The Indian equity benchmarks edged higher on Wednesday, July 1, mirroring positive trend in other Asian markets following a strong closing of US markets overnight.
The SENSEX rose as much as 219 points and NIFTY50 index touched an intraday high of 23,935 led by gains in index heavyweights like Mahindra & Mahindra, Reliance Industries, Eternal, Titan, Infosys and Hindustan Unilever.
As of 9:28 am, the SENSEX was up 213 points at 76,684 and NIFTY50 index rose 54 points to 23,923.
Most of the Asian markets were trading higher following strong closing of US markets. Japan’s Nikkei rose 0.4%, China’s Shanghai Composite advanced 0.5% while Hong Kong’s Hang Seng index declined 0.63%.
US stocks ended higher on Tuesday on the back of stronger than expected US job openings data which showed resilience in the US economy.
Dow Jones Industrial Average advanced 0.26%, S&P 500 index gained 0.8% and tech heavy Nasdaq climbed 1.5%.
The number of job openings in United States remained unchanged at 7.6 million in May while job openings for the month of April was revised down by 33,000, according to US Bureau of Labor Statistics.
Back home, 12 of 15 major sector gauges compiled by the National Stock Exchange (NSE) were trading higher led by the NIFTY Media index’s 2.7% gain. NIFTY FMCG, Auto, Realty and Consumer Durables indices also rose between 0.6% and 1.3%.
On the flip side, select financial services, PSU banking, metal, pharma and healthcare shares were facing selling pressure.
Broader markets were in line with their larger peers as NIFTY Midcap 100 index rose 0.24% and NIFTY Smallcap 100 index advanced 0.5%.
Among the individual shares, KPIT Technologies dropped 15% to ₹570.80 after the company on Tuesday said it expects the financial performance for Q1 FY27 to be lower-than-expected previously, owing to a sudden drop in revenues over the last few weeks.
It warned of an expected decline of about one per cent in USD-reported revenues for Q1 FY27 as compared to Q1 FY26, primarily due to “sudden actions by some European OEMs triggered by their recent profit warnings and adverse business outlook”.
RITES jumped as much as 10% to hit an intraday high of ₹224.50 after the company said that it received work of Project Management Consultancy services for planning, design and development of infrastructural facilities and other related works in campus of Babasaheb Bhimrao Ambedkar University (BBAU) on cost plus PMC fee basis.
Nestle India was top gainer in the NIFTY50 index, the stock rose 2.9% to ₹1,445.
Hindustan Unilever, Mahindra & Mahindra, Titan, Tata Consumer Products, Eternal, Maruti Suzuki, Bajaj Auto and Ultratech Cement also rose between 1.3% and 2.5%.
On the other hand, Tech Mahindra, Bajaj Finserv, Dr Reddy’s Labs, HDFC Life, Cipla, Larsen & Toubro and Tata Steel were top losers in the NIFTY50 index.
The overall market breadth was positive as 1,924 shares were advancing while 907 were declining on the NSE.