Markets defied a sharp global sell-off on Monday, staging a dramatic intraday comeback after opening deep in the red, as a robust earnings beat from the IT sector gave investors reason to buy the dip rather than flee.
The Nifty 50 closed at 24,211.65, up just 4.75 points or 0.02 per cent, after recovering more than 250 points from its intraday low of 24,000.20. The BSE Sensex ended at 77,616.40, gaining 47 points or 0.06 per cent. The Nifty IT index was the session’s standout, surging 3.60 per cent, with TCS, Infosys, HCL Technologies, and Tech Mahindra among the top Nifty gainers.
LTIMindtree reported a 17 per cent jump in profit and 18 per cent revenue growth over the weekend, extending the positive momentum from TCS’s recent results. With much of Asia crumbling — Seoul’s market fell 9 per cent and Tokyo dropped nearly 2 per cent following fresh US strikes on Iran and Iranian retaliations across four countries — India’s resilience stood out. “Monday’s session was more impressive than the flat close suggests… India ended flat. That is a statement,” said Sarvam Goel, Founder, Pocketful.
The recovery, however, masked a difficult backdrop. Brent crude surged roughly 5 per cent to around $79.5 per barrel amid renewed fears of supply disruptions from West Asia. The US also revoked Iran’s oil export waiver, effective July 17 — a date markets will watch closely. Elevated crude weighed on the Indian rupee, which weakened 30 paise to close at 95.62 against the dollar, breaching the 96-mark intraday for the first time in 21 sessions, and emerging as the weakest performer among Asian currencies.
On the sectoral front, gains were concentrated. IT, Media, and Consumer Durables outperformed, while FMCG, Metals, Cement, and Healthcare ended in the red, with FMCG the worst performer of the day. Grasim Industries and Tata Steel were among the key Nifty laggards. The broader market tracked the benchmarks — Nifty Midcap 100 edged up 0.01 per cent and Nifty Smallcap 100 gained 0.03 per cent, with both indices forming bullish candles after recovering from early lows. Notably, the Nifty Midcap 100 registered a fresh all-time high during the session.
The market breadth was largely neutral, with the BSE advances-declines ratio at 1.13 and 236 stocks within the Nifty 500 universe closing in positive territory. The India VIX rose around 10 per cent, reflecting the underlying nervousness.
The Q1 FY27 earnings season has so far provided some relief. “The initial batch of broader Q1 earnings has come in better than expected, suggesting that earnings downgrades for the quarter may be less severe than previously anticipated,” noted Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services. HCL Technologies was set to report results after market hours on Monday, with investor expectations high following back-to-back IT beats.
The week ahead is dense with event risk. Over 140 companies are scheduled to report Q1 FY27 results, including Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Wipro, and Tech Mahindra — together accounting for over 31 per cent of the Nifty 50’s weight. Domestically, India’s June CPI and WPI inflation data are due, alongside trade balance figures and foreign exchange reserves. Globally, US inflation numbers and Federal Reserve Chair Jerome Powell’s semi-annual testimony will be closely watched, as will China’s second-quarter GDP. Three IPOs targeting to collectively raise nearly ₹10,100 crore are also lined up in the primary market.
Published on July 13, 2026
