Equities Rebound as Realty, Financials Offset IT Weakness

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

July 9, 2026 at 11:52 AM IST

Indian equity benchmarks rebounded on Thursday after suffering their sharpest one-day decline in over three months, as persistent foreign portfolio inflows and gains in realty and financial stocks outweighed caution ahead of the June-quarter earnings season. The Nifty50 rose 80.75 points or 0.34% to 23,962.80, while the BSE Sensex gained 238.22 points or 0.31% to 76,741.82.

Investors remained focused on developments in West Asia after fresh military action between the US and Iran, while continued foreign portfolio inflows helped support domestic sentiment. According to NSDL data, overseas investors have remained net buyers of Indian equities for six consecutive sessions, with provisional NSE data showing net inflows of 19.63 billion rupees on Wednesday.

Fourteen of the 16 major sectoral indices ended higher. Realty, consumer durables, media and PSU banks outperformed, while the IT index was the only major laggard as investors awaited June-quarter earnings from Tata Consultancy Services.

Among Nifty50 constituents, Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel were the top gainers. Broader markets outperformed the benchmarks, with the Nifty MidCap and Nifty SmallCap indices advancing 1.38% and 1.80%, respectively.

The Indian rupee ended 0.2% higher at 95.3875 per US dollar, supported by likely RBI dollar-selling intervention and a pullback in crude oil prices as markets assessed the impact of fresh US strikes on Iran. Indian government bonds also recovered, with the benchmark 6.94% GS 2036 yield easing to around 6.75% from 6.7636% in the previous session.

Top Movers

Sun Pharmaceutical closed at ₹1,940.70, up 2.7%, topping the Nifty gainers as investors rotated into defensive pharma stocks.

Bajaj Finserv ended at ₹1,899.00, up 2.38%, supported by strength in financials as banking stocks rebounded.

Bharti Airtel finished at ₹1,935.10, up 2.49%, on expectations of steady ARPU growth and continued 5G subscriber additions.

InterGlobe Aviation closed at ₹5,230.50, up 2.08%, as robust travel demand supported buying in aviation stocks.

Eternal settled at ₹292.45, up 2.01%, extending recent gains on strong volumes and continued buying in consumer-facing businesses.

Kalyan Jewellers India traded around ₹443.00, up 18.40%, extending its rally after a strong June-quarter business update highlighted robust jewellery demand.

NLC India climbed roughly 3% after signing a joint venture agreement with National Aluminium Company to develop a 1,080 MW captive thermal power plant in Odisha.

Solex Energy rose about 2% after securing a 628-billion-rupee solar PV module supply order.

Piramal Pharma gained around 2-4% after receiving an Establishment Inspection Report (EIR) from the USFDA for its Sellersville facility, easing regulatory concerns.

Coforge advanced about 2% after launching its AI-powered SecureEdge2Cloud platform.

Dr. Reddy's Laboratories fell to ₹1,271.20, down 5.77%, the biggest Nifty loser after reporting delays in commercial semaglutide supplies due to an API quality issue.

Futures & Options
Nifty July 2026 futures settled at 24,007.60, a 44.8-point premium to the cash index, indicating traders maintained a mildly bullish stance after the benchmark advanced on Thursday. The Nifty 50 rose 80.75 points (0.34%) to close at 23,962.80, while the NSE India VIX fell 8.97% to 13.36, signalling easing expectations of near-term market volatility. Infosys, Kalyan Jewellers India and HDFC Bank were the most-active single-stock futures by trading volume on the NSE. The July 2026 equity derivatives contracts are scheduled to expire on 28 July 2026.

Bonds
India government bond yields eased on Thursday as crude oil prices retreated, prompting traders to cover short positions after the previous session's sharp sell-off. The benchmark 6.94% GS 2036 yield declined to 6.7517% from 6.7636% at the previous close.

Government securities found support after Brent Crude pared part of its overnight rally and fell about 1% intraday to around $77 per barrel, easing concerns over imported inflation. Dealers said the decline in crude triggered short covering, helping the benchmark bond recover from its intraday lows. However, investors refrained from taking aggressive positions as uncertainty over developments in West Asia continued to dominate sentiment.

Market participants added that the benchmark 2036 bond yield is unlikely to sustain levels above 6.75%-6.76%, with state-owned banks expected to provide strong buying support around those levels.

Forex
The Indian rupee ended modestly stronger on Thursday, supported by likely dollar-selling intervention by the Reserve Bank of India and a pullback in oil prices as markets weighed fresh US strikes on Iran against signs of a possible diplomatic breakthrough after President Donald Trump said Tehran wanted to make a deal. The rupee settled at 95.3875 per dollar, up 0.2% from its previous close.

Crypto
Cryptocurrencies were largely range-bound on Thursday, with Bitcoin and Ethereum consolidating recent gains. Bitcoin traded near $62,900, recovering from end-June lows and remaining within its recent $61,500-$63,100 trading range.

Ethereum traded near $1,745.07, holding close to recent levels as the second-largest cryptocurrency remained range-bound.

US Stock Futures

US stock futures were mixed on Thursday as investors attempted to recover from the previous session's losses despite renewed US-Iran tensions and higher oil prices. Nasdaq-100 futures rose 0.61%, supported by gains in semiconductor stocks, while S&P 500 futures added 0.2%. Futures on the Dow Jones Industrial Average were little changed.

US Treasury Notes

US Treasury yields rose across the curve in early pre-market trading, pressuring bond prices as investors assessed heightened geopolitical tensions and higher energy prices. The benchmark 10-year Treasury yield climbed to 4.58%, while the 30-year bond yield rose above 5.00% to 5.06%. The policy-sensitive two-year yield stood at 4.20%, the five-year yield at 4.31% and the one-year Treasury bill yielded 4.06%, indicating broad-based weakness in government bonds ahead of the regular trading session.

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