Amid strong support from financial stocks and IT major TCS, the domestic equity markets ended Friday’s session, 10July, with solid gains, recovering much of their recent losses. Sentiment was further boosted by a decline in crude oil prices and a recovery in the Indian rupee.
Both the Nifty 50 and Sensex ended the session with gains of over 1%. However, they still closed the week with marginal losses. The broader markets outperformed the benchmark indices, with the Nifty Midcap 100 rising 1.38% and the Nifty Smallcap 100 advancing 1.58%.
Amid broad-based buying, all major sectoral indices—except Nifty FMCG—ended in the green. Nifty Realty once again emerged as the top performer, surging 3.40%. It was followed by Nifty PSU Bank, Nifty IT, Nifty Chemicals, Nifty Metal, Nifty Cement, Nifty Oil & Gas, and Nifty Private Bank, all of which gained between 1% and 3%.
IT stocks witnessed strong buying interest throughout the week, with sentiment strengthening further after TCS reported June-quarter earnings that beat revenue expectations, supported by stronger spending from banking clients and the weaker rupee.
The results triggered broad-based buying across the IT pack, helping the Nifty IT index climb 2% for the week—its biggest weekly gain in nearly two months.
State-owned banks also staged a strong comeback after Indian Bank’s upbeat June-quarter business update sparked buying across the PSU banking space, enabling the Nifty PSU Bank index to end the week in positive territory and snap a two-week losing streak.
