Indian equities extended their winning streak for a second straight session on July 2, with strong buying in information technology stocks, easing crude oil prices and improving global sentiment lifting benchmark indices. Investors' wealth rose by around ₹3.5 lakh-crore as the overall market capitalisation of BSE-listed companies climbed close to ₹480 lakh-crore.
The benchmark indices closed firmly in positive territory.
Sensex gained 579 points (0.75 percent) to close at 77,502.12
Nifty 50 advanced 170 points (0.71 percent) to settle at 24,175.70
Nifty Midcap 100 rose 0.48 percent
Nifty Smallcap 100 outperformed with a 1.25 percent gain
Over the past two trading sessions, the Sensex has gained more than 1,000 points, while the Nifty has advanced over 300 points.
Information technology shares emerged as the biggest contributors to Thursday's gains, supported by expectations of improving global demand and continued spending on artificial intelligence.
Top gainers among Sensex constituents included:
Infosys
TCS
HCL Technologies
Tech Mahindra
The Nifty IT index surged 4.64 percent, making it the best-performing sector of the day.
Other sectors that posted healthy gains included:
Auto
Realty
Consumer Durables
Banking stocks, however, remained largely subdued, with the Nifty Bank index ending almost unchanged.
A sharp decline in global crude oil prices improved investor confidence by easing concerns over inflation and future interest rates.
Market sentiment also benefited from:
Continued decline in crude oil prices amid diplomatic engagement involving the US and Iran
Expectations that inflationary pressures in the US are moderating
Hopes of a more supportive global interest rate environment
Optimism ahead of the India-Japan summit, where investors expect discussions on trade, defence, semiconductors, artificial intelligence and stronger bilateral investment ties
The easing geopolitical concerns helped reduce fears over energy supply disruptions, providing additional support to equity markets.
Broad-based buying lifted the market value of BSE-listed companies from about ₹476.5 lakh-crore in the previous session to nearly ₹480 lakh-crore.
As a result, investors gained approximately ₹3.5 lakh-crore in a single trading session.
Despite the rally in equities, the rupee weakened against the US dollar.
Rupee closed at 95.40 against the dollar
Rupee depreciated by 24 paise during the session
The most actively traded shares on the NSE by volume included:
PC Jeweller
Vodafone Idea
Ola Electric Mobility
Vedanta Oil and Gas
Vedanta Power
Technical indicators suggest the market has strengthened after breaking out of its recent consolidation range.
Analysts expect:
Immediate support around the 24,000-24,075 zone
Sustained trading above these levels could push the Nifty towards 24,300-24,500 in the near term
A fall below 24,000 may result in renewed consolidation and profit-booking
The breakout above key moving averages and improving momentum indicators point to a constructive short-term outlook, although traders are likely to remain watchful of global developments and crude oil prices.
Sensex: 77,502.12 (+579 points; +0.75 percent)
Nifty 50: 24,175.70 (+170 points; +0.71 percent)
Nifty Midcap 100: +0.48 percent
Nifty Smallcap 100: +1.25 percent
Nifty IT: +4.64 percent
Rupee: 95.40 per US dollar (down 24 paise)
Investor wealth: Up by about ₹3.5 lakh-crore
BSE market capitalisation: Nearly ₹480 lakh-crore
