India’s benchmark indices eked out modest gains on Wednesday, June 4, as hopes of an early India-US trade agreement offset weak global cues and IT drag.
The NSE Nifty 50 closed at 23,416.55, up 10.95 points or 0.047%, after swinging between 23,247.30 and 23,465.30 through the day. The BSE Sensex settled at 74,360.01, up 13.84 points or 0.019%, with a day’s range of 73,807.30 to 74,544.24.
Market breadth was muted. Mid and smallcaps outperformed slightly, but IT heavyweights TCS and Infosys weighed on the index. Trading volumes remained thin as investors awaited the RBI monetary policy decision on Friday and clarity on global trade talks.
Market Pulse: Range-Bound, Risk-Off Mood Persists
– Opening jitters: Both indices opened lower on weak Asian cues, with Nifty slipping below 23,300 early.
– Recovery attempt: Bargain buying in Reliance, HDFC Bank and financials helped trim losses by afternoon.
– Technical view: Analysts peg immediate support at 23,150. A break below could open 23,000-22,700. Resistance lies at 23,600-23,700.
Business Headlines: Trade, Energy, And Corporate Moves In Focus
India-US Trade Deal “Weeks Away”, Says Rubio
US Secretary of State Marco Rubio told Congress that Washington and New Delhi are “a few weeks away” from concluding a bilateral trade agreement. The disclosure lifted sentiment in auto, energy and pharma names during late trade. India is also considering boosting US shale gas, LNG and crude imports to balance the trade basket.
Services PMI Holds Steady, GST Collection Moderates
India’s services sector growth broadly steadied in May on healthy demand and new client wins. Meanwhile, GST collections for June rose 6.2% YoY to ₹1.85 lakh crore, though monthly mop-up moderated.
Corporate Watch
– SEBI cracks down on Rajesh Exports: Regulator barred promoter Rajesh Mehta from securities dealings over alleged ₹15,15,385 cr revenue misrepresentation.
– Block deals buzz: Tata Technologies, ABFRL and Alkem Labs saw large trades lined up, with daily turnover hitting near $14 bn.
– Hero MotoCorp: Launched flex-fuel motorcycles as it pushes alternative fuel play.
Geopolitical Watch: Quad, Central Asia, And Trade Diplomacy Take Centre Stage
India Central To US Indo-Pacific Strategy
Rubio repeatedly cited India during his testimony, highlighting Quad cooperation, critical minerals, and maritime security. The Quad foreign ministers met in Washington last week and launched the Quad Critical Minerals Initiative to diversify supply chains. India will host the next Quad Leaders’ Summit later this year.
Paraguay Pushes Mercosur Trade Expansion
Paraguayan President Santiago Peña, on a state visit to India, said he hopes to expand the India-Mercosur trade agreement. Bilateral talks covered trade, pharma, defence, critical minerals and green energy.
India-Central Asia Dialogue Focuses On Terror, Connectivity
India hosted five Central Asian foreign ministers in early June to deepen anti-terror and deradicalisation cooperation. Discussions also covered INSTC, Chabahar Port, and critical mineral procurement. The move comes amid concerns over extremist networks in the Af-Pak region.
Domestic Diplomacy
PM Modi chaired the first council of ministers meeting since Operation Sindoor. He also met Australia’s Deputy PM Richard Marles to mark five years of the India-Australia Comprehensive Strategic Partnership. On environment, Modi will launch the Aravalli Green Wall Project on World Environment Day, planting a banyan sapling under ‘Ek Ped Maa Ke Naam’.
What To Watch Thursday
1. RBI Policy: Markets are pricing in a 25 bps rate cut, with focus on growth-inflation guidance.
2. Trade talks: India-US negotiations continue, with defence and auto likely on the table.
3. Global cues: US job data and US-China trade signals remain key for FII flows. FIIs sold ₹2,853 cr on June 3, extending their selling streak.
