Domestic equity indices added more points in late morning deals as market participants expanded their positions. Hectic buying in HDFC Bank, Mahindra & Mahindra, Bharat Electronics, Reliance Industries, and ICICI Bank helped the Sensex and Nifty to trade above their psychological levels of 78,200 and 24,400, respectively. Falling crude oil prices supported market sentiment. Crude oil prices lowered after OPEC+ agreed to further increase its output targets from August. Further, there were encouragements in markets as Commerce and Industry Minister Piyush Goyal said that India is targeting 16-17 per cent growth in merchandise exports to $530 billion in the current fiscal year.
On the global front, Asian markets were trading mostly lower as traders awaited the minutes of the Federal Reserve's June meeting, due to be released later this week. Back home, on the BSE sectoral front, traders were seen piling up positions in Realty, Auto, Capital Goods, Bankex and Metal, while selling was witnessed in IT, TECK and Healthcare.
The BSE Sensex is currently trading at 78250.83, up by 486.92 points or 0.63% after trading in a range of 77879.70 and 78289.25. There were 18 stocks advancing against 12 stocks declining on the index.
The top gaining sectoral indices on the BSE were Realty up by 1.59%, Auto up by 1.27%, Capital Goods up by 1.06%, Bankex up by 0.86% and Metal up by 0.85%, while IT down by 0.87%, TECK down by 0.26% and Healthcare down by 0.16% were the top losing indices on BSE.
The top gainers on the Sensex were HDFC Bank up by 2.87%, Mahindra & Mahindra up by 2.01%, Bharat Electronics up by 1.38%, Reliance Industries up by 1.20% and ICICI Bank up by 1.18%. On the flip side, Kotak Mahindra Bank down by 2.80%, TCS down by 1.48%, Infosys down by 1.11%, Tech Mahindra down by 1.05% and Power Grid down by 0.94% were the top losers.
Meanwhile, the External Affairs Minister S Jaishankar has held talks with Qatar's Prime Minister Mohammed bin Abdulrahman Al-Thani and reviewed several areas of bilateral cooperation, including energy, trade, investments, connectivity and security. They also discussed assessments on the West Asia conflict and its impact.
Jaishankar is on visit covering Qatar, Bahrain, Kuwait and Oman from July 5 to 10 amid fast-evolving political dynamics in West Asia following the signing of an agreement aimed at ending the US-Iran conflict. During the visit, Jaishankar will meet his counterparts and top leaders of the four Gulf countries to enhance bilateral relations and exchange views on regional developments and issues of mutual interest.
In FY25, the bilateral trade between India and Qatar stood at $14.14 billion. During the period, India’s export to Qatar was $1.68 billion, while India’s imports from Qatar stood at $12.46 billion.
The CNX Nifty is currently trading at 24423.25, up by 152.40 points or 0.63% after trading in a range of 24287.10 and 24428.05. There were 31 stocks advancing against 19 stocks declining on the index.
The top gainers on Nifty were HDFC Bank up by 2.80%, Bajaj Auto up by 2.38%, Hindalco Industries up by 2.28%, Mahindra & Mahindra up by 2.08% and Eicher Motors up by 1.87%. On the flip side, Kotak Mahindra Bank down by 2.75%, TCS down by 1.45%, Wipro down by 1.06%, Dr. Reddy's down by 1.05% and Infosys down by 1.04% were the top losers.
Asian markets were trading mostly in red; Nikkei 225 slipped 152.07 points or 0.22% to 69,592.00, Taiwan Weighted lost 115.06 points or 0.25% to 46,665.56, Jakarta Composite plunged 10.81 points or 0.18% to 5,864.97, KOSPI dropped 38.17 points or 0.47% to 8,050.17 and Straits Times fell 1.09 points or 0.02% to 5,243.20. However, Shanghai Composite strengthened 5.68 points or 0.14% to 4,049.32 and Hang Seng advanced 116.97 points or 0.5% to 23,467.00.
