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Indices maintain gains in late morning deals
Jul-03-2026

Domestic equity indices maintained their gains in late morning deals on account of buying by funds and retail investors. Buying in HCL Technologies, Sun Pharma, Eternal, Tata Steel, and TCS helped the markets maintain their gains. Positive cues from other Asian markets further supported domestic sentiment. Traders overlooked report that India’s services activity expanded at a slower pace in June as domestic demand softened, client interest weakened for some services and hiring was broadly stagnant. The seasonally adjusted HSBC India Services PMI Business Activity Index fell to 57.4 in June from 59.8 in May. On the BSE sectoral front, traders were seen piling up positions in IT, TECK, Realty, Healthcare and Metal, while selling was witnessed in Power, Capital Goods, Industrials, Bankex and PSU. 

On the global front, Asian markets were trading higher despite muted cues from the US markets overnight. Back home, in the stock specific development, Artefact Projects rose as the company secured Letter of Award worth around Rs 3.16 crore from National Highways Authority of India. 

The BSE Sensex is currently trading at 77976.35, up by 474.23 points or 0.61% after trading in a range of 77854.83 and 78157.52. There were 20 stocks advancing against 10 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 2.13%, TECK up by 1.70%, Realty up by 1.66%, Healthcare up by 1.57% and Metal up by 1.08%, while Power down by 1.87%, Capital Goods down by 1.78%, Industrials down by 1.03%, Bankex down by 0.10% and PSU down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 5.90%, Sun Pharma up by 2.72%, Eternal up by 2.04%, Tata Steel up by 1.92% and TCS up by 1.79%. On the flip side, Interglobe Aviation down by 0.72%, Kotak Mahindra Bank down by 0.65%, Axis Bank down by 0.62%, State Bank Of India down by 0.58% and Mahindra & Mahindra down by 0.56% were the top losers.

Meanwhile, Moody's ratings in its latest report has said that India's private credit market has doubled in size over the past five years, reaching around $25 billion in assets under management (AUM) by the end of 2025, with annual transaction volumes exceeding $11 billion. The agency expects the market to continue expanding as financing demand rises alongside India's strong economic growth. 

However, the report said the Reserve Bank of India's (RBI) new norms permitting banks to finance strategic acquisitions are likely to intensify competition in a segment historically dominated by alternative capital. It said while the revised regulations may benefit borrowers by lowering costs for financing and increasing its availability, they could compress yields and reduce deal flows for private credit providers for acquisition financing. Effective July 1, the RBI has, for the first time, allowed banks to fund strategic acquisitions of equity shares and compulsorily convertible debentures, subject to certain conditions.

Moody's said India's private credit market has expanded rapidly over the past five years, evolving from a source of financing primarily for distressed companies to a provider of credit for a wider mix of financially stable businesses. Although still relatively small compared to global markets, it believes the private credit market has substantial growth potential, supported by expanding financing needs and the country's robust macroeconomic momentum. It noted that real estate accounts for nearly 40 per cent of the market's total value, followed by infrastructure and utilities. It added that financing led by promoters across various sectors--often for refinancing, liability management or stake acquisitions--is another key part of the private credit market in India. 

The CNX Nifty is currently trading at 24324.60, up by 148.90 points or 0.62% after trading in a range of 24295.15 and 24378.15. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 5.74%, Sun Pharma up by 2.82%, Apollo Hospital up by 2.25%, Dr. Reddy's up by 2.23% and Eternal up by 2.09%. On the flip side, Tata Consumer down by 0.89%, Adani Enterprises down by 0.76%, Mahindra & Mahindra down by 0.66%, Kotak Mahindra Bank down by 0.63% and Interglobe Aviation down by 0.62% were the top losers. 

All Asian markets were trading higher; Nikkei 225 surged 834.85 points or 1.21% to 69,568.00, Taiwan Weighted added 29.7 points or 0.06% to 46,773.86, Jakarta Composite gained 141.45 points or 2.4% to 5,886.01, Shanghai Composite strengthened 33.78 points or 0.84% to 4,062.68, KOSPI increased 397.83 points or 5.2% to 8,045.92, Hang Seng advanced 241.97 points or 1.05% to 23,297.00 and Straits Times rose 19.23 points or 0.37% to 5,236.38. 
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