The barometer index, the S&P BSE Sensex, was up 131.18 points or 0.17% to 77,341.08. The Nifty 50 index rose 36.75 points or 0.16% to 23,537.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.37% and the S&P BSE Small-Cap index added 0.27%. The market breadth was positive.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.65% to 14.06.

Among the sectoral indices, the Nifty Auto index (up 0.87%), the Nifty Consumer Durables index (up 0.75%) and the Nifty FMCG index (up 0.72%) outperformed the Nifty 50 index.

Meanwhile, the Nifty Media index (down 1.87%), the Nifty PSU Bank index (down 0.66%) and the Nifty Metal index (up 0.64%) underperformed the Nifty 50 index.

Economy:

After hitting all-time high levels following continuous gains, India’s foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI).

This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

The decrease in forex reserves was primarily driven by a reduction in foreign currency assets, which are a major component of the reserves. These assets fell by $2.097 billion, bringing the total to $574.24 billion.

Gold reserves also saw a decrease, dropping by $1.015 billion to $55.967 billion during the week. Meanwhile, the special drawing rights (SDRs) were down by $54 million, amounting to $18.107 billion. In contrast, India’s reserve position with the International Monetary Fund (IMF) increased by $245 million, reaching $4.581 billion.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.06% to 6.969 as compared with previous close 6.973.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4850, compared with its close of 83.5700 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.16% to Rs 71,697.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 105.59.

The United States 10-year bond yield grew 0.07% to 4.261.

In the commodities market, Brent crude for August 2024 settlement gained 21 cents or 0.25% to $85.45 a barrel.

Global Markets:

The Dow Jones index futures were up 114 points, indicating a positive opening in the US stocks today.

European stocks advanced on Monday, as investors look ahead to fresh economic data and interest rate decisions from the region.

Asian stocks ended lower with Chinese markets leading the decline. This drop was fueled by concerns of a potential trade war with the European Union.

The European Union's decision earlier in June to impose hefty tariffs on Chinese electric vehicles sparked tensions. Beijing reacted strongly, raising the possibility of a retaliatory trade war. Reports also suggested that China might impose tariffs on European automobiles in response.

In the US, the S&P 500 closed slightly lower on Friday, extending a two-day decline for tech giant Nvidia. The broad market index fell 0.16% to finish at 5,464.62, while the Nasdaq Composite dipped 0.18% to settle at 17,689.36. The Dow Jones Industrial Average edged up 15.57 points, or 0.04% to close at 39,150.33.