The key equity barometers traded with modest gains in early trade. Nifty traded a tad above the 24,350 mark. Pharma, auto and private bank shares advanced, while media and PSU bank shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, jumped 267.61 points or 0.27% to 78,049.47. The Nifty 50 index rose 83.30 points or 0.34% to 24,352.15.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index gained 0.20% and the BSE 250 SmallCap Index added 0.05%.

The market breadth was positive. On the BSE, 1,669 shares rose and 1,561 shares fell. A total of 208 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,355.33 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,953.89 crore in the Indian equity market on 03 July 2026, provisional data showed.

Stocks in Spotlight:

Shakti Pumps India jumped 7.56% after the company announced that it has received a letter of emplacement from Maharashtra State Electricity Distribution Company (MSEDCL) for the establishment of off-grid solar photovoltaic water pumping systems in Maharashtra.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.16% to 6.696 compared with the previous session close of 6.707.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.2600 compared with its close of 95.1850 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement shed 0.10% to Rs 1,47,226.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 100.95.

The United States 10-year bond yield fell 0.36% to 4.463.

In the commodities market, Brent crude for August 2026 settlement fell 7 cents or 0.10% to $71.73 a barrel.

Global Markets:

Asian markets traded in the green on Monday as easing oil prices promised relief from inflationary pressures.

While there were no new developments in the fractious U.S.-Iran peace talks, ships are passing through the Strait of Hormuz, with 160 vessels reported from Monday to Saturday last week.

OPEC+ also agreed to a further increase in output targets by 188,000 barrels per day from August, on top of similar increases for June and July. As a result, Brent slipped 0.6% to near four-month lows at $71.70 a barrel, and U.S. crude lost 0.5% to $68.38.

The cooling in energy costs combined with a softer U.S. payrolls report led markets to scale back the risk of a Federal Reserve rate hike in the near term, with futures implying a 78% chance of a steady outcome at the July 29 meeting.

Minutes of the ⁠Fed's last meeting are due on Wednesday and should offer colour on the hawkish turn by some board members, though that preceded the recent slide in oil.

The US equity markets remained shut on Friday (July 03) in observance of Independence Day.

The Dow Jones Industrial Average scaled to record highs on Thursday as investors reacted to a weaker-than-expected nonfarm payrolls report for June, while the Nasdaq Composite languished as semiconductors struggled once again.

The 30-stock average added 594.83 points, or 1.14%, for a record close of 52,900.07. The index hit a new all-time intraday high of 52,903.85. The S&P 500 rose less than 1 point to end at 7,483.24, while the Nasdaq dropped 0.8% to 25,832.67.

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