Closing Bell: Nifty 50, Sensex Jump Over 1%; Reliance, ICICI Bank and HDFC Bank Lead Gains

Indian benchmark indices ended with gains of more than 1 per cent on Friday, July 17, recording their biggest single-day advance in nearly a month. The rally was driven by strong buying in information technology and financial stocks after upbeat quarterly earnings from Tech Mahindra and Jio Financial Services. Heavyweight stocks including Reliance Industries, HDFC Bank and ICICI Bank also supported the market ahead of their earnings announcements.

The Nifty 50 opened at 24,127.60 and briefly slipped to an Intraday low of 24,099.05 amid early volatility. Buying interest soon emerged, helping the index reclaim the 24,180 level before gradually moving towards 24,250 during the first half of the session. The benchmark then traded in a narrow range for most of the day before witnessing a brief dip near 24,220 around 2 p.m. Strong buying in the final hour pushed the index to an intraday high of 24,367.30.

The Nifty 50 settled at 24,334.30, gaining 261.55 points or 1.09 per cent, marking its biggest single-day gain in the last one month. The BSE Sensex surged 964.59 points, or 1.25 per cent, to close at 78,151.46. The Bank Nifty also outperformed, rising more than 900 points or 1.63 per cent. Meanwhile, India VIX climbed around 2 per cent to trade above the 13 mark, indicating a rise in market volatility.

Despite the strong performance of the benchmark indices, the broader market remained under pressure. The Nifty Midcap 100 index declined 0.41 per cent, while the Nifty Smallcap 100 index fell 0.21 per cent.

On the sectoral front, 8 of the 11 major sectoral indices ended the session in positive territory. The Nifty IT index emerged as the best-performing sector, rising 1.75 per cent and extending its gains for a second consecutive session to hit a one-month high. The rally followed better-than-expected quarterly earnings from Tech Mahindra.

In contrast, the Nifty Pharma index was the worst-performing sector, falling 1.4 per cent, led by weakness in Torrent Pharma. The decline marked the index's steepest single-day fall in the past month.

Among individual stocks, WeWork India declined 6.88 per cent after reporting its Q1 FY27 earnings. The company posted a 28 per cent year-on-year increase in revenue to Rs 684 crore, while its net loss narrowed to Rs 4 crore. The company's board also approved a capital restructuring proposal.

Tyre manufacturer CEAT dropped 7.30 per cent after reporting quarterly earnings that missed market expectations, leading to sharp selling in the stock.

Reliance Industries made the largest positive contribution to the Nifty 50, adding 45.11 points to the index. ICICI Bank followed with a contribution of 40.81 points, while HDFC Bank added 37.78 points, making them the key drivers of the day's rally.

On the downside, Bharti Airtel was the biggest drag on the Nifty 50, shaving off 8.83 points from the index. Hindalco Industries contributed a negative 4.80 points, while Sun Pharmaceutical Industries weighed on the benchmark by 4.14 points.

Market breadth remained weak despite the benchmark rally. Of the 3,419 stocks traded on the NSE, 1,314 advanced, 2,005 declined and 100 remained unchanged, indicating that losses outnumbered gains across the broader market.

During the session, 48 stocks touched their 52-week highs, while 64 stocks slipped to their 52-week lows. Additionally, 84 stocks were locked in their Upper Circuits, whereas 99 stocks hit their Lower Circuits.

Disclaimer: The article is for informational purposes only and not investment advice.