Indian benchmark indices opened on a positive note on Thursday, buoyed by firm global cues and buying interest in the IT, auto, and pharma sectors during early trade. As of 9:25 AM, the BSE Sensex rose by 68.28 points (0.08%) to trade at 83,477.97, while the Nifty 50 was up 19.30 points (0.08%) at 25,472.70.
Market analysts noted that the Nifty continues to consolidate after a bullish rectangle breakout. Akshay Chinchalkar, Head of Research at Axis Securities, observed that the index remains strong as long as it holds the 25,200–25,270 support zone.
“Below 25,200, the next support lies at 25,000. On the upside, a break above 25,670 would reignite bullish momentum,” he added.
With the US tariff pause deadline approaching next week, traders are watching global sentiment closely. The upcoming weekly derivatives expiry is also expected to inject additional volatility into the session.
Sector & Stock Performance
- The Nifty Bank index was down slightly by 9.90 points (0.02%) at 56,989.30.
- The Nifty Midcap 100 declined 22 points (0.04%) to 59,645.25, while the Nifty Smallcap 100 dipped 7.75 points (0.04%) to 18,969.35.
Among Sensex constituents:
- Top gainers included Eternal (formerly Zomato), Asian Paints, Mahindra & Mahindra, Infosys, Tech Mahindra, Maruti Suzuki, and ICICI Bank.
- Major laggards were Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, BEL, Titan, Axis Bank, NTPC, SBI, HCL Tech, and ITC.
Institutional Activity
- Foreign Institutional Investors (FIIs) continued to offload holdings, selling equities worth ₹1,561.62 crore on July 2.
- Domestic Institutional Investors (DIIs) remained net buyers, picking up equities worth ₹3,036.68 crore on the same day.
Global Market Snapshot
Asian markets showed mixed sentiment in early trade:
- Gainers: Bangkok, Shanghai, Tokyo, Seoul, and Jakarta.
- Loser: Hong Kong traded in the red.
Overnight in the US:
- The Dow Jones Industrial Average slipped 10.52 points (0.02%) to 44,484.42.
- The S&P 500 gained 29.41 points (0.47%) to end at 6,227.42.
- The Nasdaq Composite surged 190.24 points (0.94%) to 20,393.13.
Analysts also pointed to the recent US-Vietnam trade deal as a signal of the Biden administration’s efforts to diversify trade relationships, especially with progress stalling on deals with the EU and Japan.
