Nifty reclaims 24,000 as auto, FMCG stocks drive market rebound
Benchmark indices snapped a two-day losing streak on Wednesday, supported by broad-based buying in auto, FMCG and financial stocks, while IT shares remained under pressure following KPIT Technologies' weak Q1 FY27 outlook. The Nifty reclaimed the 24,000 mark, while broader markets also ended higher. Positive global cues and value buying in beaten-down large-cap stocks lifted overall market sentiment.
The S&P BSE Sensex jumped 443.97 points or 0.58% to 76,922.64. The Nifty 50 index added 140.10 points or 0.59% to 24,005.85. In the past two consecutive trading sessions, the Sensex dropped 0.80% while the Nifty fell 0.79%.
Eternal (up 5.82%), State Bank of India (up 1.62%) and Reliance Industries (up 0.97%) boosted the Nifty higher today.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index rose 0.29% and the BSE 250 SmallCap Index added 0.19%.
The market breadth was positive. On the BSE, 2,222 shares rose and 2,059 shares fell. A total of 179 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.62% to 13.24.
Economy:
India's HSBC Manufacturing Purchasing Managers' Index (PMI) eased to 54.2 in June from 55.0 in May, indicating that manufacturing activity expanded at its second-slowest pace since mid-2022. Despite the moderation, business conditions remained firmly in expansion territory and broadly in line with the long-term average.
Meanwhile, India's gross Goods and Services Tax (GST) collections rose 13.9% year-on-year to Rs 1.95 lakh crore in June 2026 from Rs 1.71 lakh crore a year earlier, supported by healthy domestic demand and strong import growth. Net GST collections increased 11.2% to Rs 1.62 lakh crore despite a sharp rise in refunds, while GST revenue from imports surged 34.6% year-on-year.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 0.06% to 6.757 as compared with previous close 6.753.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.2350 compared with its close of 94.5600 during the previous trading session.
MCX Gold futures for 5 August 2026 settlement fell 0.51% to Rs 141,800.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.21% to 101.38.
The United States 10-year bond yield jumped 1.02% to 4.467.
In the commodities market, Brent crude for September 2026 settlement fell 58 cents or 0.80% to $72.37 a barrel.
Global Markets:
US Dow Jones futures fell 110 points, indicating a weak start for Wall Street later on Wednesday.
Most European indices traded lower as investors remained cautious ahead of a closely watched panel discussion featuring global central bank leaders, including US Federal Reserve Chair Kevin Warsh. Market participants looked for fresh cues on the interest rate outlook. Sentiment remained subdued despite eurozone inflation easing to 2.8% in June from 3.2% in May, below market expectations of 3.0%.
Asian indices ended mixed at the start of the new quarter as investors weighed uncertainty surrounding US-Iran negotiations, rising US Treasury yields and upcoming US economic data. Optimism over the approaching earnings season, however, helped limit losses.
Iran said on Tuesday it would not meet senior US officials who had travelled to the region, with both sides remaining far apart on a framework to fully reopen the Strait of Hormuz.
US Treasury yields climbed overnight as investors pared expectations of near-term Federal Reserve rate cuts ahead of the closely watched US jobs report due on Thursday.
Investors also kept a close watch on the Japanese yen, which weakened to a fresh 40-year low of 162.28 against the US dollar, fuelling speculation of possible intervention by Japanese authorities.
Overnight, Wall Street ended higher, led by gains in semiconductor stocks, capping a strong first half of the year. The Dow Jones Industrial Average rose 136.46 points, or 0.26%, to a record close of 52,319.20. The S&P 500 advanced 0.79% to 7,499.36, while the Nasdaq Composite climbed 1.52% to 26,213.72.
New Listing:
Shares of Waterways Leisure Tourism were at Rs 667.35 on the BSE, representing a discount of 17.41% as compared with the issue price of Rs 808.
The stock debuted at Rs 690, marking a discount of 14.6% to the issue price. The stock has hit a high of Rs 722 and a low of Rs 623.30. On the BSE, over 3.01 lakh shares of the company were traded in the counter.
Shares of Advit Jewels were at Rs 178.15 on the BSE, representing a premium of 29.09% as compared with the issue price of Rs 138.
