Taking cues of easing geopolitical tensions, equity indices surged in early trade after a mutued opening. However, market experts believe investors would embrace a wait-and-watch approach.

Sensex zoomed 515.22 pts or 0.62 per cent to 83,270.73 as at 9.56 am after opening at 82,882.92, and Nifty 50 soared 162.45 pts or 0.64 per cent to 25,407.20.

In line with Asian markets, the benchmark indices opened flat on Thursday after soaring in the last two trading sessions on easing tensions in the West Asia.

Sectoral indices traded in a mix, realty stocks shed over 1 per cent. Nifty defence index gained traction after downward trend observed in previous trading sessions. The broader midcap index was muted while the smallcap index traded with marginal gains.

Top gainers & losers today

Among Nifty 50, Jio Financial Services, Bajaj Finance, Grasim Industries and Bharti Airtel traded as top gainers, while Dr Reddy’s Laboratories, Hero Motocorp, Trent, Tech Mahindra, M&M and Eicher Motors declined.

About 1,625 stocks advanced and 808 declined of all the 2,498 stocks that were traded on the National Stock Exchange. 40 stocks including Aditya Birla Capital, Bharti Airtel, AU Small Finance, EID Parry, Hyundai and HDFC Life hit 52-week high and 15 stocks hit 52-week low.

Websol Energy and Dolphin Offshore Enterprises featured among 49 stocks that hit the upper circuit. Nearly 18 stocks hit the lower circuit.

Among the midcap index, Tube Investments, Aditya Birla Capital, Escorts, SAIL and Suzlon rose over 2 per cent, while Colgate, UPL, Oberoi Realty, Prestige and Vishal Mega Mart declined 1-2 per cent.

Shares of Newgen Software, Godfrey Phillips, Trident, Nuvama and Tejas Networks surged 3-5 per cent among smallcap.

In addition, defence stocks such as Data Patterns, Paras Defence, Midhani, BEML and BEL rose in early trade.

Impact

Global markets are in a risk-on mode amid ceasefire between Israel-Iran, said, Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

US markets staged mixed trend on Wednesday. Brent crude climbed 0.22 per cent to $67.83 a barrel. FIIs offloaded equities worth ₹2,427.74 crore and DIIs bought stocks worth ₹2,372.96 crore, exchange data show. BSE Sensex settled 700 pts higher on Wednesday and Nifty 50 climbed 200 pts.

In the near-term, market focus will be on what transpires around July 9 when the 90-day pause of the reciprocal tariff ends. Positive news on a potential India-US deal will be a shot in the arm for the market. Disappointment on this front will constrain the rally. 

“FIIs are likely to press selling in the market since Indian valuations have got stretched at above 22 times estimated FY 26 earnings while the PE for Chinese stocks ( Hang Seng Index) is around 15. This kind of differential in valuations may revive the ‘Sell India, Buy China’ strategy of the FIIs. However, since DIIs are sitting on huge liquidity, the potential FII selling is likely to have negligible impact on the market,” Vijayakumar added.

Technically, Anand James, Chief Market Strategist, Geojit Investments Limited, said, While we have not taken our eyes off upsides, the lack of momentum call for caution. If dips unfold first, expect them to be contained within the 25173-127 region. Downside marker may be placed in the 25014-24940 vicinity. Alternatively, if an outright rise evolve first, expect consolidation initially near 25330, post which, expect a surge to 25460-550.

Immediate resistance, as per Akshay Chinchalkar, Head of Research, Axis Securities, sits inside the 25310 - 25360 zone and higher at 25500, while immediate support rests between 24960 and 25010. Below this, 24800 is the level bulls must defend if a visit into the 25500 - 25800 area is coming. 

Shrikant Chouhan, Head Equity Research, Kotak Securities, said the Bank Nifty would remain within a narrow trading range of 56800 and 56400 levels. 

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Published on June 26, 2025