Indian equity benchmarks experienced a firm start on Monday, with the BSE Sensex opening about 200 points higher, testing 77,950, while the NSE Nifty50 started above 24,300, climbing 32 points as of 9:03 AM. According to latest reports, the GIFT Nifty was trading at 24,326, down 36 points, suggesting investors are adopting a cautious stance ahead of the release of the US Federal Reserve's June meeting minutes later this week. The upbeat start comes as investors assess easing concerns over global energy supplies and developments in overseas markets, with Asian markets advancing across the region as South Korea's Kospi gained around 0.6% and China's CSI 300 also traded in positive territory. The positive performance follows a relatively stable close on Wall Street and easing crude oil prices.
Marico delivered robust first-quarter results with the company expecting consolidated revenue growth in the low-twenties percentage range, driven by strong performance across core, digital and international businesses. As reported by The Economic Times, the maker of Parachute coconut oil and Saffola edible oils achieved double-digit underlying volume growth in India business, reaching a multi-quarter high. Tata Motors PV reported exceptional growth with total sales rising 46% year-on-year in Q1 FY27, selling 1,82,574 passenger vehicles compared to 1,24,809 units in the year-ago period, driven by robust demand for new launches and continued strength in electric vehicles. Among sectoral indices, auto, realty, consumer durables and metal gained around 1% each, while capital goods, power, telecom and PSU banks declined between 0.4% and 0.7%.
Adani Enterprises launched its qualified institutional placement (QIP) to raise funds from institutional investors, fixing a floor price of ₹3,034.68 per equity share for the issue. According to The Economic Times, the company's QIP Committee approved the opening of the issue on July 2 and adopted the preliminary placement document. Meanwhile, PB Fintech saw Temasek arm Mac Ritchie Investments likely to sell 1.19 crore shares (2.6% equity) for approximately ₹1,908 crore. In the banking sector, State-owned Punjab National Bank (PNB) and Bank of India reported significant credit growth with PNB's loans rising to ₹12.75 lakh crore from ₹11.29 lakh crore in the first quarter of the last financial year. CSM Technologies made a weak stock market debut, listing at ₹113 before ending 5% lower at ₹107.35 on its first day of trading.
The IT sector's rally was driven by short covering as well as growing confidence that Indian technology companies will continue to play a key role in enterprise AI adoption, as reported by The Economic Times. Infosys, Tata Consultancy Services, Tech Mahindra and HCL Technologies featured among the top gainers on the Nifty 50, alongside Bajaj Finserv. However, Max Healthcare, Larsen & Toubro, Nestlé India, Axis Bank and Tata Motors Passenger Vehicles ended among the top losers. According to Vinod Nair, Head of Research at Geojit Investments, easing tensions around the Strait of Hormuz pushed crude oil prices lower, improving the outlook for inflation and global growth. He noted that optimism surrounding the India-Japan Summit, including expectations of progress on trade, defence, semiconductor manufacturing, artificial intelligence cooperation, a proposed rupee-yen settlement framework and stronger bilateral capital flows also boosted market confidence.
Crude oil prices continued to soften after OPEC+ agreed to raise production from August, extending the output increases announced for June and July, with Brent crude futures slipping nearly 0.5% to around $71.78 per barrel as expectations of higher supply outweighed concerns over geopolitical risks. The continued decline in crude prices is generally viewed as positive for India, helping ease inflationary pressures, reduce the country's import bill and improve the outlook for sectors that are heavily dependent on fuel. Meanwhile, precious metals extended their gains after weaker-than-expected US employment data strengthened expectations that the Federal Reserve may refrain from raising interest rates in the near term, with gold futures climbing more than 2% and silver futures advancing over 3.5% in early trade. The Indian rupee erased its opening gains to close 15 paise lower at 95.39 against the US dollar, as reported by The Economic Times, with Jateen Trivedi noting the rupee remained under pressure due to continued foreign institutional investor outflows.
