Indian benchmark indices, Sensex and Nifty, ended slightly higher on Tuesday, mirroring a rally in Asian peers, as investors looked ahead to developments in trade negotiations with the U.S. before the upcoming July 9 tariff deadline.
The BSE Sensex advanced 90.83 points, or 0.11%, to close at 83,697.29, while the NSE Nifty gained 24.75 points, or 0.1%, to settle at 25,541.80.
Among the 30 Sensex constituents, Bharat Electronics, Reliance Industries, Asian Paints, UltraTech Cement, Kotak Mahindra Bank, and HDFC Bank were the top gainers, rising between 0.6% and 2.5%.
Heavyweight Reliance Industries offset broader sectoral losses, ending 1.8% higher after Nuvama raised its target price to a Street-high of Rs 1,801, citing improved growth prospects in its new energy business. Reliance is the third-largest weighted stock on the Nifty.
Investor sentiment remained cautious ahead of the July 9 deadline set by former U.S. President Donald Trump for potential tariff action. A Reuters report said India could finalise a deal with the U.S. as early as this week, with Indian officials extending their visit to resolve pending trade issues and strike an early agreement.
Financial stocks slipped 0.2%, easing for a second consecutive session after hitting record highs on Friday. However, state-run lenders advanced, with the Nifty PSU Bank index gaining 0.7%.
Among individual stocks, Apollo Hospitals surged 3.5% after announcing plans to spin off and list its digital health and pharmacy business within 18 to 21 months.
Meanwhile, shares of Sigachi Industries tumbled another 5.6%, deepening Monday’s 12% loss following a deadly fire at its Telangana plant that killed at least 39 people.
The broader market was mixed. The Nifty Smallcap 100 ended 0.1% lower, while the Nifty Midcap 100 closed flat.
Expert Views
Commenting on Tuesday’s tepid session, Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the benchmark indices showed "lackluster activity." Buying interest was seen in PSU banks and defence stocks, while media stocks underperformed.
Technically, Chouhan noted the market traded in a narrow range throughout the day, reflecting indecisiveness. "A small candlestick formation on daily charts and non-directional intraday activity indicate indecisiveness between the bulls and the bears," he said. A breakout above 25,600/83,900 could push the Nifty toward 25,700–25,750 and the Sensex toward 84,200–84,400, while a breach below 25,470/83,500 might trigger selling pressure.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed that despite facing resistance near the previous downside gap area around 25,650, the Nifty managed to close higher. “Bullish chart pattern like higher tops and bottoms is in store on the daily chart,” he said, suggesting that the current consolidation could be a healthy pause before the next leg up.
Shetti added, “Further consolidation/weakness from here could find strong support around 25,400–25,300 levels, where one may expect sharp bounce from the lows. However, a decisive move above the high of 25,700 could open the next upside targets of around 26,000–26,200 levels in the near term.”
Global Markets
Asian stocks edged higher on Tuesday as investors awaited a crucial U.S. Senate vote on President Donald Trump's tax and spending bill, a proposal estimated to add $3.3 trillion to U.S. debt and facing heated debate in Congress.
While global markets had rallied to record highs a day earlier on trade optimism, the prolonged wrangling over the legislation weighed on sentiment. The bill, which Trump hopes to pass before the July 4 holiday, has faced pushback from both Republicans and Democrats over its sweeping scope.
Japan’s Nikkei fell as much as 1.3%, pressured by a stronger yen that hurt exporters. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by South Korea’s Kospi, which gained 1.1%.
In China, the blue-chip CSI300 added 0.1%, while the Shanghai Composite inched up 0.2%. Investors also remained cautious ahead of key U.S. labour market data due Thursday, as global trade negotiators race to resolve tariff issues before looming deadlines.
Crude Impact
Oil prices held steady on Tuesday as investors weighed expectations of an OPEC+ output hike in August alongside ongoing trade negotiations.
At 0901 GMT, Brent crude edged up 5 cents to $66.79 a barrel, while U.S. West Texas Intermediate rose 4 cents to $65.15.
Rupee vs Dollar
The Indian rupee firmed up on Tuesday, closing 0.3% higher at 85.52 against the U.S. dollar, tracking gains across most Asian currencies. Weakness in the greenback was driven by concerns over President Donald Trump's fiscal plans and lingering uncertainty around global trade agreements.
