Nifty tops 24,250 as IT, banks lift benchmarks

Indian equities defied a sharp Asian selloff on Friday, with the Nifty 50 climbing around 1% to reclaim the 24,250, 24,300 zone and the Sensex jumping over 800 points, driven by strong buying in IT and private banking stocks ahead of key Q1 results.

Despite pressure in mid and small caps and rising crude oil prices amid US Iran tensions, frontline indices outperformed regional peers, helped by a post earnings rally in Tech Mahindra, gains in Reliance Industries, and pre result positioning in large private sector banks.

Market Overview

Index	17 Jul 2026 Close (approx.)	Move & % Change	Comments
Sensex	77,900, 78,000 approx.	+800 pts (+1% approx.)	Hit intraday high near 77,989, 78,045 on heavyweights.
Nifty 50	24,250, 24,300 approx.	+200 pts (+0.9, 1% approx.)	Reclaimed 24,250, 24,298, only major Asian index in green.
Nifty Bank	58,095	+500 pts (+0.9% approx.)	Rose on private lenders ahead of Q1 FY27 earnings.
Nifty IT	28,189 approx.	up 1.25, 1.9%	Led gains after Tech Mahindra’s Q1 beat and sector optimism.
Nifty Midcap 100	n.a.	down up to 0.8, 1%	Broader market under pressure despite benchmark rally.
Nifty Smallcap 100	n.a.	down up to 0.8, 1%	Micro caps had rallied since March, but paused today.

• Nifty made an intraday high of 24,288.90, up 216 points.
• Sensex touched 77,989.44, 78,045, up 803, 850 points.
• Frontline indices rose even as FIIs sold ₹4,205.56 crore on Thursday.
• Primary driver: IT earnings surprise and banking optimism ahead of Q1 prints.

Key Movers

Top Gainers

Stock	Sector	Notable Factor
Tech Mahindra	IT	Q1 FY27 consolidated net profit up 28.4% YoY to ₹1,465 crore.
Jio Financial Services	Financials	Q1 consolidated net profit up 155% YoY to ₹830 crore.
Reliance Industries	Conglomerate	Stock up over 2% ahead of Q1 FY27 results post market.
HDFC Bank	Private bank	Gained over 1, 2% on expectations of steady Q1 earnings.
ICICI Bank	Private bank	Rose up to 2%, supported Nifty Bank rally.
Axis Bank	Private bank	Climbed up to 2% ahead of Q1 results.
Kotak Mahindra Bank	Private bank	Jumped nearly 3% to around ₹386 on NSE.
Federal Bank	Private bank	Gained more than 2% on strong loan growth trends.

• Infosys, TCS and HCL Tech traded higher, supported by IT sector momentum.
• Mahindra & Mahindra and Reliance Industries were among Sensex winners.
• Banking gains pushed Nifty Bank above 58,000, near resistance.

Top Losers

Stock	Sector	Notable Factor
Sun Pharma	Pharma	Declined despite benchmark strength, no specific trigger cited.
Bharti Airtel	Telecom	Among laggards in Sensex pack.
Trent	Retail	Underperformed during large cap led rally.
UltraTech Cement	Cement	Traded weak amid sector rotation to IT and banks.
Yes Bank	Private bank	Fell around 1%, contrasting with other private lenders.
Bank of Baroda	PSU bank	Dropped about 1%, PSU banks lagged private peers.

• Nifty PSU Bank index slipped around 0.30%, underperforming private banks.

Sectoral Action

Sector/Index	Direction (approx.)	Key Drivers
IT (Nifty IT / BSE IT)	up 1.25, 1.9%	Tech Mahindra Q1 beat, HCL Tech new AI focused deal.
Private banks (Nifty Private Bank)	up 1.5%	Pre earnings positioning, strong credit growth expectations.
Nifty Financial Services	up 0.35%	Jio Financial profit surge, strength in lenders.
Nifty Auto	up 0.68%	Mahindra & Mahindra among gainers, supportive sentiment.
Nifty PSU Bank	down 0.3%	Profit taking, weaker interest versus private names.
Midcap & Smallcap indices	down 0.8, 1%	Broader market consolidation after recent micro cap rally.

