Indian benchmark indices extended their recovery for a second consecutive session on Friday, with the Sensex rising 835 points to 77,569 and the Nifty 50 closing 1.02% higher at 24,206.
Markets closed the week on a firm note on Friday, with benchmark indices extending their recovery for a second straight session after last week’s geopolitical-driven sell-off. The trigger: better-than-expected earnings from TCS, which gave the battered IT sector a credible floor, while strong quarterly numbers from public sector banks and persistent buying in realty stocks kept the broader momentum intact.
The Nifty 50 gained 1.02 per cent to settle at 24,206, while the Sensex advanced 1.08 per cent to close at 77,569. Both indices opened with a gap-up and held their gains through the session, closing near the day’s highs.
“TCS delivered last night and the numbers mattered… AI-led revenue crossed a $2.6 billion annualised run rate. The order book came in at $9.5 billion… For a sector that has been written off for weeks, that is a significant statement,” said Sarvam Goel, Founder, Pocketful.
IT, PSU banks and realty lead the rally
TCS posted revenue growth of 13.9 per cent in Q1 FY27, lifting the IT sector 2 per cent on the day. PSU banks were another standout, with the Nifty PSU Bank index jumping 3 per cent. Bank of Maharashtra reported a 27 per cent year-on-year rise in net profit to Rs 2,020 crore, while Indian Bank’s net profit rose 10.1 per cent to Rs 3,273 crore. Indian Bank also announced plans to raise up to $1.5 billion through FCNR(B) deposits. Realty extended its outperformance, ending the week as the top sectoral gainer with a 5.29 per cent weekly advance. Media was the week’s worst performer, shedding 2 per cent.
The broader market stole the show. The Nifty Midcap 100 rose 1.40 per cent to close at a fresh record high, while the Nifty Smallcap 100 gained 1.49 per cent, reflecting healthy participation across market capitalisation segments. On the mutual fund front, AMFI data for June showed total industry AUM climbed to Rs 82.22 lakh crore, with actively managed equity funds attracting net inflows of Rs 28,973 crore, up 26 per cent from May.
Rupee firms, gold eases and crude remains range-bound
“Markets witnessed a strong rebound on Friday… the positive undertone was primarily driven by a steady start to the Q1 earnings season, with TCS’s in-line results relieving participants. Besides, continued softness in crude oil prices and stability in the rupee further supported investor confidence,” said Ajit Mishra, SVP Research, Religare Broking.
On the currency front, the rupee traded slightly firmer near 95.30 against the US dollar, supported by improved domestic equity sentiment, though the Dollar Index holding around 100.88 capped further gains. The pair is expected to trade in the 95.00–95.65 range near term.
Gold remained under pressure. MCX Gold slipped around Rs 900, or 0.65 per cent, to Rs 1,44,350, weighed down by a firm dollar and uncertainty around US-Iran tensions. Despite intermittent support from geopolitical risks, meaningful upside remained capped. The commodity is seen trading in the Rs 1,42,000–1,45,500 band in the near term.
On crude, international prices consolidated near $72 per barrel as ship traffic through the Strait of Hormuz slowed amid escalating US-Iran exchanges. The IEA flagged a fall in global oil demand for 2026, a positive signal for India’s inflation and current account outlook.
Focus shifts to earnings, US inflation and technical levels
Looking ahead, the market’s direction will hinge on the unfolding Q1 FY27 earnings season, next week’s US CPI data, a key determinant for Fed rate expectations, the dollar, and global risk appetite, and any fresh developments on the geopolitical front. Technically, analysts see the Nifty eyeing 24,400–24,600 on the upside if it sustains above 24,150, while 24,000 and 23,800 remain key support levels to watch.
Published on July 10, 2026
