Market Commentary End Session News Details

Nifty closes above 24,400 as rally extends to fourth straight session

(06-Jul-26   16:48)

Benchmark indices extended gains for a fourth straight session on Monday, supported by broad-based buying. Encouraging Q1 business updates, easing crude oil prices, improving monsoon progress and receding geopolitical concerns lifted sentiment. The Nifty closed above the 24,400 mark. Auto, consumer durables, oil & gas and metal stocks led the gains, while IT and PSU bank shares ended lower. Broader market also remained firm, reflecting sustained buying interest.

The S&P BSE Sensex jumped 521.16 points or 0.67% to 78,285.07. The Nifty 50 index rose 159.50 points or 0.66% to 24,430.35. In the four consecutive trading sessions, the Sensex rallied 2.36% while the Nifty jumped 2.36%.

HDFC Bank (up 3.36%), Reliance Industries (up 1.36%) and ICICI Bank (up 1.07%) boosted the Nifty higher today.

The broader market lagged the frontline indices. The BSE 150 MidCap Index gained 0.47% and the BSE 250 SmallCap Index added 0.37%.

The market breadth was negative. On the BSE, 2,055 shares rose and 2,286 shares fell. A total of 210 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.16% to 11.82.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.42% to 6.679 compared with previous session close of 6.707.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.4000 compared with its close of 95.1850 during the previous trading session.

MCX Gold futures for 05 August 2026 settlement declined 0.32% to Rs 146,901.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.21% to 100.83.

The United States 10-year bond yield declined 0.42% to 4.460.

In the commodities market, Brent crude for July 2026 settlement rose 4 cents or 0.06% to $71.91 a barrel. Oil prices eased after OPEC+ agreed to raise production by another 188,000 barrels per day from August, following similar increases in June and July.

Global Market:

Most European shares traded lower on Monday as investors turned cautious after last week's strong rally, with attention shifting to a packed week of central bank commentary and key economic data.

In the Eurozone, producer prices rose 0.2% month-on-month in May, in line with expectations, after a revised 0.7% increase in April. Annual producer inflation accelerated to 5.9%, the highest since March 2023, despite a 1% decline in energy prices. Meanwhile, retail sales rebounded 0.2% in May after a revised 0.3% decline in April, while annual retail sales growth stood at 1.6%, supported by higher food, drinks and tobacco sales.

Asian shares ended mixed as easing crude oil prices improved the inflation outlook. There were no fresh developments in the U.S.-Iran talks, while shipping through the Strait of Hormuz remained largely unaffected, with about 160 vessels transiting the route between Monday and Saturday last week.

Lower energy prices, coupled with a softer U.S. payrolls report, reinforced expectations that the Federal Reserve will keep interest rates unchanged this month. Futures currently indicate a 78% probability of no rate change at the Fed's 29 July meeting. Investors now await the minutes of the Fed's latest policy meeting on Wednesday for further clues on the central bank's rate outlook.

U.S. markets were closed on Friday for the Independence Day holiday. On Thursday, the Dow Jones Industrial Average climbed 1.14% to a record closing high of 52,900.07 after weaker-than-expected June payrolls data boosted hopes of lower interest rates. The S&P 500 ended little changed at 7,483.24, while the Nasdaq Composite fell 0.8% to 25,832.67 as semiconductor stocks remained under pressure.

New Listing:

Shares of Aastha Spintex settled at Rs 136.45 on the BSE, a premium of 0.33% compared with the issue price of Rs 136.

The stock debuted at Rs 130, marking a discount of 4.41% to the issue price. The stock has hit a high of Rs 136.45 and a low of Rs 130. On the BSE, over 3.04 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Supriya Lifescience declined 11.34% after the company disclosed that judicial proceedings have been initiated against a senior employee by the Special Investigation and Intelligence branch of the Customs Department.

IndusInd Bank jumped 3.76% after the bank's deposits jumped 4.5% to Rs 4,14,992 crore as on 30th June 2026 compared with Rs 3,97,144 crore as on 30th June 2025.

HDFC Bank rose 3.36% after the company reported its business update for the quarter ended 30 June 2026. For the quarter ended 30 June 2026, average advances under management (including interbank participation certificates, bills rediscounted, and securitization/assignment) increased 10.8% year-on-year (YoY) and 2.5% quarter-on-quarter (QoQ) to Rs 30,38,600 crore.

Karur Vysya Bank rose 4.87% after it reported a 15.94% year-on-year increase in total business to Rs 2,27,265 crore as of 30 June 2026.

Bank of Maharashtra fell 2.29%. The company reported a 19% year-on-year (YoY) rise in its total business to Rs 6.51 lakh crore as of 30 June 2026. The bank's total deposits grew 13% YoY to Rs 3.44 lakh crore from Rs 3.05 lakh crore a year earlier.

Bandhan Bank added 4.06% after the company reported total deposits increased 6.6% year-on-year (YoY) to Rs 1,64,886 crore as of 30 June 2026, compared with Rs 1,54,666 crore as of 30 June 2025.

Dixon Technologies (India) surged 6.93% to Rs 13,319 after a foreign brokerage reiterated its 'Buy' rating on the stock and raised its target price to Rs 16,200.

Fermenta Biotech surged 13.78% after the company announced that its plant-based Vitamin D3 (Cholecalciferol), marketed under the brand VITADEE Green, has received FSSAI approval. The approval enables Indian food and supplement manufacturers to use VITADEE Green in fortified foods, beverages, dietary supplements and nutraceutical products.

Faalcon Concepts hit the 20% upper circuit after the company secured a Rs 101.93 crore work order from Splendor Information Technology. The order is valued at more than three times the company's BSE market capitalisation of approximately Rs 33.45 crore, highlighting its significance.

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