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The Indian stock market witnessed a positive trend for the second consecutive day on Thursday, July 2. Due to investor enthusiasm and global cues, benchmark indices Sensex and Nifty closed with gains. This performance of the market has not only maintained the momentum of the previous session but has also breathed new life into the market. At the end of trading, the Bombay Stock Exchange (BSE) Sensex closed at 77,502.12 with a jump of 579.48 points (0.75%). At the same time, Nifty of National Stock Exchange (NSE) also closed at 24,175.70 with a gain of 169.85 points (0.71%). All-round buying was seen in the market, in which about 2436 shares ended the trade in the green.
IT sector becomes ‘hero’, huge jump of 5%
The IT sector shined the most in today’s business. Breaking the trend of decline since last four days, the IT index gained a strong gain of about 5%. Big stocks like Infosys, TCS, Tech Mahindra and HCL Technologies contributed significantly to this rise. Experts have linked this recovery in IT stocks to ‘short covering’ and growing confidence in the future of enterprise AI. Apart from IT, auto, realty, consumer durables and metal indices also registered a rise of up to 1%.
Fall of crude oil and support from global signals
The softening of crude oil prices is being considered a major reason behind this brightness of the market. According to Vinod Nair, Head of Research, Geojit Investments, the Fed Chair’s soft stance statements have raised hopes of favorable interest rates globally, which has provided considerable support to the market. However, the Indian rupee looked a little weak today and closed at 95.39 per dollar, down by 15 paise. On the other hand, 0.5% gain in Midcap index and 1.2% gain in Smallcap index has brought a smile on the faces of small investors.
What is the market direction next?
Now the eyes of the market are fixed on some key figures and events. In the coming sessions, US non-farm payroll data, news of India-Japan summit and companies’ first quarter financial year 2027 (Q1FY27) results will decide the new movement of the market. Infosys and Bajaj Finserv were among today’s top gainers, while Max Healthcare, L&T and Tata Motors Passenger Vehicles were under some pressure. Experts believe that at present the strategy of ‘buy on dips’ is proving effective in the market.
