Positive momentum keeps markets in green during early noon deals

A positive momentum kept the Indian equity benchmarks comfortably in the green during early afternoon deals, with both Sensex and Nifty holding strong gains, buoyed by sustained buying in IT and Industrials stocks, despite negative cues from other Asian markets. Traders were optimistic, as the government data has showed that gross goods and services tax (GST) collections jumped 15.4 per cent to Rs 2,11,205 crore in July 2026 as compared to Rs 1,83,065 crore in July 2025 on higher mop-up from domestic transactions and imports. The street overlooked reports that India’s manufacturing sector activity continued expansion but at its slowest pace in nearly five years in the month of July as growth in total sales, input purchasing and employment weakened. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) eased from 54.2 in June to 53.5 in July. 

On the global front, Asian markets were trading mostly in red, despite easing crude oil prices after U.S. President Donald Trump held off on a fresh attack on Iran and said an agreement was close, signaling renewed diplomatic momentum and helping ease concerns about inflation and interest rates.

The BSE Sensex is currently trading at 78734.71, up by 640.07 points or 0.82% after trading in a range of 78497.34 and 78895.10. There were 24 stocks advancing against 5 stocks declining, while 1 stock remained unchanged on the index.

The top gaining sectoral indices on the BSE were IT up by 1.88%, Industrials up by 1.39%, FMCG up by 1.28%, Basic Materials up by 1.09% and Auto up by 1.05%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Interglobe Aviation up by 4.09%, TCS up by 2.83%, ITC up by 2.81%, Infosys up by 2.61% and Bajaj Finserv up by 2.46%. On the flip side, Sun Pharma down by 1.34%, Bharti Airtel down by 0.75%, Maruti Suzuki India down by 0.75%, Tech Mahindra down by 0.41% and NTPC down by 0.32% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest data has showed that bank credit to industry grew 19.2 per cent year-on-year (y-o-y) by the end of June 2026, a sharp acceleration from 6.3 per cent recorded in the corresponding period last year, as large companies as well as MSMEs displayed broad-based expansion. Non-food bank credit accelerated 18.3 per cent y-o-y in the fortnight ended June 30, 2026, as compared to 9.3 per cent during the corresponding fortnight of the previous year (June 27, 2025).  Credit to agriculture and allied activities also strengthened, growing 16.8 per cent against 6.8 per cent a year earlier. 

The RBI said all sub-sectors -- Micro and Small, Medium and Large industries displayed a broad-based expansion. Among major industries, credit growth remained strong in infrastructure, engineering, food processing, textiles, construction, basic metals and metal products, petroleum, coal products and nuclear fuels, and chemicals, while lending to the rubber, plastic and wood products segments witnessed relatively subdued growth.

According to the data, credit to personal loans segment also maintained strong momentum, recording a 15.8 per cent year-on-year growth as against 11.7 per cent a year ago. Vehicle and housing loans continued to post steady growth, although credit card outstanding moderated. Loans to the services sector registered a growth rate of 21.4 per cent y-o-y as compared to 8.8 per cent in the corresponding fortnight of the previous year, supported by accelerated growth in segments such as non-banking financial companies (NBFCs), commercial real estate, and trade.

The CNX Nifty is currently trading at 24601.30, up by 217.70 points or 0.89% after trading in a range of 24515.15 and 24606.15. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.01%, Interglobe Aviation up by 3.99%, Infosys up by 2.91%, Bajaj Finserv up by 2.79% and TCS up by 2.72%. On the flip side, Sun Pharma down by 1.16%, Bharti Airtel down by 1.10%, Apollo Hospital Ent. down by 0.61%, Tech Mahindra down by 0.43% and Maruti Suzuki India down by 0.42% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 1.84 points or 0.03% to 6,234.29, KOSPI dropped 338.00 points or 5.4% to 6,257.45, Nikkei 225 slipped 719.02 points or 1.13% to 63,643.00, Straits Times fell 25.82 points or 0.46% to 5,602.68 and Shanghai Composite weakened 27.59 points or 0.73% to 3,804.67, while Taiwan Weighted added 266.66 points or 0.61% to 43,386.41 and Hang Seng advanced 84.57 points or 0.33% to 25,969.00.