Sensex, Nifty rise over 0.6% as stable crude prices, buying in financials and autos lift markets
Mumbai, July 6
Indian equity markets ended higher on Monday, with the benchmark indices gaining more than 0.6 per cent, supported by stable crude oil prices and buying in financial, auto and realty stocks.
The NSE Nifty 50 closed at 24,430.35, up 159.50 points or 0.66 per cent, while the BSE Sensex settled at 78,285.07, gaining 521.16 points or 0.67 per cent.
Market experts said stable crude oil prices supported investor sentiment and strengthened the broader macroeconomic outlook.
Vinod Nair, Head of Research at Geojit Investments Limited, said Indian equities traded with a positive bias despite mixed global cues, supported by stable crude prices.
He said, "Indian equities traded with a positive bias despite mixed global cues, supported by stable crude prices. Continued softness in crude would support inflation, the current account balance, OMC profitability, and overall macro stability. Globally, profit-booking in crowded AI-led trades impacted the global market while India could perform well led by large caps due to improvement in FIIs inflows trend. On the domestic front, financials, autos, realty, and oil & gas led the gains".
He further added, "Financials were supported by expectations of healthy private bank earnings, while autos benefited from strong volume trends and improving demand outlook. Realty remained buoyed by resilient housing demand."
Among the sectoral indices on the NSE, Nifty Realty emerged as the top performer, rising 1.75 per cent, followed by Nifty Auto, which gained 1.38 per cent. Nifty Metal advanced 0.88 per cent, Nifty Pharma rose 0.54 per cent, and Nifty FMCG added 0.27 per cent.
On the other hand, Nifty PSU Bank declined 0.83 per cent, Nifty Media slipped 0.87 per cent, while Nifty IT fell 0.52 per cent.
Among the Nifty 50 stocks, the top gainers included HDFC Bank, Hindalco, ONGC, Bajaj Auto and Mahindra & Mahindra. The top losers included Kotak Bank, Max Healthcare, TCS, Coal India, Bajaj Finserv and Wipro.
In the commodities market, Brent crude oil prices continued to soften, trading 0.61 per cent lower at USD 71.66 per barrel at the time of filing this report.
Gold prices also declined 0.48 per cent to Rs 1,46,672 per 10 grams for 24-karat gold, while silver prices fell 0.26 per cent to Rs 2,36,800 per kg.
Asian markets witnessed a mixed trend. Japan's Nikkei 225 slipped 0.15 per cent to 69,637, Taiwan's weighted index declined 0.48 per cent to 46,556, and South Korea's KOSPI fell 0.46 per cent to 8,051. Meanwhile, Singapore's Straits Times gained 0.30 per cent to 5,259, while Hong Kong's Hang Seng advanced 0.78 per cent to 23,533.
— ANI
Reader Comments
While the rise is nice, I'm a bit cautious. The IT sector is still down, and that's a big chunk of our exports. Also, FII inflows are fickle—let's see if this is a real trend or just a short-term bounce. Need to wait for the quarterly results.
Realty sector leading the gains? That's surprising given the high interest rates. But I guess housing demand is still strong in metros. And ONGC up because of stable crude? Makes sense. Let's hope this isn't just a dead cat bounce. 😅
As a small investor, I'm happy to see HDFC Bank and Bajaj Auto doing well. But I wish the government would do more to control inflation and support the middle class. Markets are up, but daily expenses are still killing us. 🤷♀️
Nifty above 24,400 is a good sign, but I'm not getting too excited. The global cues are still mixed, and the IT sector weakness is worrying. Let's see if the RBI rate decision next week keeps this momentum going. Fingers crossed! 🤞
Okay, but why was M&M and Hindalco up while TCS and Wipro fell? It feels like the market is rewarding old economy stocks now. Maybe the AI hype is cooling off globally? Good for traditional sectors but bad for our tech talent. Bittersweet, really.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.