Following its biggest single-day decline in four months, the Indian stock market staged a modest recovery on Thursday, July 9, with the benchmark indices ending in the green. However, both indices gave up a significant portion of their intraday gains by the close.
The market opened on a positive note and gathered momentum in early trade, supported by strong buying in financial and pharmaceutical stocks. However, the rally lost steam as the session progressed, with investors booking profits, causing the benchmark indices to surrender most of their gains before ending with modest advances.
The Nifty 50 retreated 172 points from the day’s high to settle at 23,962, up 0.34% from the previous close. Meanwhile, the Sensex erased 560 points from its intraday high to close 0.31% higher at 77,520.
The broader market, however, outperformed the benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rallying 1.8% each.
Crude oil prices eased modestly after a sharp two-day rally, despite the U.S. military confirming that it had carried out strikes on Iran for a second consecutive day, heightening geopolitical tensions and raising concerns over energy supplies from the Middle East.
The latest strikes came after U.S. President Donald Trump declared the temporary ceasefire with Iran “over,” while Iran reportedly launched missile attacks targeting U.S. military facilities in Bahrain, Kuwait and Qatar.
Kalyan Jewellers extends rally; EMS, capital goods and realty stocks shine
Extending its winning streak for the second consecutive session, Kalyan Jewellers India surged another 17.5% to an intraday high of ₹440 apiece, while C.E. Info Systems advanced 13.8% to ₹1,060.
Swiggy also witnessed renewed buying interest, with the stock rising another 7.5% to ₹281 apiece. EMS stocks, including Kaynes Technology, PG Electroplast, Dixon Technologies, Syrma SGS Technology and Amber Enterprises, also rallied by up to 6%.
The rally in EMS stocks came after the government waived the basic customs duty (BCD) on goods used in the manufacture of display assemblies, lithium-ion cells and inductor coil modules until March 31, 2029.
Capital goods stocks also witnessed strong buying interest, with Kaynes Technology and Kirloskar Oil Engines surging more than 6.5% each. Apar Industries, Premier Energies, Thermax, GE Vernova T&D India and Hitachi Energy India also gained between 2.7% and 6.5%.
Real estate stocks, too, staged a strong rebound after a brief pause. Lodha Developers emerged as the top performer in the sector, rallying 7%, followed by Brigade Enterprises, Anant Raj, DLF, Aditya Birla Real Estate and Phoenix Mills, which gained up to 6.2%.
Among new-age technology stocks, Swiggy, Groww, Paytm and Urban Company ended the session with gains of more than 3%.
