Sensex Today Rallies 964 Points | Nifty Above 24,300 | Kotak Mahindra & TCS Top Gainers

Fri, 17 Jul Closing

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Although the benchmark indices opened higher, they traded positive throughout the session and ultimately closed green.

Indian equity benchmarks indices, Sensex and Nifty50 surged on Friday amid firm buying in IT and banking counters. Also, gains in Reliance Industries ahead of Q1 results added to the positive sentiment.

At the closing bell, the BSE Sensex  closed points 964 higher (up 1.2%)

Meanwhile, the NSE Nifty closed 261 points higher (up 1%)

You can also visit our live blog section for real-time updates and deeper insights into the market.

Tech Mahindra, TCS, Kotak Mahindra were the top gainers today.

Bharti Airtel, Sun Pharma, NTPC on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,302 with 207 points higher at the time of writing.

The BSE 150 Midcap index is trading 0.2% lower and the BSE 250 SmallCap index is trading 0.7% lower.

Sectoral indices were trading mixed today with realty sector and banking sector witnessed buying. Meanwhile, stocks in healthcare sector and telecommunication sector witnessed selling pressure.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at Rs 96.2 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% higher at Rs 1,40,547 per 10 grams.

Meanwhile, silver prices were trading 0.2% lower at 2,15,545 per 1 kg.

4 reasons why Indian stock markets are rising:

#1 Nifty IT Leads Market Rally

The Nifty IT index led the market higher as IT stocks witnessed strong buying. Tech Mahindra gained after reporting strong quarterly earnings and expressing confidence about future demand. TCS, HCL Tech, and Infosys also advanced, lifting the sector.

#2 Buying in Heavyweight Stocks

Heavyweight stocks such as Reliance Industries, HDFC Bank, and ICICI Bank supported the market rally. Reliance gained on expectations of strong quarterly results, while buying in the two private banks further boosted the Sensex.

#3 FIIs and Chip Stock Weakness

Foreign institutional investors (FIIs) have been buying Indian stocks over the past month, despite selling shares on Thursday. Market experts believe India could attract more foreign inflows if weakness in South Korea's chip stocks continues. This could benefit Indian equities in the coming weeks.

#4 Rupee Strengthens

The Indian rupee strengthened by 14 paise to 96.28 against the US dollar on Friday. The recovery was supported by positive sentiment in the domestic stock market. This came after the rupee had weakened for four straight sessions, ending Thursday at 96.42.

Speaking of stock markets, Tanushree Banerjee, Research Analyst at Equitymaster, highlights that tollbooth monopoly stocks are facing rising regulatory risks that could weaken their strong moats.

She notes that changes like market coupling are challenging platforms such as IEX. The main risk is not earnings, but valuation de-rating due to reduced pricing power.

Watch the video below to know more.

Central Bank of India Q1 Business Update

Shares of Central Bank of India came into focus after the company reported its Q1 business update.

Central Bank of India reported a 13.3% YoY increase in net profit to Rs 13.24 billion (bn) for the first quarter of FY27, compared with Rs 11.69 bn in the same period last year.

The bank's total income rose 3.1% YoY to Rs 106.78 bn, while interest income from advances and bills increased 13.9% to Rs 67.56 bn.

Gross non-performing assets (GNPA) increased 6.8% YoY to Rs 92.25 bn, while net non-performing assets (NNPA) rose 31.1% to Rs 17.15 bn. Meanwhile, the operating margin declined to 20.47% from 22.24% a year earlier.

Polycab India Q1 Business Update

Shares of Polycab India came into focus after the company reported its Q1 business update.

Polycab reported a 32.8% YoY increase in consolidated net profit to Rs 7.97 bn for the first quarter of FY27, compared with Rs 6.00 bn in the year-ago period.

The company recorded its highest-ever quarterly revenue, EBITDA, and profit after tax. Revenue rose 39% YoY to Rs 82.10 bn, while EBITDA increased 32% to Rs 11.36 bn.

Revenue from the wires and cables segment, its largest business, grew 37.7% YoY to Rs 72.02 bn. Revenue from the fast-moving electrical goods (FMEG) segment jumped 67.6% to Rs 7.61 bn, while the engineering, procurement, and construction (EPC) business declined 11.4% to Rs 3.08 bn.

The board also recommended a final dividend of Rs 47 per equity share.

To know what's moving the Indian stock markets today check out the most recent share market updates here.

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