Bears tighten grip over Dalal Street in early noon deals

Bears tighten their grip over the Dalal Street in early afternoon deals, with both Sensex and Nifty trading below their neutral lines, on the back of mixed cues from other Asian markets amid concerns about re-escalation in the Middle East conflict and the related spike in crude oil prices that would translate to higher inflation and could keep interest rates elevated. Traders overlooked report stating that the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 has witnessed strong traction since its rollout, with 4,11,497 guarantees issued and the guaranteed amount touching Rs 1,55,229 crore, underscoring its widespread adoption across the financial sector.

On the global front, Asian markets were trading mixed, after Taiwan's consumer price inflation accelerated further in June to the highest level in nearly one-and-a-half years. The data released by the Directorate General of Budget, Accounting, and Statistics showed that the consumer price index, or CPI, rose 2.6 percent year-on-year in June, faster than the 2.2 percent rise in May.

The BSE Sensex is currently trading at 77573.75, down by 606.97 points or 0.78% after trading in a range of 77549.98 and 77851.18. There were 4 stocks advancing against 26 stocks declining on the index.

The top gaining sectoral indices on the BSE were Realty up by 0.71%, Utilities up by 0.09%, Metal up by 0.09%, Power up by 0.04% and Consumer Disc up by 0.01%, while Oil & Gas down by 1.34%, Energy down by 1.20%, FMCG down by 1.13%, Bankex down by 0.68% and TECK down by 0.54% were the top losing indices on BSE.

The top gainers on the Sensex were Eternal up by 1.74%, Trent up by 1.05%, Infosys up by 0.28% and Adani Ports & SEZ up by 0.11%. On the flip side, Interglobe Aviation down by 2.12%, Hindustan Unilever down by 1.91%, Maruti Suzuki India down by 1.82%, ITC down by 1.70% and Axis Bank down by 1.62% were the top losers.

Meanwhile, with aim of deepening bilateral ties, India and Costa Rica have held their first meeting of the India-Costa Rica Joint Economic and Trade Committee (JETCO). During the meeting, both sides reviewed bilateral trade and investment relations, exchanged views on their respective trade and investment regimes, and noted with satisfaction the steady growth in bilateral merchandise trade to around $391 million in 2025-26. The discussions were also focused on opportunities to further expand trade and investment. 

Further, the two sides exchanged information on their respective standards, accreditation, certification and regulatory frameworks, and explored cooperation in areas such as standards development, conformity assessment, food safety, pharmaceutical regulation and export certification to facilitate trade and reduce technical barriers. Besides, the Indian side highlighted its strengths and identified opportunities for enhanced cooperation in pharmaceuticals, digital technologies, manufacturing and innovation, while the Costa Rican side presented an overview of the Central American trade integration regime and its experience in regional trade negotiations.

Moreover, both sides agreed to strengthen business-to-business engagement, promote institutional cooperation, and encourage regular interactions between the concerned Ministries, regulatory authorities and industry. They reaffirmed their commitment to deepen bilateral economic ties and agreed to utilise the JETCO as a key platform for advancing trade, investment and sectoral cooperation.

The CNX Nifty is currently trading at 24206.55, down by 192.15 points or 0.79% after trading in a range of 24202.55 and 24300.00. There were 10 stocks advancing against 40 stocks declining on the index.

The top gainers on Nifty were Eternal up by 1.76%, Wipro up by 1.18%, Trent up by 0.86%, Hindalco Industries up by 0.83% and Bajaj Auto up by 0.71%. On the flip side, JIO Financial Serv. down by 2.45%, Interglobe Aviation down by 2.20%, Shriram Finance down by 2.02%, Hindustan Unilever down by 1.85% and Tata Consumer Products down by 1.79% were the top losers.

Asian markets were trading mixed; Jakarta Composite plunged 59.42 points or 0.99% to 5,927.08, KOSPI dropped 409.52 points or 5.65% to 7,246.79, Nikkei 225 slipped 986.96 points or 1.47% to 67,270.00 and Shanghai Composite weakened 18.87 points or 0.47% to 3,971.37, while Taiwan Weighted added 255.3 points or 0.56% to 45,734.41, Hang Seng advanced 639.11 points or 2.72% to 24,136.00 and Straits Times rose 54.84 points or 1.03% to 5,397.08.