SENSEX JUMPS NEARLY 1,000 PTS; NIFTY CLOSES ABOVE 24,300 ON IT, FINANCIAL BUYING

Published on Jul 17, 2026 16:50

Key equity benchmark indices surged on Friday despite weak global cues, with the Nifty 50 closing above the 24,300 mark and the Sensex rallying nearly 1,000 points. The rally was led by strong buying in IT and banking stocks after upbeat quarterly earnings from Tech Mahindra and Jio Financial Services, while optimism ahead of Reliance Industries` June-quarter results further boosted heavyweight stocks. Value buying in large-cap counters and a technical breakout above the 24,200 level added momentum to the upmove. However, the broader market remained under pressure, with midcap and smallcap indices ending lower, indicating that gains were concentrated in large-cap stocks.

The S&P BSE Sensex surged 964.58 points or 1.25% to 78,151.45. The Nifty 50 index rallied 261.55 points or 1.09% to 24,334.30.

Among index heavyweights, ICICI Bank rose 2.52%, Reliance Industries gained 2.48%, and HDFC Bank added 1.55%, contributing significantly to the Nifty`s gains.

The broader market underperformed the frontline indices. The BSE MidCap index slipped 0.19%, while the BSE SmallCap index declined 0.76%.

Market breadth remained negative. On the BSE, 1,722 shares advanced, 2,500 declined, and 193 ended unchanged.

The India VIX, the NSE`s volatility gauge, rose 2.73% to 13.24, indicating caution among market participants.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.33% to 6.773 compared with the previous session close of 6.751.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.2800 compared with its close of 96.4200 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement rose 0.24% to Rs 140,687.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.06% to 100.79.

The United States 10-year bond yield fell 1.05% to 4.521.

In the commodities market, Brent crude for September 2026 settlement rose $1.66 or 1.97% to $85.89 a barrel.

Global Markets:

US Dow Jones futures fell 333 points, signaling a weak start for Wall Street later in the day.

European shares declined on Friday as the U.S. and Iran exchanged military strikes for a sixth straight day. The escalating conflict sent crude oil prices sharply higher, raising concerns that persistently elevated energy costs could derail the global disinflation trend and complicate the monetary policy outlook for major central banks.

Asian shares also ended lower, weighed down by a selloff in semiconductor stocks. Oil prices were on track for their biggest weekly gain in three months as renewed Middle East tensions fueled supply concerns.

Investor sentiment toward chipmakers weakened this week, with funds reportedly rotating into sectors such as banking following strong earnings from major lenders. The shift left Asian markets, which have significant exposure to semiconductor stocks, particularly vulnerable.

South Korean markets were closed for a public holiday. On Thursday, the government announced a temporary ban on new exchange-traded funds (ETFs) linked to certain major technology companies and raised minimum deposit requirements for retail investors investing in such products to curb market volatility.

The U.S. launched another wave of strikes against Iran on Thursday to "further degrade Iranian military capabilities," according to a statement from U.S. Central Command.

Overnight, Wall Street ended lower as losses in semiconductor stocks dragged the Nasdaq and the S&P 500 despite encouraging economic data and a strong start to the second-quarter earnings season.

The Dow Jones Industrial Average fell 105.32 points, or 0.20%, to 52,553.32. The S&P 500 declined 38.63 points, or 0.51%, to 7,533.77, while the Nasdaq Composite dropped 387.28 points, or 1.47%, to 25,881.95.

On the macroeconomic front, U.S. data released on Thursday showed resilient consumer demand, with strong core retail sales, lower-than-expected jobless claims, and robust manufacturing activity in the Northeast.

However, the housing sector remained under pressure. Pending home sales fell more than expected, while homebuilder sentiment weakened as high borrowing costs and affordability challenges continued to weigh on prospective buyers.

Stocks in Spotlight:

Federal Bank rallied 6.55% after the bank`s standalone net profit jumped 36.57% year-on-year (YoY) to Rs 1,176.93 crore in Q1 FY27, compared with Rs 861.75 crore in the corresponding quarter last year. Total income increased 6.24% YoY to Rs 8,286.69 crore in Q1 FY27.

Jio Financial Services added 2.99% after the company�s consolidated net profit jumped to Rs 830 crore in Q1 FY27 from Rs 325 crore in Q1 FY26, thereby registering a growth of 156% on year-on-year (YoY) basis.

Tech Mahindra jumped 3.96% after the company reported a steady performance for the quarter ended 30 June 2026, supported by strong deal momentum and margin expansion. On a consolidated basis, profit after tax (PAT) rose 28.45% year on year (YoY) to Rs 1,465.1 crore in Q1 FY27 from Rs 1,140.6 crore in Q1 FY26. On a sequential basis, PAT increased 8.22% from Rs 1,353.8 crore in Q4 FY26.

Wipro fell 1.04% after the company reported a 4.69% decline in consolidated net profit to Rs 3,356.3 crore for the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 3,521.6 crore posted in Q4 FY26. Revenue from operations rose 1% QoQ to Rs 24,478.6 crore in the quarter ended 30 June 2026.

Amal hit the 20% upper circuit after the company reported strong earnings for the quarter ended 30 June 2026. On a consolidated basis, the company`s net profit surged 77.98% YoY and 780.53% QoQ to Rs 16.73 crore in Q1 FY27. Revenue from operations soared 104.06% YoY and 27.46% QoQ to Rs 96.54 crore in the June 2026 quarter.

CEAT tumbled 7.28% after the company reported a 96.43% year-on-year decline in consolidated net profit to Rs 4 crore in Q1 FY27, compared with Rs 112 crore in Q1 FY26. Revenue from operations rose 22.36% year on year to Rs 4,318 crore in the first quarter of FY27 from Rs 3,529 crore a year earlier.

WeWork India Management fell 6.68% after the company reported a consolidated net loss for the June 2026 quarter. The company`s net loss narrowed to Rs 4.31 crore in Q1 FY27 from a loss of Rs 14.10 crore in Q1 FY26. However, on a sequential basis, it slipped into a loss from a profit of Rs 65.55 crore reported in Q4 FY26. Revenue from operations increased 27.74% YoY but declined 1.76% QoQ to Rs 683.83 crore in the June 2026 quarter.

Indobell Insulations surged 14.82% after the company announced that it had secured four domestic orders worth a combined Rs 14.75 crore from Sundaram Brake Linings for the supply of nodulated wool and ceramic fibre nodules.

Polycab India declined 3.99%. The company reported 33% rise in consolidated net profit to Rs 7,96.7 crore on a 39% increase in revenue to Rs 8,209.7 crore in Q1 FY27 as compared with Q1 FY26.

Time Technoplast rose 2.43% after the company secured an order worth approximately Rs 38.14 crore from Hindustan Petroleum Corporation (HPCL) for the supply of 1.40 lakh 10-kg Type IV Composite LPG Cylinders. The order was awarded through the Government e-Marketplace (GeM) and is scheduled to be executed within six months, the company said.

IPO Update:

Caliber Mining and Logistics received bids for 92.02 lakh shares as against 78.35 lakh shares on offer, as per NSE data as of 16:36 hours on Friday (17 July 2026). The issue was subscribed 1.17 times.

The issue opened for bidding on Friday (17 July 2026) and it will close on Tuesday (21 July 2026). The price band of the IPO is fixed between Rs 402 to Rs 424 per share.