Equities Rebound on IT, Lower Oil; Bond Yields Decline

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 10, 2026 at 11:59 AM IST

Indian equity benchmarks rose sharply on Friday, trimming weekly losses as easing crude oil prices, a weaker US dollar and better-than-expected earnings from Tata Consultancy Services lifted investor sentiment. The Nifty50 advanced 244.10 points or 1.02% to 24,206.90, while the BSE Sensex gained 828 points or 1.08% to 77,569.39. The benchmarks pared their weekly losses to around 0.3% after a mid-week sell-off triggered by renewed US-Iran tensions and a spike in crude oil prices.

Sentiment improved as Brent Crude slipped to around $76 per barrel, extending Thursday's decline, while reports that technical talks between the US and Iran were continuing eased concerns over further escalation. A rebound in global equities, led by semiconductor stocks, also supported domestic markets.

The Nifty IT index rose 2%, led by Tata Consultancy Services after the company reported stronger-than-expected quarterly revenue and highlighted robust AI-related demand. Realty, PSU banks and metal stocks also outperformed, while FMCG was the only major laggard.

Among Nifty50 constituents, Jio Financial Services, HDFC Life Insurance Company and SBI Life Insurance Company were the top gainers. Broader markets also participated in the rally, with the Nifty MidCap and Nifty SmallCap indices rising 1.40% and 1.55%, respectively.

The Indian rupee ended largely unchanged at 95.3250 per US dollar but declined 0.1% for the week as renewed tensions in West Asia kept investors cautious towards oil-sensitive currencies and prompted modest importer hedging.

Meanwhile, Indian government bonds extended their gains after the Reserve Bank of India's 320-billion-rupee gilt auction received strong demand across investor segments. The benchmark 6.94% GS 2036 yield fell to 6.7139% from 6.7517%, with auction cut-offs coming in slightly better than market expectations, reinforcing positive sentiment in the bond market.

Top Movers of the Day

Hindustan Copper rose 2.68% to ₹499.50 as gains in global copper prices and sustained demand for base metal stocks lifted investor sentiment towards the state-owned miner.

Godrej Industries surged 14.42% to ₹1,395.00 after the company reported strong quarterly earnings, with robust growth in profitability boosting investor confidence

Newgen Software Technologies jumped 8.83% to ₹515.00 after strong buying interest in information technology stocks lifted the software company's shares.

Blue Jet Healthcare climbed 8.34% to ₹622.40 as investors accumulated the stock following positive sentiment towards pharmaceutical and healthcare exporters.

Firstsource Solutions advanced 6.82% to ₹259.50 after sustained buying interest in mid-cap IT and business process management companies supported the stock.

UltraTech Cement gained 1.69% to ₹11,719.00 as cement stocks rose on expectations of firm demand and improving pricing across key markets.

Maruti Suzuki India rose 1.03% to ₹13,870.00 after continued buying in auto stocks amid optimism over domestic passenger vehicle demand.

Tata Consultancy Services added 0.90% to ₹2,068.00 as investors accumulated large-cap IT stocks ahead of the company's quarterly earnings announcement.

One MobiKwik Systems rallied 9.91% to ₹220.68, emerging among the day's top gainers on strong investor buying.

Nestlé India slipped 0.65% to ₹82.77 as investors booked profits in the fast-moving consumer goods stock amid a subdued broader market.

Kaynes Technology India declined 2.66% to ₹3,338.00 as profit booking weighed on the electronics manufacturing services company following recent gains.

Dr. Reddy's Laboratories fell 1.81% to ₹1,246.50 as pharmaceutical stocks witnessed mild selling pressure during the trading session.

Futures & Options
Nifty July 2026 futures settled at 24,249.90, a premium of 43 points over the Nifty 50 cash index, which gained 244.10 points, or 1.02%, to close at 24,206.90 on Friday. Market sentiment strengthened as the India VIX, the NSE's gauge of near-term volatility, declined 8.30% to 12.25, indicating easing risk perception among investors. TCS, Infosys and Dixon Technologies (India) were the most actively traded individual stock futures contracts on the NSE during the session. The July 2026 derivatives contracts are scheduled to expire on 28 July 2026.

Bonds
Indian benchmark government bond extended gains on Friday after the Reserve Bank of India's ₹320 billion gilt auction received strong demand, with cut-off prices coming in slightly better than market expectations and triggering fresh buying. The yield on the benchmark 6.94%, 2036 bond fell to 6.7139% from the previous close of 6.7517%. The RBI set the cut-off price for the 6.36%, 2031 bond at ₹99.75 and the 7.71%, 2066 bond at ₹103.23.

The better-than-expected cut-off for the 2031 bond spurred broad-based demand after the auction, with foreign portfolio investors, public sector banks and mutual funds stepping up purchases at the shorter end of the yield curve.

Forex
The Indian rupee ended nearly unchanged on Friday but posted a weekly decline. The rupee settled at 95.3250 per dollar, little changed from the previous session, and lost 0.1% for the week as renewed hostilities in the West Asia kept investors wary of oil-sensitive currencies and prompted importers to step up hedging.

Crypto
The cryptocurrency market traded higher on Friday, extending gains as major digital assets remained in positive territory. Bitcoin traded near $63,840 on Friday after recovering from recent lows, with the cryptocurrency remaining just below the $64,000 level. Ethereum traded near $1,792.79 on Friday, extending its recovery from recent lows.

US Stock Futures
US stock futures slipped early Friday after a strong Wall Street session that left the S&P 500 and Nasdaq Composite on track for weekly gains.

S&P 500 futures fell 0.18% and Nasdaq-100 futures declined 0.51%, while futures on the Dow Jones Industrial Average were little changed. Semiconductor stocks retreated in pre-market trading as investors took profits following the sector's broad rally in the previous session

US Treasury Notes
US Treasury yields steadied near multi-week highs on Friday as geopolitical tensions in the West Asia kept inflation concerns elevated and reinforced expectations that the Federal Reserve may keep interest rates higher for longer. The benchmark 10-year Treasury yield held at 4.557%, while the five-year and two-year yields traded at 4.265% and 4.179%, respectively. Yields had climbed to multi-week highs after renewed geopolitical tensions fuelled concerns over energy prices, with markets continuing to price in the possibility of another Federal Reserve rate hike later this year.

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