Amid receding geopolitical tensions and cautious optimism, Indian equity markets opened in the green on Thursday, extending gains for the third consecutive session. However, broader investor sentiment remained subdued as attention turned to the looming US tariff deadline and key global economic indicators.
The BSE Sensex rose by 130.90 points to 82,886.41, while the Nifty 50 gained 24.20 points, starting the session at 25,268.95. Despite the uptick, analysts noted that market participants were in a “wait-and-watch” mode, keeping a close eye on the outcome of US economic cues and global trade decisions.
“Geopolitical risks have receded and a successful NATO summit where European states agreed to boost defence spending was seen as a positive by markets worried by US isolationism,” said Ajay Bagga, Banking and Market Exper. “Markets have moved the focus back to US Fed and the looming trade tariffs deadline of July 9th.”
Bagga added that Federal Reserve Chair Jerome Powell’s testimony was in line with expectations and failed to stir the markets. “The next leg up will be determined by US PCE number on Friday and more importantly some respite from the looming reciprocal tariffs.”
The broader market also mirrored cautious optimism. The Nifty Midcap index edged up 0.28 per cent, while the Nifty Smallcap added 0.42 per cent in the early session.
Also read: Sensex, Nifty gain 1 pc on global rally
All sectoral indices except Nifty IT opened with gains. Leading the pack was Nifty PSU Bank, rising 0.29 per cent, followed closely by Nifty FMCG (0.25 per cent), Nifty Auto (0.23 per cent), and Nifty Realty (0.15 per cent).
Among blue-chip stocks, BEL, Nestle India, JSW Steel, Bharti Airtel, and Eternal led the gainers’ list. Conversely, Dr Reddy, Tech Mahindra, Kotak Bank, ICICI Bank, Trent, and Shriram Finance emerged as top losers.
Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty continued its near-term rally yesterday, rising 200 points. Technically speaking, the price action also traced an inside day, which means that the possibility of a large, single-day, trending move is rising.”
Chinchalkar pegged immediate resistance between 25,310 and 25,360, with higher levels at 25,500, while identifying support near 24,960–25,010. “Below this, 24,800 is the level bulls must defend if a visit into the 25,500–25,800 area is coming,” he said.
Across Asia, the market mood was mixed. Japan’s Nikkei 225 rallied more than 1 per cent, while Hong Kong’s Hang Seng fell 0.3 per cent. Taiwan’s Weighted Index remained largely unchanged, up 0.19 per cent, but South Korea’s KOSPI plunged 1.86 per cent at the time of filing this report.
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