Indian equity benchmarks ended Thursday’s session with healthy gains of over a percent, even as global markets faced selling pressure amid spiking coronavirus cases. A surge in the last hour of the trading largely helped markets to settle above the psychological 10,700 (Nifty) and 36,450 (Sensex) levels. Key gauges made slightly positive start but soon turned volatile, as traders got cautious with data showing that India's exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country's trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent. Exports in value terms declined by 12.41 per cent to $21.91 billion in June on weak global demand due to COVID-19.
Benchmark indices witnessed sudden spike in late afternoon session, as investors’ morale remained upbeat as India and the European Union adopted a joint declaration on moving towards a more circular economic model that provides for reduction in primary resource consumption and enhances the use of secondary raw materials. Traders took note that global rating firm S&P Global applauded the decision of India banks to raise fresh capital and stated that the move will provide solidity to the organisations during these rocky times and assist them to withstand the economic slump amid the coronavirus pandemic.