Indian equity benchmarks ended the day near their peak as investor sentiment improved following the finalization of the India-New Zealand Free Trade Agreement in New Delhi. The agreement, signed in the presence of Commerce Minister Piyush Goyal and New Zealand’s Commerce Minister Todd McClay, eliminates tariffs on 100% of India’s exports to New Zealand and significantly reduces tariffs on 95% of imports from New Zealand.
The Nifty closed 0.81% higher at 24,092.70, while the Sensex finished 0.83% up at 77,303.63. Analysts highlighted the 24,300–24,400 range as a key resistance area for the Nifty, with 23,900 serving as immediate support. A breach below 23,900 could lead to further weakness towards the crucial 23,800 support level.
Top gainers on the Sensex included Adani Ports, Sun Pharma, NTPC, Tech Mahindra, and Tata Steel, while Axis Bank, BEL, Trent, and ICICI Bank were among the top losers. The broader market outperformed, with the Nifty MidCap rising by 1.55% and the Nifty SmallCap by 1.96%.
Sector-wise, the Nifty Pharma, Nifty Realty, and Nifty IT indices led gains, while the Nifty Private Bank and Nifty Financial Services lagged. Investor sentiment was also buoyed by reports suggesting a potential easing of tensions between Iran and the US, with Iran proposing to reopen the strategic Strait of Hormuz.
The Indian Rupee traded slightly stronger at around 94.16, up by 0.07%. Market experts anticipate the rupee to fluctuate within a range of 93.75–94.50 in the near term, with elevated volatility expected.
