Closing Bell: Nifty 50 Recovers Over 200 Points From Day's Low; IT Stocks Offset Oil Shock

Prajwal DSIJ/ 13 Jul 2026 /Categories: Mkt Commentary, Trending

Closing Bell: Nifty 50 Recovers Over 200 Points From Day's Low; IT Stocks Offset Oil Shock

At the close, the Nifty 50 edged up 4.10 points, or 0.02 per cent, to 24,211, extending its winning streak to three consecutive sessions. The Sensex also ended in positive territory, rising 47.01 points, or 0.06 per cent, to 77,616.40.

✨ Key Takeaways

Indian equity benchmarks recovered sharply from steep Intraday losses to end nearly flat on Monday, July 13, as strong buying in information technology stocks helped offset concerns arising from rising crude oil prices and escalating geopolitical tensions in the Middle East. The market witnessed broad-based selling in early trade after renewed fighting between Iran and the U.S. fuelled fears of another closure of the strategically important Strait of Hormuz.

The Nifty 50 opened more than 150 points lower and slipped below the 24,000 mark during the session. However, sustained buying in heavyweight IT stocks helped the benchmark erase all its losses and finish near the day's high. At the close, the Nifty 50 edged up 4.10 points, or 0.02 per cent, to 24,211, extending its winning streak to three consecutive sessions. The Sensex also ended in positive territory, rising 47.01 points, or 0.06 per cent, to 77,616.40. Meanwhile, the Bank Nifty gained 0.15 per cent to close above the 58,100 mark. Market volatility increased, with the India VIX jumping nearly 8 per cent to move above the 13 level.

Investor sentiment remained under pressure after renewed military conflict between Iran and the U.S. Reports indicated that both countries exchanged heavy missile and drone attacks, with Tehran targeting U.S. military facilities across Gulf states and claiming it had once again closed the Strait of Hormuz. The renewed hostilities have raised fresh doubts over the interim U.S.-Iran agreement signed last month, which aimed to ensure uninterrupted navigation through the Strait of Hormuz. The narrow waterway handles nearly 20 per cent of global petroleum trade, making it a critical route for international energy supplies. Amid these developments, Brent crude futures surged around 4 per cent to trade above USD 79 per barrel, reviving concerns over higher inflation and the possibility of further interest rate hikes.

Sectoral performance remained mixed, with 6 of the 11 major sectoral indices ending in positive territory. The Nifty IT index emerged as the top-performing sector, climbing 3.59 per cent, with all its constituents closing in the green. The index also extended gains for a second straight session and finished above its 50-day exponential moving average (50-DEMA) for the first time in nearly a month. On the other hand, the Nifty FMCG index declined 1.02 per cent, making it the worst-performing sector of the day. Weakness in Nestle India weighed on the index, which recorded losses for the second consecutive trading session. In the broader market, the Nifty Midcap 100 index gained 0.01 per cent, while the Nifty Smallcap 100 index rose 0.03 per cent.

Among individual stocks, L&T Finance advanced 1.07 per cent after the non-banking financial company reported higher quarterly profit and healthy loan growth for the quarter ended June. Just Dial surged 20 per cent following strong first-quarter earnings and the appointment of a new Chief Executive Officer and Chief Financial Officer. Meanwhile, DMart declined 2.13 per cent after its Quarterly Results, as investors remained concerned that the rapid expansion of quick commerce platforms continues to impact growth in metro markets.

The recovery in the Nifty 50 was largely driven by information technology stocks. Infosys contributed 26.52 points to the index, followed by Tata Consultancy Services (TCS) with 25.10 points and HCL Technologies with 13.13 points. On the downside, HDFC Bank was the biggest drag on the index, shaving off 23.39 points, followed by Reliance Industries with 16.08 points and Bharti Airtel with 12.64 points.

Market breadth on the NSE remained positive despite the volatile session. Out of 3,442 stocks traded, 1,776 stocks advanced, 1,557 declined, while 109 stocks remained unchanged. A total of 122 stocks touched their 52-week highs, whereas 49 stocks hit their 52-week lows. Additionally, 136 stocks were locked in their Upper Circuits, while 81 stocks hit their Lower Circuits.