Indian benchmark indices ended Monday’s session (July 13) largely unchanged despite weak global cues, as strong buying in IT and auto stocks helped the market hold on to key support levels.
The Nifty 50 opened the session with a sharp gap-down but recovered as the day progressed. The index briefly turned positive before settling at 24,211. The Sensex also ended at 77,564, largely unchanged from Friday’s close.
The broader market mirrored the benchmark trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices ending the session flat.
Amid strong buying in technology stocks, the Nifty IT index emerged as the top sectoral gainer, surging 3.59%. It was followed by the Nifty Media and Nifty Consumer Durables indices, which gained 2% and 1.15%, respectively.
On the other hand, the Nifty FMCG, Nifty Metal, and Nifty Cement indices ended in the red, declining between 0.70% and 1%.
In the Middle East, tensions remained elevated as US and Iranian forces reportedly exchanged heavy missile and drone attacks. Tehran targeted US facilities across Gulf states on Sunday and said it had once again closed the vital Strait of Hormuz, triggering a rebound in crude oil prices after a two-day losing streak.
Vinod Nair, Head of Research, Geojit Investments, said, “The market witnessed a strong intraday recovery from the day’s lows, ending with modest gains amid a positive underlying sentiment supported by encouraging IT business updates and attractive valuations.”
“Another positive development is that despite selling pressure continuing in the global markets driven by concerns over an AI-led valuation bubble, the negative impact on Indian IT stocks has eased in recent weeks. FII selling in the Indian IT sector has also moderated, which could support a future shift in fund flows to India,” he further added.
IT stocks dominate gains; Kalyan Jewellers, Tata Group shares rally
Today’s gainers were dominated by technology stocks, with Newgen Software Technologies leading the pack after surging 13.3% to ₹585 apiece.
It was followed by Sonata Software, Zensar Technologies, Birlasoft, Tech Mahindra, Infosys, Mphasis, Cyient, eClerx Services, Coforge, Persistent Systems, and Netweb Technologies, which rallied between 2.5% and 11%.
TCS shares jumped 5.4% to ₹2,182 after the company secured a multi-million-dollar contract from Swiss Swedish industrial technology firm ABB. Another IT major, HCL Technologies, gained 5% ahead of its June-quarter earnings announcement.
Extending gains for the fourth consecutive session, Kalyan Jewellers advanced another 7.25% to ₹511, taking its gains for July to 35%. Pine Labs also extended its winning streak to a third straight session, rising another 7% to ₹155 apiece.
Apart from TCS, other Tata Group stocks, including Tata Technologies, Tata Elxsi, Voltas and Tata Motors, also ended higher, gaining up to 6.1%.
One97 Communications (Paytm) settled 3.3% higher at ₹1,386. During the session, the stock hit a fresh 52-week high of ₹1,386, moving closer to the ₹1,400 mark, a level last seen in December 2021. Among auto stocks, Bajaj Auto gained 2.2% to close at ₹10,381.
Banking, capital goods stocks lead losses
Banking and capital goods stocks remained among the weakest performers, with Jammu & Kashmir Bank and Siemens Energy India leading the losers, declining 5.2% and 3.5%, respectively.
Other laggards included Ather Energy, PhysicsWallah, NLC India, GE Vernova T&D India, Indian Bank, Bharat Dynamics, Thermax, Nuvama Wealth Management, Blue Jet Healthcare, and Godrej Industries, all of which fell between 2.5% and 3.4%.
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