Stock Market Highlights Today: Nifty gained over 130 points, can the index sustain gains above 24,000? – 2nd July 2026

Indian equities extended gains for a second straight session on Thursday, with the Nifty 50 reclaiming and holding above 24,100 and the Sensex rising over 500 points, helped by a sharp fall in crude prices below 70 dollars a barrel and a strong rebound in IT stocks.

Market Overview

Index	2 Jul 2026 Close	Move & % Change	Comments
Nifty 50	24,138.35	+132.5 pts (+0.55%)	Held above 24,000, intraday high above 24,150 on IT strength.
Sensex	approx. level not disclosed	+500 pts (approx.)	Second day of gains, IT and autos supported upside.
Nifty Midcap 100	approx. level not disclosed	+0.3% (approx.)	Participated in rally, breadth positive.
Nifty Smallcap 100	approx. level not disclosed	+0.3% (approx.)	Tracked broader risk-on tone.
India VIX	13.19	lower on day	Volatility eased as indices extended recovery.

Note: figures are approximate; final exchange data not available at time of publication.

• Nifty traded range bound around 24,000, but bias stayed positive.
• Index broke its recent pattern of lower highs and lower lows.
• Market breadth on NSE: 1,818 advances, 586 declines, 99 unchanged.
• Falling crude and easing foreign selling cited as key near-term supports.

Sectoral Action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	up 3.0% to 3.2%	Short-covering after steep H1 fall, crude relief, global tech unwinding elsewhere.
Nifty Metal	up 0.8% (approx.)	Benefited from risk-on sentiment and lower input cost expectations.
Nifty Auto	up 0.5% (approx.)	Supported by strong June passenger vehicle sales growth of 24.1%.
Nifty Realty	up 0.4% (approx.)	Tracked lower yields and domestic demand optimism.

Note: figures are approximate; final exchange data not available at time of publication.

• Sectoral gains were led by IT, reversing part of recent underperformance.
• Metals, autos, and realty indices also ended in the green.
• Banking strength was cited by analysts as a continuing support for the market.

Key Movers

Top Gainers

Stock	Sector	Notable Factor
Infosys	IT services	Rose nearly 3%, led Sensex and Nifty gains as IT rebounded.
HCL Technologies	IT services	Advanced up to 2%, tracking sector-wide short-covering.
TCS	IT services	Gained up to 2%, helped by easing crude and currency stability.
Tech Mahindra	IT services	Climbed up to 2%, part of broad-based IT recovery.

Note: figures are approximate; final exchange data not available at time of publication.

• Nifty IT index is still about 20% below its 200-DMA, per NSE data.
• Eight of nine Nifty IT constituents trade 21% to 26% below their 200-DMAs.
• Nifty IT has declined 31% in January to June 2026, its worst first half since 2001.

Top Losers

Stock	Sector	Notable Factor
Bajaj Finance	NBFC	Fell over 1%, bucked the broader positive trend on benchmarks.

Note: figures are approximate; final exchange data not available at time of publication.

• Outside domestic trade, Wipro ADRs recently fell over 13% on weak outlook and AI pricing concerns.
• IT valuations remain under pressure after the steep first-half drawdown.

Technical Outlook on Nifty 50

• Nifty has been oscillating around the 24,000 mark in recent sessions.
• Index remains locked in a defined trading range, with resistance near 24,124 to 24,200.
• Short-term trend is assessed as positive while the index holds above 23,800 support.
• Momentum is subdued, with a slow upward trajectory preferred over sharp breakouts.
• A sustained move above 24,200 could open room for further near-term upside.

• “Despite the sideways movement, the short-term trend remains positive, with the index showing resilience throughout the session. However, momentum continues to be subdued.” — Rupak De, Senior Technical Analyst, LKP Securities.

Macro Drivers and Flows

Statistic	Value/Change	Context
Brent crude	around 70–71 dollars/bbl	Fell for a second session as US Iran talks progressed.
India VIX	13.19	Lower volatility supported risk appetite in equities.
Rupee (open)	94.93 per dollar	Opened 0.34% stronger versus prior close of 95.25.

Note: figures are approximate; final exchange data not available at time of publication.

