The frontline equity benchmarks traded with modest gains in mid-afternoon trade, tracking positive global cues after weaker-than-expected US jobs data strengthened expectations of a Federal Reserve interest rate cut at its upcoming policy meeting. Improved global risk sentiment supported broad-based buying, with IT stocks leading the advance on hopes of a more accommodative US monetary policy.
The Nifty traded above the 24,250 mark. Metal shares extended gains for the second consecutive trading session.
At 14:30 ST, the barometer index, the S&P BSE Sensex jumped 289.67 points or 0.37% to 77,791.79. The Nifty 50 index rose 97.55 points or 0.40% to 24,273.25.
In the broader market, the BSE 150 MidCap Index fell 0.24% and the BSE 250 SmallCap Index rose 0.06%.
The market breadth was positive. On the BSE, 2,150 shares rose and 2,020 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, fell 3.11% to 11.91.
In the commodities market, Brent crude for September 2026 settlement rose 4 cents or 0.06% to $71.84 a barrel.
Economy:
India's services sector remained in expansion mode in June, although growth lost momentum amid challenging market conditions and softer client demand. The seasonally adjusted HSBC India Services PMI Business Activity Index eased to 57.4 in June from 59.8 in May, marking the weakest pace of expansion in 17 months, while remaining well above the 50-point threshold that separates growth from contraction. Hiring activity was largely stagnant, business confidence weakened, and cost pressures eased, while new export orders grew at the fastest pace in three months.
Buzzing Index:
The Nifty Metal index jumped 0.71% to 12,592.90. The index rallied 1.59% in two consecutive trading sessions.
National Aluminium Company (up 4.33%), Hindustan Zinc (up 1.96%), Hindustan Copper (up 1.67%), Tata Steel (up 1.53%), Jindal Steel (up 1.41%), Vedanta (up 1.34%), Jindal Stainless (up 0.94%), Steel Authority of India (up 0.87%), Hindalco Industries (up 0.84%) and NMDC (up 0.62%) advanced.
On the other hand, Welspun Corp (down 4.58%), Lloyds Metals & Energy (down 1.42%) and APL Apollo Tubes (down 0.66%) edged lower.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 0.30% to 6.733 as compared with previous close 6.713.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.3225 compared with its close of 95.3550 during the previous trading session.
MCX Gold futures for 5 August 2026 settlement added 1.43% to Rs 147,850.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 100.48.
The United States 10-year bond yield shed 0.13% to 4.472.
Stocks in Spotlight:
Zydus Lifesciences gained 3.03% after the company signed memorandum of understanding (MoU) with Apollo Hospitals to introduce Shield, Multi-Cancer Detection (MCD) test available in India.
Maharashtra Seamless rose 0.73%. The company announced that Arup Mandal has resigned from the position of chief financial officer (CFO) of the company with effect from the close of business hours on 2 July 2026.
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