Sensex Defies Global Bloodbath: Why D-Street Is Rallying 800 Points Against All Odds
Indian equity benchmarks logged gains during afternoon trade, compared to negative regional cues across Asia and declining US stock futures. By 1:20 PM IST, the BSE Sensex surged 794.79 points or 1.03% to touch 77,981.66, while the NSE Nifty 50 climbed 204.70 points or 0.85% to trade at 24,277.45. The market's resilient advance was heavily anchored by a structural 1.78% breakout in the Nifty IT index with strong buying support in heavyweights like TCS, Tech Mahindra, Reliance, and HDFC Bank.
- Republic Business
- 2 min read
Indian shares broke away from a broader global market retreat on Friday afternoon, with the benchmark Sensex jumping nearly 800 points as robust buying across technology, banking, and consumer goods heavyweights offset macro drag from weak Asian peers and sliding Wall Street futures.
By 1:20 PM IST, the 30-share BSE Sensex was up 1.03% at 77,981.66. Nifty 50 advanced 0.85% to 24,277.45, recovering from an intraday low of 24,099.05 to trade just shy of its session high.
The domestic rally is in contrast to global markets as Asian indices slipped into the red following disappointing economic indicators, while US stock futures signals pointed to a lower opening in New York on tech sector valuation concerns.
IT and Banking Heavyweights
The Nifty IT index spearheaded the charge, gaining 1.78% to hit 29,233.30. Sentiment in the technology pocket was powered by strong earnings updates from major players. Tech Mahindra led the index gainers with a sharp 3.53% surge to ₹1,563.60, closely followed by industry bellwether Tata Consultancy Services (TCS), which jumped 3.14% to ₹2,270.20. Infosys also added a solid 1.76% to trade at ₹1,101.50, successfully overshadowing a localized 1.40% drop in Wipro.
Banking and financial counters provided critical secondary momentum. The Nifty Bank index scaled 0.86% higher to sit above the 58,000 mark at 58,074.60. Gains were anchored by private sector giants, with Kotak Mahindra Bank rising 2.36% to ₹385.40, ICICI Bank climbing 1.29% to ₹1,436.50, and HDFC Bank gaining 1.21% to land at ₹818.10.
Broad-Based Inflows Keep Domestic Sentiment Intact
Reliance Industries jumped 1.86% to ₹1,320.70, injecting significant points into the Nifty's upward march. Fast-moving consumer goods (FMCG) giant Hindustan Unilever (HUL) also witnessed strong defensive buying, rallying 2.10% to ₹2,142.40.
Metal and Health Sectors
The afternoon rally was not uniform, as metals and select pharmaceutical names faced mild profit-taking. Hindalco Industries emerged as the top drag on the Nifty 50, shedding 1.32% to trade at ₹946.65. Tata Steel also faced pressure, dropping 0.58% to ₹184.41.
In other sectors, Max Healthcare retreated 0.86% to ₹1,088.80, and Sun Pharmaceutical paused its recent run, dropping 0.52% to ₹1,940.00. However, market breadth remained firmly in favor of the bulls, with the Nifty Auto index driving ahead by 1.06%, led by Mahindra & Mahindra's 1.67% advance to ₹3,169.90.
Published By : Shourya Jha
Published On: 17 July 2026 at 13:44 IST