Indian equity benchmarks remained cheerful for third straight session on Wednesday, with both the Nifty and Sensex closing over 1 percent gains following a strong rally in Banking stocks amid the monthly F&O expiry. Markets made a positive start and maintained upward momentum throughout the day, amid easing geopolitical tensions. Besides, traders shift their focus toward the upcoming U.S. trade tariff deadline on July 9.

Some of the important factors in today’s trade:

Icra retains India's GDP growth forecast for FY26 at 6.2%: Sentiments remained upbeat as rating agency Icra retained India's Gross Domestic Product (GDP) growth forecast for fiscal 2025-26 (FY2026) at 6.2 per cent, assuming well-distributed monsoons and crude oil prices averaging around $70/barrel.

Govt disburses Rs 21,534 crore under PLI schemes for 12 sectors: Some support came as the commerce and industry ministry said the government has disbursed Rs 21,534 crore under its Production-Linked Incentive (PLI) scheme for 12 sectors.

India’s economic activities resilient amidst global uncertainties: Traders took note of an article in the Reserve Bank of Indian (RBI) June Bulletin stating that amid global uncertainties, various high-frequency indicators for May 2025 point towards resilient economic activity in India across the industrial and services sectors.  

Global front: European markets were trading in green, despite worries over Fed independence and anxiety ahead of the impending deadline for U.S. President Trump's tariff deferrals. Asian markets ended mixed after reports that U.S. President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell as early as September or October.  

The BSE Sensex ended at 83755.87, up by 1000.36 points or 1.21% after trading in a range of 82816.26 and 83812.09. There were 21 stocks advancing against 9 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 0.56%, while Small cap index up by 0.12%. (Provisional)

The top gaining sectoral indices on the BSE were Metal up by 2.28%, Oil & Gas up by 1.88%, Energy up by 1.68%, Basic Materials up by 1.39% and Utilities up by 1.24%, while Realty down by 1.04% and IT down by 0.14% were the few losing indices on BSE. (Provisional)

The top gainers on the Sensex were Tata Steel up by 2.59%, Adani Ports and Special Economic Zone up by 2.46%, Eternal up by 2.45%, Bharti Airtel up by 2.44% and Bajaj Finance up by 2.26%. On the flip side, Tech Mahindra down by 0.39%, Maruti Suzuki down by 0.36%, Trent down by 0.31%, Mahindra & Mahindra down by 0.30% and Sun Pharma down by 0.27% were the top losers. (Provisional)

Meanwhile, expressing the need for becoming self-reliant in the key sectors covered under the Production Linked Incentive (PLI) Scheme, Union Minister of Commerce and Industry, Piyush Goyal has said that India must focus on the sectors in which India has competitive edge over other countries and address the problems faced by the various stakeholders so that country’s exports can grow. 

During the review meeting on PLI Scheme, Goyal emphasized that the Ministries should focus on creating quality skilled manpower instead of focusing on the quantity and resolve infrastructure bottlenecks in collaboration with National Industrial Corridor Development Corporation (NICDC). He also stressed on preparing a roadmap for the next five years both on investment and disbursement.

Meanwhile, Production Linked Incentive Scheme is one of the notable initiatives for making India ‘Aatmanirbhar’ in the manufacturing sector. The impact of PLI Schemes has been significant across various sectors in India. These schemes have incentivized domestic manufacturing, leading to increased production, job creation and a boost in exports.

The CNX Nifty ended at 25549.00, up by 304.25 points or 1.21% after trading in a range of 25259.90 and 25565.30. There were 42 stocks advancing against 8 stocks declining on the index. (Provisional)

The top gainers on Nifty were Shriram Finance up by 4.16%, JIO Financial Services up by 3.03%, Hindalco up by 2.67%, Tata Steel up by 2.65% and Adani Ports and Special Economic Zone up by 2.60%. On the flip side, Dr. Reddy's Lab down by 1.50%, Tech Mahindra down by 0.87%, Hero MotoCorp down by 0.53%, Maruti Suzuki down by 0.41% and SBI down by 0.37% were the top losers. (Provisional)

European markets were trading higher; Germany’s DAX gained 197.3 points or 0.83% to 23,695.63, France’s CAC rose 17.79 points or 0.23% to 7,575.95 and UK’s FTSE 100 increased 18.79 points or 0.22% to 8,737.54.