The stock debuted at Rs 187, marking a premium of 35.51% to the issue price. The stock has hit a high of Rs 190 and a low of Rs 177.65. On the BSE, over 10.49 lakh shares of the company were traded in the counter.
Auto Sales:
Ola Electric Mobility advanced 2.65% after the company announced that it has registered 43,719 vehicles in Q1 FY26, nearly doubling from 22,252 vehicles in Q4 FY25, according to VAHAN data.
Ashok Leyland advanced 2.76% after the company reported a 25.18% increase in total vehicle sales (domestic and exports) to 19,194 units in June 2026, compared with 15,333 units sold in June 2025.
Escorts Kubota rose 0.18%. The company reported a 19.1% year-on-year increase in tractor sales for June 2026, with total volumes rising to 13,695 units compared to 11,498 units in June 2025.
Steel Strips Wheels (SSWL) jumped 7.16% after the company reported a net turnover of Rs 479.87 crore for June 2026, marking a 36.84% year-on-year (YoY) increase compared to Rs 350.67 crore recorded in June 2025.
VST Tillers Tractors rose 2.85%. The company reported a 3.02% year-on-year increase in total sales for June 2026, with overall volumes rising to 8,107 units from 7,869 units in June 2025.
SML Mahindra slipped 3.37%. The company said that it had sold 1,930 units in June 2026, registering a growth of 3% from 1,871 units sold in the same period last year.
Stocks in Spotlight:
KPIT Technologies slumped 16.46% after the company said it expects Q2 FY27 revenue to remain in a similar range as Q1 FY27, indicating that the near-term weakness in demand is likely to persist. In a clarification to the stock exchanges, the company said the expected impact on Q1 FY27 revenue stems from multiple client actions. While it continues to see growth opportunities, it expects Q2 FY27 revenue to be broadly in line with Q1 FY27.
Paisalo Digital climbed 19.12% after the promoter shareholding in the company increased to 46.72% in Q1 FY27 from 41.75% in FY26 following a series of open-market acquisitions.
GNG Electronics was locked in 5% upper circuit after the company entered into a strategic pan-India distribution partnership with Redington.
RITES zoomed 12.86% after it received a Project Management Consultancy (PMC) order worth Rs 175.41 crore from Babasaheb Bhimrao Ambedkar University (BBAU).
EPACK Durable advanced 2.41% after the company received approval from the Government of Andhra Pradesh for a tailor-made incentive package under the Mega Category of the Andhra Pradesh Electronics Manufacturing Policy (4.0).
ZF Commercial Vehicle Control Systems India declined 3.24% after the company said its chief financial officer (CFO) & key managerial personnel (KMP), Sweta Agarwal, has resigned effective from the close of business hours on 30 June 2026.
VA Tech WABAG rallied 3.58% after it has secured a large international order from the City of Vienna's Municipal Department MA 31 ? Wiener Wasser for the expansion of the Donauinsel Water Works in Vienna, Austria.
Transformers & Rectifiers (India) rose 1.69% after the company received an ultra-mega order from Power Grid Corporation of India (PGCIL) for the manufacturing of transformers of various ratings, along with all associated works.
Zaggle Prepaid Ocean Services added 1.25% after it has entered into a five-year agreement with Hindustan Petroleum Corporation (HPCL) for its flagship Drive Track Plus fleet programme.
Initial Public Offer (IPO):
Knack Packaging received bids for 4,92,00,448 shares as against 1,89,64,018 shares on offer, according to stock exchange data at 16:57 IST on 1 July 2026. The issue was subscribed 2.59 times.
The issue opened for bidding on 01 July 2026 and it will close on 03 July 2026. The price band of the IPO is fixed between Rs 161 and 170 per share. An investor can bid for a minimum of 88 equity shares and multiples thereof.
Aastha Spintex received bids for 6,30,93,690 shares as against 1,36,00,000 shares on offer, according to stock exchange data at 16:57 IST on 1 July 2026. The issue was subscribed 4.64 times.
The issue opened for bidding on 29 June 2026 and it will close on 01 July 2026. The price band of the IPO is fixed between Rs 125 and 136 per share. An investor can bid for a minimum of 110 equity shares and multiples thereof.
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