Nifty trades above 24,000 in early trade; breadth strong

The key equity benchmarks traded with minor gains in early trade, supported by the peace agreement between the United States and Iran. Investors sentiment boosted as crude oil prices fell below $80 per barrel. The appreciation of rupee supported risk appetite of investors. Market participants will closely monitor the key decisions emerging from the G7 Summit, as well as monsoon developments, FII activity, and inflation trends for directional cues. Nifty traded above the 24,000 level.

Consumer durables, IT and media shars advanced while metal, realty and auto shares declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex advanced 58.36 points or 0.08% to 76,866.84. The Nifty 50 index jumped 19.05 points or 0.08% to 24,011.40.

In the broader market, the BSE 150 MidCap Index gained 0.09% and the BSE 250 SmallCap Index added 0.36%.

The market breadth was strong. On the BSE, 1,820 shares rose and 1,032 shares fell. A total of 163 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 749.18 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 0.06 crore in the Indian equity market on 16 June 2026, provisional data showed.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.12% to 6.858 compared with previous session close of 6.866.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.3900 compared with its close of 94.6000 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement shed 0.20% to Rs 152,792.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 99.53.

The United States 10-year bond yield rose 0.16% to 4.428.

In the commodities market, Brent crude for August 2026 settlement fell 20 cents or 0.25% to $78.76 a barrel.

Stocks in Spotlight:

Wipro advanced 1.26% after the company announced the launch of its Applied AI Center of Excellence (CoE) for Claude models powered by Anthropic, reinforcing its commitment to accelerating enterprise AI adoption and impact. The CoE, a key initiative under the company's AI-Native Business & Platforms Unit, is aimed at scaling enterprise AI adoption and embedding AI capabilities into core business workflows across industries.

Nykaa added 2.33% after the company announced a partnership with OpenAI to enhance shopping experiences through artificial intelligence and enable users to access its product catalogue directly via ChatGPT. The collaboration aims to improve product discovery and customer engagement through AI-powered solutions.

Bharat Forge shed 0.08%. The company announced that its subsidiary, Kalyani Strategic Systems (KSSL), in collaboration with Paramount, showcased the Simha 4x4, a next-generation light armoured multi-purpose vehicle, at Eurosatory 2026.

Global Markets:

Asia markets traded mostly lower Wednesday as traders looked ahead to the US central bank?s interest rate decision.

Wednesday?s Federal Open Market Committee meeting marks the first one with new Chairman Kevin Warsh at the helm of the U.S. central bank. Investors are largely expecting that the Fed will keep interest rates unchanged at a target range of 3.5% to 3.75%.

Meanwhile, Japan?s exports in May grew at their fastest pace since November 2022, rising 17% year on year, driven by robust demand for cars and semiconductors. Growth was higher than the 16.2% figure that was widely reported in the media, and up from the 14.8% in April.

Overnight on Wall Street, the Dow Jones Industrial Average rose to a record high on Tuesday as investors rotated out of chipmakers and into cyclical stocks amid declining oil prices.

The 30-stock index advanced 328.64 points, or 0.64%, for a record close of 51,999.67. It scored a new all-time intraday high of 52,190.29 in the session. The S&P 500 fell 0.57% and ended at 7,511.35, while the Nasdaq Composite pulled back 1.15% to 26,376.34.

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