Markets continue to rally; Nifty above 19,300

3 Jul 2023 , 01:04 PM

Indian stock markets are extending gains for third consecutive session on the back of bullish trends in global equity markets and foreign fund inflows. 

The current upswing in global stock markets can be attributed primarily to the unexpected resilience and robustness of the US economy, which experienced a 2 percent GDP growth in the first quarter of 2023.

On the sectoral front, Nifty Bank and Financial Services indices are trading with most gains. Nifty Oil & Gas is trading 2% higher. Nifty Auto, IT, Pharma and Consumer Durables are the only indices trading under pressure. India’s VIX is approx. 8% higher.

At around 1.00 PM, BSE Sensex is trading 492 points higher at 65,211. NSE Nifty is trading with a gain of 132 points at 19,321.

On the gainers’ chart, BPCL (+2.69%) and Grasim Industries (+2.50%) are in lead. Reliance (+2.19%), HDFC (+2.09%), and Mahindra and Mahindra (+1.77%) are keeping up with the rally.

Bajaj Auto (-1.81%) and Power Grid (-1.67%) are the top losers. Sun Pharma (-1.33%), SBI Life (-1.05%), and UPL (-1.13%) are trading with a downside of about 1%.

A total of 24 stocks advanced while 26 declined on the nifty index today.