It was the second consecutive day of gains for Dalal Street on Thursday, July 2, as broad-based buying in technology stocks supported the frontline indices, while the continued decline in crude oil prices and progress in negotiations between the US and Iran further boosted market sentiment.
After a 0.60% jump in the previous session, the Nifty 50 strengthened further by 0.71% to close at 24,175, while the Sensex ended the session with a sharp gain of 0.75% at 77,502. The broader markets also posted solid gains, with the Nifty Midcap 100 index rising 0.50% and the Nifty Smallcap 100 ending even higher with a 1.27% gain.
The sectoral rally was led by the Nifty IT index, which surged 4.64%, marking its biggest single-day gain since May 2025. The rally also revived sentiment towards the sector, which had been under severe pressure after losing nearly 30% in the first half of 2026. The sharp recovery was aided by a rally in global enterprise software stocks.
It was followed by the Nifty Consumer Durables, Nifty Realty, Nifty Cement, Nifty Chemicals, and Nifty Auto indices, all of which ended the session with gains of more than 1%. On the flip side, the Nifty PSU Bank index was the sole laggard, declining 0.40%.
In the Middle East, officials are currently working towards a long-term peace agreement. US negotiators Steve Witkoff and Jared Kushner reportedly held positive discussions in Qatar, while progress is being made in technical talks with Iran, Bloomberg reported, citing a senior administration official. Both countries are seeking to convert the interim peace agreement into a permanent end to the conflict.
Turning to the commodity market, crude oil prices traded near a four-month low as traffic through the Strait of Hormuz continued to recover, easing concerns over supply disruptions and inflation.
The rebound in production by major Middle East producers, coupled with a sharp increase in Iranian oil exports following the lifting of the US naval blockade, has raised expectations that global oil supply will outpace demand, keeping crude prices under pressure.
Tech stocks lead rally; crude-sensitive shares join the surge
Today’s top gainers list was dominated by technology stocks, led by Zensar Technologies, which surged 9.7% to ₹467 apiece.
It was followed by Tata Technologies, Persistent Systems, Infosys, Mphasis, Coforge, eClerx Services, Tech Mahindra, Tata Consultancy Services (TCS), HCL Technologies, Firstsource Solutions, L&T Technology Services, and Sonata Software, all of which gained between 3% and 7%.
Crude oil-sensitive stocks also attracted strong buying interest amid the continued decline in crude oil prices. Apollo Tyres jumped 5.8% to ₹456 apiece, while other tyre makers, including JK Tyre & Industries and CEAT, ended higher by 5% and 4.7%, respectively.
Among auto stocks, Exide Industries and Sona BLW Precision Forgings rallied more than 7% each. Other major names, including TVS Motor Company, Uno Minda, and Bharat Forge, advanced between 2% and 4%.
Real estate stocks also extended their gains, with Anant Raj, Oberoi Realty, Prestige Estates Projects, and Aditya Birla Real Estate rising between 2% and 4.5%.
Banking and industrial stocks lead losers; recent high-flyers retreat
Despite the broad-based buying across the market, several stocks ended the session with sharp losses, led by Bank of Baroda, which slumped 4.2% to ₹260 apiece.
It was followed by Thermax, AIA Engineering, RITES, HFCL, Avenue Supermarts (DMart), BSE, and Bharat Heavy Electricals (BHEL), all of which posted losses of up to 4%.
Reversing their recent gains, CarTrade Tech and Reliance Power declined 2.9% and 2.5%, respectively.
Other notable laggards included Siemens Energy India, Karur Vysya Bank, Supreme Petrochem, Carborundum Universal, Elecon Engineering, Triveni Turbine, RBL Bank, Mahanagar Gas, and Elgi Equipments, all of which ended the session with losses of more than 2%.
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