The Indian stock market closed with the BSE Sensex gaining 193.42 points, or 0.23%, to end at 83,432.89. The Nifty followed suit, rising 55.7 points, or 0.22%, closing at 25,461. While the overall market showed a slight bullish trend, the broader markets displayed mixed sentiment.
The Nifty Midcap 100 index remained largely flat, reflecting subdued performance in mid-cap stocks, whereas the Nifty Smallcap 100 saw a modest increase of 0.03%. Investors appeared cautious, awaiting global developments, particularly around US tariffs and their potential market impact.
The India VIX, which measures market volatility, eased by 0.57%, settling at 12.32 points, signaling a relatively calm investor sentiment.
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Impact on the stock market
The sectoral performance today showed a positive bias, with Nifty Oil & Gas emerging as the top gainer, up 1.05%, largely driven by significant gains in stocks like Bharat Petroleum, Indian Oil, and Mahanagar Gas. Most other sectors saw positive momentum as well, reflecting overall market optimism.
Here’s a breakdown of how various sectors performed:
- Nifty Oil & Gas: +1.05%, led by gains in key stocks such as IGL and Hindustan Petroleum.
- Nifty Realty, Pharma, IT, Bank, Media, and Consumer Durables all saw moderate gains of up to 1%.
- On the flip side, Nifty Auto and Nifty Metal were among the few sectors that closed in the red, showing some resistance in these sectors amid ongoing concerns.
| Sector/Index | Performance |
| IT & BPM sector | 0.80% |
| Healthcare sector | 0.66% |
| Oil & Gas sector | 1.05% |
| Real estate sector | 0.32% |
| PSU Bank in India | 0.32% |
Top gainers today
| Company | Price (in ₹) | Change % |
| Bajaj Finance Share Price | 925.30 | 1.66 |
| Infosys Share Price | 1,640.70 | 1.36 |
| Dr Reddys Labs Share Price | 1,307.40 | 1.25 |
| ICICI Bank Share Price | 1,442.80 | 1.19 |
| Wipro Share Price | 270.05 | 1.12 |
Top losers today
| Company | Price (in ₹) | Change % |
| Trent Share Price | 5,456.00 | -11.87 |
| Tata Steel Share Price | 163.01 | -1.75 |
| Eicher Motors Share Price | 5,629.00 | -1.52 |
| Tech Mahindra Share Price | 1,655.20 | -1.00 |
| Maruti Suzuki Share Price | 12,646.00 | -0.83 |
Market aftermath: Impact on stocks
IGL and MGL: Surge after tariff reforms
Shares of Indraprastha Gas Limited (IGL) and Mahanagar Gas Ltd (MGL) rose significantly by up to 3.5% following the Petroleum and Natural Gas Regulatory Board (PNGRB) approval for reforms to the Natural Gas Pipeline Tariff Regulations, 2025.
Key changes include reducing the number of unified tariff zones from three to two and extending the unified zonal tariff to compressed natural gas (CNG) and piped natural gas (PNG) nationwide. The reforms also mandate that pipeline operators procure 75% of their annual system-use gas through long-term contracts, which should help stabilise gas prices and encourage more efficient operations. The news was well received by the market, leading to the share price surge.
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PC Jeweller: A golden opportunity
PC Jeweller saw an impressive 17% jump in its stock price after the company reported strong revenue growth in Q1, with an 80% increase in revenue during the April-June period. This growth was driven by strong demand for gold, despite its price volatility.
Additionally, PC Jeweller made a major announcement: it aims to be debt-free by FY26, which has further boosted investor confidence. The stock has been on an upward trend for the last four days, surging nearly 30% during this period, as market players bet on the company’s continued success in the face of challenging market conditions.
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Sapphire Foods: Merger buzz lifts stock
Sapphire Foods shares saw a notable rise of 9% today following news that Yum! Brands (parent company of KFC and Pizza Hut) was in talks to merge its two Indian franchisees, Sapphire Foods and Devyani International.
Both companies operate KFC and Pizza Hut in India under the Yum! Brands franchise, and the proposed merger would consolidate operations under Devyani International. Reports suggest a 1:3 share swap ratio for the merger, meaning that for every three shares of Sapphire Foods, shareholders will receive one share of Devyani International. This news caused a surge in Sapphire Foods’ stock, as investors viewed the merger as a way to streamline operations and potentially increase profitability.
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Crude oil: A waiting game
In the commodities market, crude oil prices saw a slight dip on July 4, with Brent crude falling by 0.32% to $68.58 per barrel and WTI crude down by 0.18% to $66.88 per barrel. Investors are awaiting the upcoming OPEC+ meeting scheduled for July 9, where an increase in production by 411,000 barrels per day is expected for August.
This increase is anticipated to help ease supply concerns, which could further influence crude prices. In addition to the OPEC+ meeting, the market is also tracking the ongoing trade tensions between the US and several countries, with particular focus on the US tariffs and their potential impact on the global economy.
The crude oil market remains volatile, and any changes in production or geopolitical tensions could significantly impact prices in the coming weeks.
Conclusion
The Indian stock market had a mixed but positive day, with key sectors showing strength despite global uncertainties. Sensex and Nifty closed higher, reflecting cautious optimism in the face of potential trade tariffs and the upcoming OPEC+ decision on crude oil production. Stocks like IGL, MGL, PC Jeweller, and Sapphire Foods made notable moves, fueled by positive news and corporate announcements.
While the market remains somewhat volatile, especially with the geopolitical risks and OPEC+ production decisions on the horizon, investors continue to find pockets of opportunity, particularly in the gas and consumer sectors. As always, market participants will need to stay alert and monitor developments closely.
For more stock market insights, check out the StockGro blog.