The dollar index, which measures the currency against a basket of six major peers, slipped 0.46% to 96.43.
(with inputs from agencies)
The BSE Sensex advanced 90.83 points, or 0.11%, to close at 83,697.29, while the NSE Nifty gained 24.75 points, or 0.1%, to settle at 25,541.80.
Among the 30 Sensex constituents, Bharat Electronics, Reliance Industries, Asian Paints, UltraTech Cement, Kotak Mahindra Bank, and HDFC Bank were the top gainers, rising between 0.6% and 2.5%.
Heavyweight Reliance Industries offset broader sectoral losses, ending 1.8% higher after Nuvama raised its target price to a Street-high of Rs 1,801, citing improved growth prospects in its new energy business. Reliance is the third-largest weighted stock on the Nifty.
Investor sentiment remained cautious ahead of the July 9 deadline set by former U.S. President Donald Trump for potential tariff action. A Reuters report said India could finalise a deal with the U.S. as early as this week, with Indian officials extending their visit to resolve pending trade issues and strike an early agreement.
Financial stocks slipped 0.2%, easing for a second consecutive session after hitting record highs on Friday. However, state-run lenders advanced, with the Nifty PSU Bank index gaining 0.7%.
Among individual stocks, Apollo Hospitals surged 3.5% after announcing plans to spin off and list its digital health and pharmacy business within 18 to 21 months.
Meanwhile, shares of Sigachi Industries tumbled another 5.6%, deepening Monday’s 12% loss following a deadly fire at its Telangana plant that killed at least 39 people.
The broader market was mixed. The Nifty Smallcap 100 ended 0.1% lower, while the Nifty Midcap 100 closed flat.
Expert Views
Commenting on Tuesday’s tepid session, Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the benchmark indices showed "lackluster activity." Buying interest was seen in PSU banks and defence stocks, while media stocks underperformed.
Technically, Chouhan noted the market traded in a narrow range throughout the day, reflecting indecisiveness. "A small candlestick formation on daily charts and non-directional intraday activity indicate indecisiveness between the bulls and the bears," he said. A breakout above 25,600/83,900 could push the Nifty toward 25,700–25,750 and the Sensex toward 84,200–84,400, while a breach below 25,470/83,500 might trigger selling pressure.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed that despite facing resistance near the previous downside gap area around 25,650, the Nifty managed to close higher. “Bullish chart pattern like higher tops and bottoms is in store on the daily chart,” he said, suggesting that the current consolidation could be a healthy pause before the next leg up.
Shetti added, “Further consolidation/weakness from here could find strong support around 25,400–25,300 levels, where one may expect sharp bounce from the lows. However, a decisive move above the high of 25,700 could open the next upside targets of around 26,000–26,200 levels in the near term.”
Global Markets
Asian stocks edged higher on Tuesday as investors awaited a crucial U.S. Senate vote on President Donald Trump's tax and spending bill, a proposal estimated to add $3.3 trillion to U.S. debt and facing heated debate in Congress.
While global markets had rallied to record highs a day earlier on trade optimism, the prolonged wrangling over the legislation weighed on sentiment. The bill, which Trump hopes to pass before the July 4 holiday, has faced pushback from both Republicans and Democrats over its sweeping scope.
Japan’s Nikkei fell as much as 1.3%, pressured by a stronger yen that hurt exporters. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by South Korea’s Kospi, which gained 1.1%.
In China, the blue-chip CSI300 added 0.1%, while the Shanghai Composite inched up 0.2%. Investors also remained cautious ahead of key U.S. labour market data due Thursday, as global trade negotiators race to resolve tariff issues before looming deadlines.
Crude Impact
Oil prices held steady on Tuesday as investors weighed expectations of an OPEC+ output hike in August alongside ongoing trade negotiations.
At 0901 GMT, Brent crude edged up 5 cents to $66.79 a barrel, while U.S. West Texas Intermediate rose 4 cents to $65.15.
Rupee vs Dollar
The Indian rupee firmed up on Tuesday, closing 0.3% higher at 85.52 against the U.S. dollar, tracking gains across most Asian currencies. Weakness in the greenback was driven by concerns over President Donald Trump's fiscal plans and lingering uncertainty around global trade agreements.
The dollar index, which measures the currency against a basket of six major peers, slipped 0.46% to 96.43.
(with inputs from agencies)
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