Key gauges end marginally higher on Thursday

Indian equity benchmarks erased most of their initial gains and managed to end marginally higher on Thursday as softening crude oil prices and a rally in global markets boosted investor sentiment. However, gains were capped by caution over the outlook for U.S. interest rates. 

Some of the important factors in trade: 

India, US review progress on interim bilateral trade agreement as tariff deadline nears: With an aim to deepen economic ties and strengthen bilateral trade, India and the United States (US) reviewed the progress on an interim bilateral trade agreement during the two-day ministerial meeting.

Sales growth of listed private non-financial firms returns to double digits in FY26: The Reserve Bank of India (RBI) has said that the sales of listed private non-financial companies grew 10.1% during financial year 2025-26. After remaining in the single digits for the last two years, the sales growth is returned to double digits in 2025-26, supported by growth in the manufacturing sector 

Closely tracking West Asia situation; discussion on interest rate hike premature: Amid ongoing geopolitical developments in West Asia, the Reserve Bank of India (RBI) Governor Sanjay Malhotra has said that the central bank is maintaining a close watch on the rapidly evolving situation in West Asia and at this stage, discussion on interest rate hike is premature. 

Goyal meets exporters to discuss ways to boost outbound shipments, fully utilise benefits of FTAs: Commerce and Industry Minister Piyush Goyal has met exporters and industry representatives to discuss ways to boost outbound shipments and fully utilise the benefits of free trade agreements (FTAs). 

Global front: European markets were trading higher as oil prices dropped to levels last seen before the war in the Middle East on easing geopolitical tensions and technology stocks gained following strong forecasts from U.S. chipmakers Micron and Qualcomm. Asian markets settled mostly higher as robust earnings from Micron and Qualcomm helped ease concerns over AI demand. 

Finally, the BSE Sensex rose 109.25 points or 0.14% to 77,100.47 and the CNX Nifty was up by 34.35 points or 0.14% to 24,056.00. 

The BSE Sensex touched high and low of 77,803.18 and 76,993.16, respectively. There were 11 stocks advancing against 19 stocks declining on the index. 

The top gaining sectoral indices on the BSE were Auto up by 2.29%, FMCG up by 0.50%, Consumer Disc up by 0.40%, Realty up by 0.29% and Bankex up by 0.03%, while Metal down by 1.37%, Oil & Gas down by 1.29%, TECK down by 1.13%, Utilities down by 0.93% and Basic Materials down by 0.91% were the top losing indices on BSE.

The top gainers on the Sensex were Interglobe Aviation up by 4.73%, Mahindra & Mahindra up by 3.82%, Maruti Suzuki India up by 3.69%, State Bank of India up by 1.01% and ICICI Bank up by 1.01%. On the flip side, Power Grid down by 2.36%, Tech Mahindra down by 1.68%, Bharat Electronics down by 1.68%, Infosys down by 1.42% and Bharti Airtel down by 1.40% were the top losers.

Meanwhile, with an aim to deepen economic ties and strengthen bilateral trade, India and the United States (US) reviewed the progress on an interim bilateral trade agreement during the two-day ministerial meeting. The Commerce Ministry said the two ministers conducted a ‘comprehensive review’ of key elements of the proposed pact, including enhanced market access, digital trade, supply chain resilience, reduction of non-tariff barriers and cooperation in strategic sectors. It added that both countries discussed pathways to conclude an interim agreement and reaffirmed their commitment to a deal that is “balanced and commercially meaningful”. But there was no indication that all differences were resolved ahead of a key tariff deadline next month.

Commerce and Industry Minister Piyush Goyal and visiting US Trade Representative Jamieson Greer held discussions on the first phase of a proposed bilateral trade agreement (BTA), which both sides have been negotiating since reaching a framework understanding earlier this year. Greer’s June 22-24 visit came at a time when New Delhi and Washington race to finalise an interim arrangement before the expiration of a temporary 10 per cent US tariff regime on July 24, a deadline that has added urgency to negotiations.

In February, 2026, the two sides announced the contours of the first phase. It was based on the 50 per cent tariffs imposed by the US on Indian goods. 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.

CNX Nifty touched high and low of 24,261.60 and 24,039.00, respectively. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Interglobe Aviation up by 4.89%, Mahindra & Mahindra up by 3.94%, Maruti Suzuki India up by 3.81%, Max Healthcare up by 3.81% and Tata Consumer Products up by 3.04%. On the flip side, ONGC down by 2.85%, Hindalco Industries down by 2.52%, Power Grid down by 2.20%, Tech Mahindra down by 1.50% and Bharti Airtel down by 1.46% were the top losers.

European markets were trading higher; UK’s FTSE 100 increased 42.61 points or 0.41% to 10,504.24, France’s CAC rose 50.21 points or 0.6% to 8,435.70 and Germany’s DAX gained 193.94 points or 0.78% to 24,934.30.

Asian markets settled mostly higher on Thursday, led by gains in technology stocks in Japan and South Korea. Robust earnings reports and bullish forecasts from chip giants Micron Technology and Qualcomm helped alleviate investor concerns regarding stretched AI valuations. Meanwhile, Brent crude futures dropped below $73 a barrel, falling to their lowest levels since the US-Iran war started as tanker movement through the Strait of Hormuz picked up, which eased energy supply concerns and supported risk appetite across regional markets. Despite the sharp regional tech rebound, international investors kept a cautious eye on the US Federal Reserve’s preferred May PCE inflation gauge data due later in the day.