by 3.25% and Bajaj Finance up by 2.97%. On the flip side, Bajaj Auto down by 2.74%, NTPC down by 2.07%, ONGC down by 1.78%, Maruti Suzuki India down by 1.78% and Tata Steel down by 1.76% were the top losers. (Provisional)

European markets were trading mixed; UK’s FTSE 100 increased 0.89 points or 0.01% to 10,429.74 and France’s CAC rose 22.99 points or 0.28% to 8,363.70, while Germany’s DAX lost 218.88 points or 0.89% to 24,674.70.

Asian markets settled mostly higher on Wednesday, despite Wall Street’s overnight tech sell-off driven by expectations of a more hawkish US Federal Reserve stance and the possibility of two interest rate hikes this year rather than one. Markets eagerly awaited Thursday's US PCE Price Index data for fresh direction. South Korea's Kospi index rebounded from a historic 9.99% plunge after heavyweight Samsung Electronics surged 9.84% on news of a massive 90 trillion won share buyback program. Hong Kong shares rose, snapping a five-day losing streak after signs of progress in US-Iran peace talks eased concerns over potential disruptions to global energy supplies. Lower oil prices amid indications that more tankers stranded in the Gulf since the start of the Iran war were beginning to move through the Strait of Hormuz, helped reduce inflation worries and boosted appetite for risk assets across markets. However, Japanese markets fell notably as the Bank of Japan signalled further interest rate hikes in a summary of opinions from its June board meeting.