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.