a day ago
Indian stock indices rise at open, supported by hopes of a trade agreement with the US and gains across Asian markets
Shares of Punjab National Bank fell over 1 percent on July 3 after its Q1FY26 business update disappointed analysts' hopes. Brokerages including Citi and Morgan Stanley cited muted loan growth and soft deposit momentum in the April–June period.
Indian markets are trading marginally higher as President Trump said that the US and Vietnam have reached a trade deal that will bring down the tariff at 20 per cent from 46 per cent. This move raised hopes that the effective tariff rate of India could stabilise at 15-18 per cent.
'The Asian market is waiting for a trigger to take the Nifty to the all-time high of 26,277.35. All eyes are on the US June nonfarm payrolls data that will come on Thursday and the numbers are expected to be weak, which will lead to the hopes of Fed rate cuts revive. If the number is good, the chances of Fed rate cuts may recede,' Prashanth Tapse, senior VP (research), Mehta Equities Ltd, told Financial Express Online.
Among the Sensex firms, Asian Paints, Tata Steel, Infosys, Mahindra & Mahindra, Eternal and Tata Motors were the biggest gainers.
Market capitalisation stands at Rs 324,838.32 crore.
Nifty would trade in the range of 25,200-25,800 for some more time till a trigger comes in which takes the index out of this range. If it is a positive trigger, then it can be from an India-US trade deal that is likely to be announced in a couple of days, V.K. Vijayakumar, chief investment strategist, Geojit Investments Limited, told Financial Express Online.
With total capex for the expansion programmes to exceed Rs 750 crore over the next few years, the company has already commenced a few projects.
