CHENNAI: Indian markets opened slightly higher on Tuesday, supported by gains in Asian equities and improved global sentiment ahead of the upcoming US tariff deadline on July 9. The Sensex rose 118 points to 83,724 at the opening bell, while the Nifty 50 added 18 points to reach 25,535.
This positive start reflected a 0.6% rise in the MSCI Asia ex-Japan index and followed a strong finish on Wall Street, fueled by hopes of progress in U.S. trade talks. Meanwhile, oil prices edged lower on expectations of increased output from OPEC+—a welcome sign for India, which relies heavily on crude imports.
Additionally, oil prices declined on expectations of an OPEC+ output increase—a favorable development for India, which is a major crude importer. The US dollar softened ahead of key US economic data and an upcoming vote on President Trump’s fiscal reforms, which also supported emerging markets like India.
On the domestic front, sentiment was supported by hopes for a breakthrough in India–US trade talks. Investors are closely watching for any early resolution ahead of the July 9 deadline.
Among stocks in focus, Apollo Hospitals gained over 4% in early trade following news of a planned spin-off and listing of its digital health and pharmacy unit within the next 18–21 months. The parent company plans to retain a 15% stake in the new entity.
Auto sector stocks also drew attention following the release of monthly sales figures, which were mixed. Other notable gainers in early trade included HCL Technologies, BEL, Federal Bank, and JK Cement, with sector rotation favoring IT, banks, and industrials.
The rupee opened 15 paise stronger at 85.61 per US dollar, benefiting from a weaker greenback and steady inflows. Meanwhile, GIFT Nifty futures were trading modestly higher, indicating a slightly positive outlook for the day.
Technical analysts expect the Nifty to find support near 25,500–25,550 and face resistance near 25,700. The Bank Nifty showed signs of mild profit-taking after a narrow trading range in the previous session.
Despite June ending on a subdued note for the markets, brokerages remain optimistic about July, with many forecasting new highs for the Nifty. The outlook is underpinned by strong macro fundamentals, cooling inflation, and renewed interest in sectors such as telecom, cement, banking, and metals.
In summary, Indian equities started the first session of July on a cautiously positive note, driven by global cues, easing oil prices, and stock-specific developments like Apollo Hospitals’ restructuring.