Stock market today: Indian benchmark indices, the Sensex and Nifty 50, ended their two-session losing streak on Wednesday, led by positive global cues and softer crude oil prices, which improved investor sentiment.
The Sensex climbed 443.97 points, or 0.58%, to finish at 76,922.64. During the day, the 30-share benchmark rallied as much as 631.41 points, or 0.82%, to touch an intraday high of 77,110.08. Meanwhile, Nifty 50 also closed in positive territory, rising 140.10 points, or 0.59%, to settle at 24,005.85.
However, the market is likely to open in green as trends in the Gift Nifty index signalled a positive start on Thursday, 2 July. Gift Nifty was trading near the 24,187.5 mark, down over 95 points from the previous close of Nifty futures.
“Indian equity markets are expected to trade with a cautious undertone as investors weigh encouraging geopolitical developments against weak global market cues. Qatar has stated that the latest round of indirect U.S.–Iran talks has made “positive progress,” keeping hopes of a broader diplomatic resolution alive. However, sentiment across Asian markets remains subdued following a sharp sell-off in U.S. technology stocks, with Japan’s Nikkei declining nearly 2% in early trade and South Korea’s Kospi falling by more than 6%, reflecting a cautious global risk environment,” said Ponmudi R, CEO of Enrich Money.
As the market is pointing towards a positive start, some stocks are likely to remain in focus on Thursday due to their own positive/negative triggers.
Stocks to Watch
Bharti Airtel
Airtel Money, the non-banking financial company (NBFC) arm of Bharti Airtel, has begun commercial operations after receiving a licence from the Reserve Bank of India.
Indian Bank
The bank on Wednesday reported a 13.6% year-on-year growth in total business, which rose to ₹15.28 lakh crore for the quarter ended June 30.
Lupin
The pharmaceutical company announced on Wednesday that the European Medicines Agency (EMA) has approved the expansion of NaMuscla’s marketing authorisation, enabling its use in pediatric patients suffering from non-dystrophic myotonic disorders (NDM).
Coal India
The company has secured a Letter of Award (LoA) worth ₹2,831.11 crore from Bundelkhand Saur Urja Limited for the development of a 600 MW solar power plant.
BPCL
State-run Bharat Petroleum Corporation Ltd (BPCL) on Wednesday announced that it has entered into definitive agreements to acquire the entire stake held by Videocon Energy Brazil Ltd (VEBL) in IBV Brazil Petroleo Limitada.
Tata Technologies
Tata Technologies has expanded its global partnership with Tenneco LLC to accelerate mobility transformation initiatives. As part of the collaboration, Tenneco is expected to invest over $100 million over the next five years.
Hero Motocorp
The company has announced the establishment of its second Global Parts Centre (GPC) in Tirupati, Andhra Pradesh, with an investment of over ₹750 crore. This takes its cumulative investment commitment in the state to more than ₹3,200 crore.
Punjab & Sind Bank
The bank posted a 15.33% year-on-year growth in total business for the quarter ended June 30, driven by robust expansion in both advances and deposits, according to its provisional business update.
NMDC
The state-owned company reported iron ore production of 5.15 million tonnes (mt) in June, compared with 3.57 mt in the same month a year ago.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
