The S&P BSE Sensex advanced 347.14 points or 0.45% to 77,155.62. The Nifty 50 index rose 96.55 points or 0.40% to 24,085.70. In four sessions, the Sensex surged 4.50%, while the Nifty gained 3.99%.

Trent (up 7.25%), Bharti Airtel (up 1.14%) and Infosys (up 1.08%) boosted the Nifty today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 0.73% and the BSE 250 SmallCap Index added 0.58%.

The market breadth was strong. On the BSE, 2,404 shares rose and 1,876 shares fell. A total of 171 shares were unchanged.

Monsoon Gap Raises Concerns:

India's southwest monsoon has stalled after reaching Kerala, leaving the country with a rainfall deficit of 35% as of 16 June. The shortfall is most severe in central India (63%) and eastern and northeastern regions (43%), while the monsoon has yet to reach Mumbai, more than a week after its normal arrival date. The delay comes amid growing concerns over a developing El Ni'o, which typically weakens monsoon rains.

The India Meteorological Department (IMD) expects the current slowdown to persist for another five to six days due to unfavorable weather conditions. In response, the Centre has placed 150-200 districts under close monitoring, asked states to prepare crop contingency plans, and warned that a weak monsoon could increase food inflation and pressure agricultural output. Despite the concerns, officials said seed, fertiliser and reservoir stocks remain adequate for now.

G7 Summit:

At the G7 Summit in 'vian-les-Bains, France, Prime Minister Narendra Modi called for stronger international partnerships to address interconnected global challenges such as energy, food, health, cyber and economic security. Speaking at the Outreach Session on Forging New Partnerships and Rebuilding International Solidarity, Modi said trade and technology were increasingly being used for narrow interests, contributing to a growing trust deficit in global affairs. Investors and policymakers are also closely watching a potential meeting between Modi and US President Donald Trump on the sidelines of the summit.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.06% to 6.862 compared with the previous session close of 6.866.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.5300 compared with its close of 95.6000 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement shed 0.29% to Rs 152,650.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.05% to 99.61.

The United States 10-year bond yield added 0.14% to 4.427.

In the commodities market, Brent crude for July 2026 settlement rose 15 cents or 0.19% to $79.11 a barrel.

Global Markets:

European shares advanced on Wednesday even as UK inflation remained unchanged at 2.8% year-on-year in May, matching the April reading. According to the Office for National Statistics, higher transport costs were the main driver of inflation, partly offset by lower food and non-alcoholic beverage prices. The Bank of England is widely expected to leave its benchmark interest rate unchanged at 3.75% at this week's policy meeting.

The UK's inflation rate remained below the euro zone's 3.2% reading for May and well below the US inflation rate of 4.2%.

Most Asian indices ended higher as investors awaited the US Federal Reserve's interest rate decision later in the day.

Wednesday's Federal Open Market Committee (FOMC) meeting marks the first under new Federal Reserve Chair Kevin Warsh. Market participants largely expect the Fed to keep interest rates unchanged within the 3.5%-3.75% target range.

In Japan, exports rose 17% year-on-year in May, the strongest growth since November 2022, supported by robust demand for automobiles and semiconductors. The increase exceeded market expectations of 16.2% and accelerated from 14.8% growth recorded in April.

On Wall Street, the Dow Jones Industrial Average closed at a record high on Tuesday as investors rotated into cyclical stocks amid easing oil prices. The Dow gained 328.64 points, or 0.64%, to end at 51,999.67 after touching an intraday record of 52,190.29. In contrast, the S&P 500 slipped 0.57% to 7,511.35, while the Nasdaq Composite fell 1.15% to 26,376.34 as technology stocks came under pressure.

Stocks in Spotlight:

Infosys rose 1.08% after the company announced a strategic, long-term collaboration with Valmet, a global technology leader serving process industries. The company will deploy its AI-powered Infosys Topaz Fabric, a composable and open agentic services suite, to embed intelligence across IT operations. Under the agreement, the company will modernize Valmet's core IT services and deliver end-to-end IT transformation initiatives aimed at enhancing operational efficiency and aligning IT operations more closely with business priorities.

Wipro advanced 0.89% after the company announced the launch of its Applied AI Center of Excellence (CoE) for Claude models powered by Anthropic, reinforcing its commitment to accelerating enterprise AI adoption and impact. The CoE, a key initiative under the company's AI-Native Business & Platforms Unit, is aimed at scaling enterprise AI adoption and embedding AI capabilities into core business workflows across industries.

Dixon Technologies (India) surged 4.94% after reports indicated that the government may soon approve the company's proposed joint venture with Chinese smartphone maker Vivo. The proposed venture is expected to focus on manufacturing smartphones and other electronic devices in India. Reports suggest Vivo's manufacturing facility in Noida could be brought under the joint venture structure, helping the company strengthen its local manufacturing presence.

Puravankara rose 0.82% after the real estate developer announced the acquisition of a 9.73-acre land parcel in North Bengaluru. The company said the land parcel is located at Sanna Ammanikere in the rapidly developing airport corridor. The project has a development potential of around 0.89 million square feet and an estimated gross development value (GDV) of Rs 800 crore.

Krishna Defence and Allied Industries rallied 8.34% after the company announced a new order from the Ministry of Defence. The company said it has received an order worth Rs 45.64 crore, for the supply of special steel products to be used in a shipbuilding project. According to the company, the order is scheduled to be executed within eight months.

Prime Focus hit the 5% upper circuit after the Securities and Exchange Board of India (SEBI) closed adjudication proceedings against the company, its promoters, directors and chief financial officer.

The case stemmed from SEBI's investigation into two intra-group business transfer transactions undertaken in FY20 and FY22. The regulator had alleged that the accounting treatment adopted for the transactions inflated profits and net worth, resulting in misleading financial statements.

In its final order, SEBI held that the allegations were not established. The adjudicating officer noted that the accounting provisions cited in the show-cause notice applied to the acquiring entity, while Prime Focus was the transferor in the transactions.

Tata Capital shed 0.55%. The company said that its board of directors has approved a proposal to raise up to Rs 36,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis, subject to shareholder approval. The issuance may be undertaken in one or more tranches through one or more categories of instruments, including secured or unsecured NCDs, subordinated debt, perpetual debt instruments, market-linked debentures and green bonds.

Meta Infotech hit an upper circuit of 5% after the company announced the receipt of significant renewal orders from a leading stock exchange and a private sector bank. In a regulatory filing, the company stated that it has secured a renewal order worth Rs 2.20 crore from one of India's leading stock exchanges for software subscription services. The contract covers the period from 23 June 2026 to 22 June 2027 and is scheduled to be executed within 15 days.

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