Benchmark indices rebounded on Thursday after the previous session's sharp sell-off, supported by broad-based buying and improving global sentiment. The Nifty closed above the 23,950 mark as easing geopolitical concerns after US President Donald Trump said a renewed war with Iran was unlikely. Meanwhile, renewed FII buying in domestic shares, a steady rupee and optimism ahead of the Q1 earnings season lifted investor sentiment. Broader markets outperformed the benchmarks. PSU banks and consumer durables stocks led the gains. IT and auto shares, however, remained under pressure.

The S&P BSE Sensex jumped 238.22 points or 0.31% to 76,741.82. The Nifty 50 index rose 80.75 points or 0.34% to 23,962.80. In the past two trading sessions, the Nifty and Sensex declined 2.25% and 2.28%, respectively.

Sun Pharmaceutical Industries (up 2.78%), Bharti Airtel (up 2.49%) and HDFC Bank (up 0.83%) boosted the Nifty higher today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 1.41% and the BSE 250 SmallCap Index added 1.69%.

The market breadth was strong. On the BSE, 2,896 shares rose and 1,342 shares fell. A total of 190 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 8.97% to 13.36.

Numbers to Track:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.41 compared with its close of 95.48 during the previous trading session.

In the commodities market, Brent crude for September 2026 settlement rose 44 cents or 0.56% to $78.46 a barrel.

The yield on India's 10-year benchmark federal paper declined 0.24% to 6.750 compared with the previous session close of 6.750.

MCX Gold futures for 5 August 2026 settlement gained 0.51% to Rs 1,44,449.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 100.74.

The United States 10-year bond yield rose 0.20% to 4.576.

Global Markets:

Most European and Asian markets advanced after mixed Chinese inflation data reinforced expectations of further policy support from Beijing.

Investor sentiment was also supported by US President Donald Trump's remarks that a full-scale conflict with Iran was unlikely to resume, easing concerns over a prolonged disruption to global energy supplies. However, geopolitical tensions remained elevated after fresh US strikes on Iranian targets in response to attacks on commercial shipping in and around the Strait of Hormuz.

China's annual inflation eased to 1.0% in June 2026 from 1.2% in May, below market expectations of 1.1%, marking the slowest pace in three months. Consumer prices fell 0.3% month-on-month, while core inflation eased to 1.0% year-on-year.

Overnight, Wall Street ended lower as investors rotated out of artificial intelligence-linked stocks and oil prices advanced. The Dow Jones Industrial Average fell 0.25% to 52,925.15 after touching a record intraday high. The S&P 500 declined 0.45% to 7,503.85, while the Nasdaq Composite dropped 1.16% to 25,818.69.

Stocks in Spotlight:

Tata Consultancy Services rose 0.07%. The IT major reported revenue of Rs 72,275 crore for Q1 FY27, up 13.9% year-on-year and 2.2% quarter-on-quarter. Operating margin stood at 24.0%, while net income increased 8.5% YoY to Rs 13,849 crore, excluding exceptional items. Net margin came in at 19.2%, while net cash from operations stood at Rs 12,412 crore, equivalent to 93% of net income. The company declared an interim dividend of Rs 12 per share, with the record date fixed as 15 July 2026 and payment scheduled for 31 July 2026. Its workforce stood at 593,798, while last twelve months (LTM) attrition in the IT services business was 13.6%. The company's total contract value (TCV) declined to $9.5 billion in Q1 FY27 from $12 billion in Q4 FY26.

Dr Reddy's Laboratories tumbled 5.77% after the company said commercial supplies of certain batches of its semaglutide product will be delayed following a quality-related issue involving the active pharmaceutical ingredient (API). Semaglutide is widely used for the treatment of type 2 diabetes and obesity.

The company said certain batches of semaglutide were found to be out of specification due to an issue associated with the API used in the product. It is currently investigating the root cause and taking appropriate corrective measures to ensure product quality.

Premier Energies rallied 4.42% after inaugurating its 5.6 GW solar module manufacturing facility at Seetharampur, Telangana. The company also broke ground for a 6 GWh Battery Energy Storage System (BESS) facility and an 18,000 MT per annum aluminium frames plant.

The Phoenix Mills added 3.34% after the company reported a strong operational performance across its retail, commercial office, hospitality and residential businesses for the quarter ended June 2026 (Q1 FY27). The company's retail portfolio continued to deliver robust growth, with consumption rising 32% year-on-year (YoY) to Rs 4,727 crore during the quarter

Insolation Energy zoomed 11.80% after the company had received a contract worth Rs 558.29 crore from NTPC Renewable Energy, a wholly owned subsidiary of NTPC. The order involves the supply of solar photovoltaic (PV) modules and is scheduled to be executed during the financial year 2026-27.

Sathlokhar Synergys E&C Global rose 2.47% after the company secured fresh confirmed orders worth approximately Rs 75.52 crore.

Delhivery rose 2.67% to Rs 515.20 after foreign brokerage reiterated its 'Buy' rating on the stock and raised its target price to Rs 610 from Rs 560.

UNO Minda added 2.22% to Rs 1,157 after a domestic research firm initiated coverage on the company with a 'buy' call and a target price of Rs 1,406.

Solex Energy jumped 2.21% after the company received a work order from a leading independent power producer for the manufacture and supply of solar photovoltaic (PV) modules worth Rs 628.37 crore. The order involves the supply of N-Type TOPCon 615 Wp/620 Wp Glass-to-Glass (G12R) solar PV modules. The modules are scheduled to be supplied between October 2026 and March 2027.

Rajesh Power Services rose 3.76% after the company secured a Rs 653.12 crore turnkey contract from Paschim Gujarat Vij Company (PGVCL). The contract involves converting existing 11kV HT and LT overhead power lines into an underground cable network. It also includes the installation of a ring main system, GIS mapping and asset tagging. The work will be carried out across the Bhavnagar, Anjar, Junagadh and Porbandar circles in Gujarat.

IRB Infrastructure Developers added 1.40% after the company's IRB Group reported an approximately 28% year-on-year (YoY) increase in toll revenue to Rs 808 crore in June 2026.

Initial Public Offer (IPO):

Kusumgar received bids for 14,57,28,345 shares as against 1,14,68,094 shares on offer, according to stock exchange data at 18:39 IST on 9 July 2026. The issue was subscribed 12.71 times.

The issue opened for bidding on 08 July 2026 and will close on 10 July 2026. The price band of the IPO is fixed between Rs 398 and 419 per share.

Laser Power & Infra received bids for 38,67,500 shares as against 2,55,86,207 shares on offer, according to stock exchange data at 18:39 IST on 9 July 2026. The issue was subscribed 0.15 times.

The issue opened for bidding on 09 July 2026 and will close on 13 July 2026. The price band of the IPO is fixed between Rs 203 and 214 per share.

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