Indian equity markets opened on a positive note on Thursday, June 26. The Sensex rose 127.41 points (0.15 per cent) to 82,882.92, while the Nifty gained 36.05 points (0.14 per cent) to trade at 25,280.80 in early deals. The upbeat opening reflects continued investor optimism following Wednesday’s strong close.
Market breadth remained strong with 1,786 stocks advancing, 636 declining, and 113 remaining unchanged on the BSE.
On the Nifty, major gainers included Bharat Electronics, Nestle, JSW Steel, Tata Consumer, and Jio Financial. Meanwhile, Dr. Reddy’s Labs, Tech Mahindra, Kotak Mahindra Bank, Trent, and Reliance Industries were among the top losers.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments, noted, "With ceasefire between Israel and Iran, globally markets are in a risk-on mode. But since the reciprocal tariff issue remains to be addressed, sustained rally would be difficult. The market focus in the near-term will be on what transpires around July 9th when the 90-day pause of the reciprocal tariff ends. Which countries will succeed in negotiating bilateral trade deals with US will be keenly watched. Positive news on a potential India-US deal will be a shot in the arm for the market. Disappointment on this front will constrain the rally."
"FIIs are likely to press selling in the market since Indian valuations have got stretched at above 22 times estimated FY 26 earnings while the PE for Chinese stocks ( Hang Seng Index) is around 15. This kind of differential in valuations may revive the ‘Sell India, Buy China’ strategy of the FIIs. However, since DIIs are sitting on huge liquidity, the potential FII selling is likely to have negligible impact on the market," he added.
In the previous trading session on Wednesday, Indian equity benchmarks ended sharply higher, with the Nifty closing just below the 25,250 mark. The Sensex climbed 700.40 points (0.85 per cent) to settle at 82,755.51, while the Nifty gained 200.40 points (0.80 per cent) to finish at 25,244.75. Market sentiment remained upbeat, with 2,711 stocks advancing, 1,163 declining, and 127 remaining unchanged on the BSE.
(More to come)
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