Indian equity benchmarks recorded a strong second consecutive day of gains on Thursday, July 2, 2026, as buying interest returned to key sectors. The 30-share BSE Sensex advanced 579.48 points, or 0.75%, to close at 77,502.12. Simultaneously, the NSE Nifty50 index saw a rise of 169.85 points, or 0.71%, settling at 24,175.70.
The broader market also experienced an upward trend, with the Nifty Midcap100 index increasing by 0.48% and the Nifty Smallcap100 index surging 1.25%. These movements collectively boosted investor wealth, adding an estimated ₹3.32 lakh crore during Thursday's session alone. Over the past two trading days, the cumulative gain in investor wealth stands at approximately ₹5.7 lakh crore.
Key Drivers of the Rally
Information technology (IT) stocks were a significant catalyst for the market's positive momentum, rebounding strongly after a period of correction. The auto and realty sectors also contributed substantially to the upmove. However, energy and banking shares observed some profit booking, which partially moderated the overall rally.
Among the top performers contributing to the Sensex's gains were major players such as Infosys Ltd, ICICI Bank Ltd, Tata Consultancy Services (TCS), HCL Technologies Ltd, Mahindra & Mahindra Ltd (M&M), Tech Mahindra Ltd, Titan Company Ltd, Bajaj Finserv Ltd, and Adani Ports and Special Economic Zone Ltd.
Expert Insights on Market Performance
Ankur Punj, MD & Business Head at Equirus Wealth, noted that the key benchmark indices gained strength from renewed optimism in technology stocks. He highlighted that IT stocks, being oversold after a recent slump, witnessed significant value buying ahead of first-quarter earnings announcements. Globally, the reopening of the Strait of Hormuz and subsequent passage of ships led to a sharp drop in crude oil prices, which positively impacted equity markets.
Ajit Mishra, SVP (Research) at Religare Broking, echoed this sentiment, attributing the positive undertone to the continued decline in Brent crude prices, which slipped below the $71 per barrel mark following encouraging progress in US-Iran talks. Mishra also emphasized the rebound in the IT sector, which had experienced sharp selling in recent sessions, as a key factor strengthening market sentiment.
Nifty's Near-Term Outlook
Rupak De, Senior Technical Analyst at LKP Securities, provided a technical perspective, stating that the Nifty has broken out of its recent consolidation phase, signaling improving market sentiment. He added that the index's sustained position above its critical moving averages reinforces this positive trend. In the near term, De anticipates the trend to remain positive, with the Nifty potentially advancing towards the 24,300–24,500 range. Immediate support for the index is identified at 24,000, with a breach below this level potentially pulling the market back into a consolidation phase.