• Brokerage data show sectoral credit growth near 17.7% YoY as of 15 June 2026.
• Deposits grew about 12% YoY, supporting banking sector earnings expectations.
• Analysts expect private banks’ Q1 PAT to grow around 10% YoY, PSU banks about 9% YoY.

Technical Outlook

Statistic	Value/Change	Context
Nifty trading range	23,800, 24,600	Market in consolidation, setup points to potential upside breakout.
Nifty near term band	23,940, 24,270	Geojit sees this range as important for directional move.
Nifty Bank support	56,800, 57,000	LKP Securities flags this zone as immediate support.
Nifty Bank resistance	58,200	Viewed as resistance, undertone neutral below breakout.
Nifty Bank hurdle	58,700	June high, close above may open 59,300, 60,000.
IT index target	30,200, 30,500	Gautam Shah expects up to 15% upside in 6, 9 months.

• Several sessions of narrow trade have formed a triangular pattern on Nifty charts.
• Analysts anticipate heightened volatility before a clear breakout or breakdown.
• Gautam Shah sees banking and IT leading any sustained Nifty breakout.
• “I would not be surprised if the IT index were to recover 15% from these levels” Gautam Shah, Founder, Goldilocks Global Research.

Global Cues

Market/Asset	Movement	Notes
Nikkei 225 (Japan)	down over 5%	Hit by semiconductor selloff and risk aversion.
Taiwan Weighted Index	down about 6%	Sharp fall in chip stocks, regional risk off mood.
Hang Seng (Hong Kong)	down over 2%	Weakness across Asian equities.
Shanghai Composite (China)	down over 2%	Declined alongside regional peers.
US equities	negative previous session	US markets closed lower on Thursday.
Brent crude	+0.85% at $84.95	Higher on escalating US Iran tensions.

• South Korea’s Kospi was shut for Constitution Day, limiting regional liquidity.
• Indian benchmarks were the only major Asian index in positive territory.

Key Market Statistics

Statistic	Value/Change	Context
Rupee vs USD	₹96.28, up 14 paise	Currency appreciated despite higher crude and global risk off.
FII flows (16 Jul)	₹4,205.56 crore net selling	Foreign investors remained cautious ahead of earnings and geopolitics.
Sectoral credit growth	17.7% YoY (15 Jun)	Driven by industrial and gold loans, supports bank growth.
Deposit growth	12% YoY (15 Jun)	Underpins funding for loan expansion.

• Analysts say FCNR(B) inflows could support deposit growth from Q2 FY27.
• Lower bond yields are expected to aid treasury gains for banks.
• Tata Mutual Fund projects Nifty earnings growth of 15, 17% in FY27.
• It notes Nifty valuations have moderated below long term averages.

• “Nifty valuations have moderated below their long term averages, providing a supportive backdrop for equity returns” Tata Mutual Fund.

• Market focus now shifts to Q1 results from Reliance, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and Yes Bank over the weekend.

Frequently Asked Questions

Why did Nifty and Sensex rise despite a global selloff?

Nifty and Sensex gained about 1% as strong buying in IT and private banking stocks, driven by Tech Mahindra’s earnings beat and optimism around upcoming Q1 results from Reliance and major banks, offset weakness in global markets.

Which sectors led today’s market rally in India?

Information technology and private sector banks led the rally, with Tech Mahindra, Infosys, TCS, HCL Tech and large lenders like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank advancing on earnings optimism.

What are the key technical levels to watch for Nifty Bank now?

Analysts see support for Nifty Bank near 56,800, 57,000 and resistance around 58,200, with a decisive close above June’s high of 58,700 potentially opening upside towards 59,300 and eventually 60,000 in the coming weeks.