• Brent crude futures slipped to about 70 dollars per barrel on Thursday.
• US Iran talks in Doha focused on Strait of Hormuz traffic and unfreezing Iranian funds.
• Lower crude is expected to ease imported inflation and support India’s macro stability.
• Analysts highlighted tapering foreign portfolio selling and steady domestic inflows.

• “Crude continues to fall with Brent below 71 dollars now. This will further strengthen India’s macros and help in achieving higher growth while keeping inflation in check.” — V K Vijayakumar, Chief Investment Strategist, Geojit Investments.

IT Sector Context

• Nifty IT index is at a three year low after the 31% H1 2026 decline.
• The only worse first half for the index was in 2001, with a 44% fall.
• Concerns include AI led pricing pressure and slowing global tech demand.
• Despite today’s rebound, IT remains a key laggard on a year to date basis.
• Some analysts still warn of further downside risk if earnings disappoint.

Global Cues

Market/Asset	Movement	Notes
South Korea Kospi	-11.5% in June	AI trade unwinding, contrasting with Nifty’s June gains.
Nasdaq Composite	-3% in June	Tech-led correction, aiding rotation into non AI markets.
Brent crude	about -1.0% on day	Slipped near 70 dollars as US Iran talks showed progress.
WTI crude	about -1.3% on day	Traded near 67.7 dollars per barrel.

Note: figures are approximate; final exchange data not available at time of publication.

• For June, Nifty rose about 2.5%, outperforming Kospi and Nasdaq.
• Analysts attribute India’s relative resilience partly to domestic demand strength.
• Future outperformance is seen hinging on monsoon progress and bank earnings.

• “Whether India’s outperformance will continue or not will be determined to a large extent by the progress of the monsoon, which continues to be unsatisfactory.” — V K Vijayakumar, Chief Investment Strategist, Geojit Investments.

Medium Term Market Setup

• Nifty 50 ended the first half of 2026 with a 9% decline.
• In 2022, a similar first half fall was followed by a positive second half and a 4% annual gain.
• Geopolitical anxieties and sharp rupee depreciation have eased compared with early 2026.

• “Geopolitical anxieties appear to be receding, and with them, the era of sharp rupee depreciation seems to be drawing to a close, paving the way for greater currency stability.” — Dhiraj Relli, MD and CEO, HDFC Securities.

• Some strategists expect lower oil, a stable rupee, and returning foreign investors to aid a second half rebound.
• Banking, autos, capital goods, power, and renewables are cited as better placed sectors.

• “We expect the second half to be better, as most macroeconomic concerns are easing and the worst of FPI selling appears behind us.” — Pankaj Pandey, Head of Research, ICICI Securities.

FAQs

Q: Why did Nifty 50 gain today despite weak IT performance year to date?

• Nifty rose as IT stocks staged a sharp rebound, crude fell near 70 dollars, volatility eased, and foreign selling tapered, offsetting lingering concerns about the sector’s weak first half.

Q: What are the key technical levels to watch for Nifty in the near term?

• Analysts flag 23,800 as crucial support and 24,124 to 24,200 as immediate resistance. A sustained move above 24,200 could signal further upside, while a break below 23,800 may weaken the short-term positive bias.

Q: How does lower crude oil impact Indian equities and the rupee?

• Lower crude reduces India’s import bill, eases inflation pressures, and supports the current account and fiscal math. This typically benefits rate sensitive sectors and can support the rupee, improving the overall risk-reward for domestic equities.

Frequently Asked Questions

Why did Nifty 50 gain today despite weak IT performance year to date?

Nifty rose as IT stocks rebounded sharply, crude fell near 70 dollars, volatility eased, and foreign selling tapered, which together outweighed concerns about the sector’s poor first half performance.

What are the key technical levels to watch for Nifty in the near term?

Analysts highlight 23,800 as strong support and 24,124 to 24,200 as immediate resistance. Holding above 23,800 keeps the short-term trend positive, while a breakout above 24,200 could open further upside.

How does lower crude oil affect Indian equities and the rupee?

Lower crude reduces India’s import bill and inflation pressures, supports macro stability, and can aid the rupee. This typically benefits rate sensitive sectors and improves the overall backdrop for domestic equities.