One thing that genuinely caught attention today — Indian stock market just had one really strong session on July 10,with both Sensex and Nifty 50 closing sharply higher . And this was not some minor recovery move either .
Sensex surged by 828 points,which is 1.08% gain,closing at 77,569.39 . Nifty 50 rose by 244 points,or 1.02%,ending at 24,206.90 . This also marked second consecutive day of gains,which itself is encouraging after recent pressure .
And what really stands out is wealth creation number . In single trading session only,investors collectively saw their wealth increase by nearly ₹6 lakh crore . Total market capitalization of BSE-listed companies climbed to approximately ₹482 lakh crore,up from ₹476 lakh crore . That kind of jump in one day is not small thing.
Over past two sessions combined,30-share Sensex has gained 1,066 points — which works out to increase of 1.4% . However,on weekly basis,both indices still recorded decline of 0.25%,breaking four-week streak of gains . So picture is mixed honestly .
Three clear reasons driving this rally:
- Reports of ongoing technical talks between US and Iran bolstered overall market sentiment globally .
- In-line earnings from TCS and supportive updates from banks enhanced investor confidence ahead of Q1 season .
- Crude oil prices dropped with Brent crude trading below $76 per barrel,giving market additional support.
Vinod Nair,Head of Research at Geojit Investments Limited,noted that constructive outlook for IT sector alongside encouraging updates from banks set positive tone for upcoming Q1 earnings season . He also expressed optimism that continued better-than-expected results would ease concerns around future earnings growth and help sustain current market uptrend .
In Nifty 50 index,42 stocks recorded gains while 7 fell,with Bajaj Auto ending flat . Top gainers included Jio Financial Services,HDFC Life Insurance Company,and Adani Enterprises . On other side,Dr. Reddy's Laboratories,Eternal,and Bharti Airtel were among top laggards . Sector-wise,Nifty Realty index rose by 3.49% while PSU Bank and IT indices also posted strong gains .
Technical picture is also getting interesting right now . Sudeep Shah,Head of Technical and Derivatives Research at SBI Securities,identified immediate resistance for Nifty at 24,350-24,400 zone . He suggested sustained move above that range could push index further toward 24,550 and eventually 24,700 . Support on downside sits at 24,050-24,000 range.
Rupak De,Senior Technical Analyst at LKP Securities,added that Nifty's recovery above falling trendline indicates bullish trend,backed by positive momentum indicators . That kind of technical confirmation usually gives traders more confidence to stay in market .
And honestly,the mood has shifted noticeably compared to where things were just few sessions ago . Mid and small-cap indices actually outperformed their larger counterparts today,which shows buying was broad-based and not just limited to few heavyweight stocks…
But one week of gains getting wiped on weekly basis even after two strong days — that detail is sitting quietly in background . Whether this momentum actually sustains through full Q1 earnings season or fades again is something market will answer in coming days . For now,rally looks real,but comfort might be little early…
