Sensex surged more than 600 points and Nifty crossed 24,200 in early trade on July 17, led by IT stocks including Tech Mahindra, Infosys and TCS despite global uncertainty.
Indian equity markets opened sharply higher on Friday as investors rushed into information technology and heavyweight stocks, helping the benchmark indices recover after a subdued previous session.
The BSE Sensex rose more than 600 points during early trade, while the NSE Nifty crossed the 24,200 mark, with technology shares leading the rally following upbeat quarterly earnings.
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Sensex and Nifty post strong early gains
The BSE Sensex opened higher at 77,370.77 compared with its previous close of 77,186.87 before extending gains to an intraday high of 77,828.89, up more than 640 points.
The NSE Nifty also advanced above 24,200 during early trade, reflecting broad-based buying across frontline stocks.
Market sentiment improved despite lingering concerns over geopolitical tensions in West Asia and rising crude oil prices.
IT stocks power the rally
Technology companies emerged as the biggest gainers after Tech Mahindra reported a 28.4 per cent increase in consolidated net profit for the June quarter.
The company's better-than-expected earnings boosted investor confidence across the IT sector.
Among the major gainers were:
- Tech Mahindra
- Infosys
- Tata Consultancy Services (TCS)
- HCL Technologies
- Reliance Industries
- Mahindra & Mahindra
The BSE IT index climbed more than 1 per cent in early trade, outperforming most other sectoral indices.
Some sectors remain under pressure
While IT stocks led the gains, some defensive sectors lagged behind.
Shares of Sun Pharma, Bharti Airtel, Trent and UltraTech Cement traded lower in early dealings, limiting broader market gains.
Analysts noted that investors remain selective as the corporate earnings season gathers pace.
Global factors continue to influence markets
Despite Friday's rally, investors continue to monitor developments in global markets.
Brent crude oil traded around 85 dollars per barrel, supported by ongoing tensions between the United States and Iran and concerns over possible disruptions in the Strait of Hormuz.
Higher crude prices remain a concern for India as they could increase import costs and fuel inflation.
Asian markets were mostly lower during the session, while US equities closed in negative territory overnight.
Foreign Institutional Investors (FIIs) also remained net sellers, offloading equities worth ₹4,205.56 crore in the previous trading session.
Analysts remain cautiously optimistic
Market experts say the Nifty continues to trade within a consolidation range despite Friday's gains. Analysts believe the 24,150–24,300 zone remains an important resistance area, while 24,000 continues to be a key psychological support level.
With quarterly earnings season gaining momentum, stock-specific movements are expected to remain the primary driver of market action in the coming weeks.
Published: 17 Jul 2026, 10:42 am IST
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