Market ends with substantial gains; Nifty settles below 24,400 level

The domestic equity benchmarks ended sharply higher on Monday, extending their winning streak to a fourth consecutive session, supported by strong buying in heavyweight banking and financial stocks, easing crude oil prices, and sustained foreign institutional investor (FII) inflows. Positive global cues and optimism over healthy first-quarter business updates from lenders further boosted investor sentiment, with the Nifty closing comfortably above the 24,400 mark.

As per provisional closing data, 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%.

The broader market underperformed 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.

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

Among the sectoral indices, the Nifty Realty index (up 1.81%), the Nifty Consumer Durables index (up 1.48%) and the Nifty Auto Index (up 1.36%) outperformed the Nifty 50 index.

Meanwhile, the Nifty Media index (down 0.95%), Nifty PSU Bank index (down 0.88%) and the Nifty IT Index (down 0.59%) the underperformed the Nifty 50 index.

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.

Global Markets:

European shares traded higher on Monday as investors paused to catch their breath following a solid week, shifting focus to a barrage of central bank commentary and critical economic data scheduled for later in the week.

Producer prices in the Euro Area rose 0.2% month-on-month in May 2026, in line with expectations, following a revised 0.7% increase in April. The increase was moderated by a 1% decline in energy prices, while annual producer inflation accelerated to 5.9%, the highest since March 2023.

Eurozone retail sales rose 0.2% month-on-month in May 2026, rebounding from a revised 0.3% decline in April and broadly matching expectations. On a year-on-year basis, retail sales increased 1.6%, supported by higher sales of food, drinks and tobacco.

Asian markets ended mixed as easing oil prices promised relief from inflationary pressures.

While there were no new developments in the fractious U.S.-Iran peace talks, ships are passing through the Strait of Hormuz, with 160 vessels reported from Monday to Saturday last week.

OPEC+ also agreed to a further increase in output targets by 188,000 barrels per day from August, on top of similar increases for June and July. As a result, Brent slipped 0.6% to near four-month lows at $71.70 a barrel, and U.S. crude lost 0.5% to $68.38.

The cooling in energy costs combined with a softer U.S. payrolls report led markets to scale back the risk of a Federal Reserve rate hike in the near term, with futures implying a 78% chance of a steady outcome at the July 29 meeting.

Minutes of the ⁠Fed's last meeting are due on Wednesday and should offer colour on the hawkish turn by some board members, though that preceded the recent slide in oil.

The US equity markets remained shut on Friday (July 03) in observance of Independence Day.

The Dow Jones Industrial Average scaled to record highs on Thursday as investors reacted to a weaker-than-expected nonfarm payrolls report for June, while the Nasdaq Composite languished as semiconductors struggled once again.

The 30-stock average added 594.83 points, or 1.14%, for a record close of 52,900.07. The index hit a new all-time intraday high of 52,903.85. The S&P 500 rose less than 1 point to end at 7,483.24, while the Nasdaq dropped 0.8% to 25,832.67.

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