Image Source : FILE Stock market update for July 2

Stock markets update: Equity benchmark indices opened higher in early trade on Tuesday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 364 points to 79,840. Meanwhile, the Nifty was also up by 95 points to 24,236. 

In the market today, several key companies on the Sensex showed gains, including HCL Tech, Bharti Airtel, TCS, L&T, Infosys, HDFC Bank, SBI, and Tech Mahindra. However, Titan, JSW Steel, Sun Pharma, and Ultratech Cement faced declines. Meanwhile on the NSE, ONGC, Coal India, and Wipro saw increases, while Tata Motors, Bajaj Finance, and HDFC Life experienced losses during early trading hours.

In broader indices, the MidCap index edged up by 0.26 per cent, indicating moderate growth, while the SmallCap index showed a more substantial gain of over 0.58 per cent, signalling optimism prevailing in the market sentiment.

On July 1, the Indian market benchmarks made a recovery from last week’s downturn on Monday, July 1, regaining most of Friday’s losses. The Nifty 50 maintained above 24,000 levels, closing at 24,142 with a gain of 131 points. The Sensex also showed strength, rising by 443 points to end the day at 79,476. Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository Limited (NSDL). The net investment by FPIs stood at Rs 16,672.2 crore during the last week, with a notable surge on Friday alone amounting to Rs 6,966.08 crore. This uptick marks a turnaround in FPI sentiment for the month.

Rupee against dollar 

Meanwhile, the rupee depreciated 12 paise to 83.56 against the US dollar in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices. Forex traders said oil importers and foreign portfolio investors (FPIs) bought US dollars amid rising US yields, and this dragged down the local unit. At the interbank foreign exchange market, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level.

(With inputs from agencies)

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