Indian equity benchmarks were trading with traction in morning session, driven by buying in Realty, banking and IT stocks. Sentiments remained up-beat as the NITI Aayog in a report said India can scale its bioeconomy to $691 billion by 2035 and $2.6 trillion by 2047 with decisive, mission-mode execution. Bioeconomy is an economic model that uses renewable biological materials to produce food, energy, and industrial goods. Some support also came as the government plans to introduce a bill to enhance the ease of doing business for micro, small and medium enterprises (MSMEs) and strengthen the mechanism for addressing delayed payments in the upcoming Monsoon Session of Parliament. On the global front, Asian markets were trading mostly in red following the broadly negative cues from Wall Street overnight, dragged by markets in Japan, South Korea and Taiwan amid renewed weakness among technology stocks. Escalating tensions in the Middle East also continued to weigh on market sentiment.
The BSE Sensex is currently trading at 77920.30, up by 733.43 points or 0.95% after trading in a range of 77308.00 and 77989.44. There were 24 stocks advancing against 6 stocks declining on the index.
The top gaining sectoral indices on the BSE were Realty up by 1.49%, Bankex up by 0.87%, IT up by 0.80%, Auto up by 0.62% and Energy up by 0.57%, while Healthcare down by 1.21%, Telecom down by 1.09%, Industrials down by 0.59%, Capital Goods down by 0.55% and Basic Materials down by 0.30% were the losing indices on BSE.
The top gainers on the Sensex were Reliance Industries up by 2.18%, Axis Bank up by 1.77%, Hindustan Unilever up by 1.69%, Bajaj Finance up by 1.63% and Bajaj Finserv up by 1.62%. On the flip side, Ultratech Cement down by 0.46%, Bharti Airtel down by 0.42%, Interglobe Aviation down by 0.28%, Sun Pharma down by 0.23% and Eternal down by 0.12% were the top losers.
Meanwhile, in the upcoming Monsoon Session of Parliament, the government is likely to introduce the Income-tax (Amendment) Bill to replace the ordinance effected to exempt foreign investors from income tax on interest earnings and capital gains from investment in G-secs. The Ordinance was promulgated last month to attract foreign capital to ease pressure on the depreciating rupee owing to the West Asia crisis.
The Income-tax (Amendment) Bill, 2026, will replace the Income Tax (Amendment) Ordinance, 2026, according to the list of new bills to be tabled in the upcoming session beginning July 20. The Bill aims to deepen India's sovereign debt market, attract stable global capital inflows, and enhance liquidity in view of the prevailing global macro-economic environment, marked by significant volatility arising from geopolitical uncertainties, sharp increases in crude oil prices, and disruptions in global supply chains.
The government exempted foreign investors from income tax on interest earnings and capital gains from government securities as it looked to attract foreign capital to counteract pressure on the rupee. The government promulgated an ordinance to amend the Income Tax Act, granting tax exemptions on interest income and capital gains arising from the sale, exchange, or transfer of government securities with effect from April 1, according to a gazette notification dated June 5. Foreign investors are subject to a long-term capital gains tax of 12.5 per cent on listed shares and bonds held for more than 12 months. They also pay a withholding tax of 20 per cent on interest earned on government bonds.
The CNX Nifty is currently trading at 24267.25, up by 194.50 points or 0.81% after trading in a range of 24099.05 and 24288.90. There were 34 stocks advancing against 16 stocks declining on the index.
The top gainers on Nifty were JIO Financial Services up by 4.12%, Reliance Industries up by 1.85%, Hindustan Unilever up by 1.77%, Tech Mahindra up by 1.77% and HCL Technologies up by 1.65%. On the flip side, Wipro down by 1.24%, Dr. Reddy's Labs. down by 1.02%, Max Healthcare down by 0.97%, Hindalco Industries down by 0.95% and Cipla down by 0.89% were the top losers.
Asian markets were trading mostly in red; Nikkei 225 slipped 3437.54 points or 5.14% to 63,398.00, Taiwan Weighted lost 2547.8 points or 5.58% to 43,077.18, Shanghai Composite weakened 92.35 points or 2.38% to 3,790.06, Hang Seng declined 594.6 points or 2.38% to 24,414.00 and Straits Times fell 37.89 points or 0.68% to 5,501.49.
On the flip side, Jakarta Composite gained 33.77 points or 0.55% to 6,141.98.
