Synopsis : Indian benchmark indices opened higher on July 1, tracking positive Asian markets, with the Nifty 50 holding above 23,900 and the Sensex gaining over 150 points. Titan, Mahindra & Mahindra and Eternal led the advances, while select IT stocks remained under pressure amid mixed global cues and continued foreign fund selling.
The Nifty 50 opened 48 points, or 0.20%, higher at 23,913.55, while the BSE Sensex advanced 169 points, or 0.22%, to 76,647.80 during the opening trade.
Buying interest remained concentrated in select heavyweight stocks, although weakness in parts of the information technology sector capped broader market gains.
Titan, M&M among top gainers
Leading the early rally on the Nifty 50 were Mahindra & Mahindra, Titan, Eternal, Nestle India, and UltraTech Cement.
These stocks provided support to the benchmark indices as investors continued rotating toward domestic consumption and automobile-related names.
However, select IT stocks witnessed selling pressure, limiting the overall upside despite positive opening momentum.
Global cues remain mixed
Global markets continued to trade with a mixed bias as geopolitical tensions eased further.
Crude oil prices remained below $75 per barrel, with June witnessing the sharpest monthly decline in oil prices since March 2020. The easing in energy prices has improved inflation expectations globally, although investors continue to remain cautious about economic growth and central bank policies.
Earlier in the day, GIFT Nifty indicated a relatively subdued opening for Indian markets before domestic benchmarks moved higher after the opening bell.
Previous session ends lower
Indian markets had ended Tuesday's session in negative territory.
The Nifty 50 declined 81 points, or 0.34%, to close at 23,865.75, while the Sensex lost 250 points, or 0.33%, to settle at 76,478.67.
Wednesday's recovery therefore comes after a mildly weak previous trading session.
Gold prices ease
Gold prices remained under pressure in international markets.
On COMEX, gold traded around $4,010.90 per ounce, declining approximately 0.68%.
Domestically, 24-carat gold traded near ₹1,42,700 per 10 grams, reflecting a slight decline from the previous session.
In Delhi, 24-carat gold was quoted around ₹1,42,450 per 10 grams, while 18-carat gold traded near ₹1,07,025 per 10 grams.
Silver remains volatile
Silver prices also witnessed weakness in overseas markets.
COMEX silver declined about 1.78% to $58.42 per troy ounce, after touching its lowest levels of 2026 during the previous session.
In contrast, domestic silver prices remained firm, rising around 2.2% to approximately ₹2.28 lakh per kilogram.
Silver has remained volatile in recent months following sharp gains earlier this year driven by geopolitical uncertainty and speculative buying.
FIIs continue selling, DIIs provide support
Institutional flow data continued to reflect divergent positioning between foreign and domestic investors.
Foreign Institutional Investors (FIIs) remained net sellers on June 30, offloading equities worth approximately ₹2,556.75 crore.
Domestic Institutional Investors (DIIs), however, continued to absorb selling pressure by purchasing equities worth nearly ₹6,842.34 crore, helping stabilize overall market sentiment.
Dollar index strengthens
The US Dollar Index (DXY) traded marginally higher around 101.30, gaining approximately 0.14%.
Meanwhile, the Indian rupee weakened slightly, ending Tuesday's session at 94.66 against the US dollar.
A stronger dollar continues to remain an important factor influencing global capital flows and emerging market currencies.
Sectoral performance
Among sectoral themes during Tuesday's session, Gems & Jewellery stocks delivered the strongest performance, registering gains of nearly 2.9% in market capitalization.
Shipbuilding and sugar-related companies also witnessed buying interest.
On the other hand, Tea and Coffee stocks emerged as the weakest-performing segment, declining around 2.5%.
Investors will continue monitoring sector rotation as domestic earnings season approaches and global macroeconomic developments unfold.
Disclaimer : This market update is intended solely for informational and educational purposes and should not be construed as investment advice or a recommendation to buy or sell any security. Market movements are influenced by domestic and global economic developments, institutional flows and investor sentiment. Readers should conduct their own research and consult a SEBI-registered investment advisor before making any investment decisions.
