Indian benchmark indices remained steady in midday trade on July 2, with the Nifty 50 trading above the 24,100 level and the Sensex near the 77,350 mark, gaining around 0.55%. According to reports from The Financial Express, stock-specific action remained active after corporate announcements, business updates, fundraising plans and monthly operational data drove moves across individual counters. The Nifty IT index rose nearly 3.6% as buying returned to the beaten-down technology pack. Global markets presented a mixed landscape with US futures leaning positive—buoyed by tech optimism—while Asian markets experienced sharp sell-offs, particularly in South Korea.
Tata Technologies shares surged 9% to ₹729.20 after the company announced a strategic expansion of its long-standing partnership with global automotive supplier Tenneco LLC. The expanded agreement involves Tenneco investing more than $100 million over the next five years to accelerate engineering innovation, digital transformation, and AI-led mobility solutions. As reported by Live Mint, the collaboration will leverage India's deep engineering talent pool to accelerate innovation and enable Tenneco to respond more swiftly to evolving global market demands. The partnership, which began in 2021, is anchored by Tata Technologies's Global Engineering Center in Pune, combining engineering expertise, digital technologies, and AI-enabled capabilities to accelerate product development and deliver long-term value across Tenneco's global operations.
IT stocks remained the biggest sectoral gainers by midday, with the Nifty IT index rising nearly 3.6% as buying returned to the beaten-down technology pack. As reported by The Financial Express, the rally was broad-based, with all ten constituents trading in positive territory. Infosys Ltd. gained more than 4%, Coforge Ltd. advanced over 4.5%, Mphasis Ltd. climbed around 4.5%, Persistent Systems added nearly 3.7%, HCL Technologies rose more than 3.6%, Tech Mahindra gained over 2%, while Wipro Ltd. and Tata Consultancy Services Ltd. also traded higher. Buying interest was supported by optimism around artificial intelligence opportunities after Infosys Chairman Nandan Nilekani recently reiterated that AI would expand, rather than replace, the IT services business.
Several companies announced significant fundraising initiatives and expansion plans. Adani Energy Solutions share price gained over 3% by midday after the company's board approved a proposal to raise up to ₹10,000 crore through the issuance of equity shares and other eligible securities via a Qualified Institutional Placement or other permissible routes. Hero MotoCorp announced a massive ₹32 billion expansion investment in Andhra Pradesh to scale annual capacity to 1.2–1.5 million units, including over ₹7.50 billion for a secondary Global Parts Centre in Tirupati. Zee Entertainment's board approved the issuance of fully convertible warrants sizing up to ₹31.44 billion, while Shivam Autotech approved an equity rights issue to raise up to ₹1.20 billion.
The banking sector showed strong growth momentum with multiple institutions reporting robust performance. South Indian Bank reported strong growth with gross advances up 17.01% YoY and total deposits increasing 11.39% YoY**. Tamilnad Mercantile Bank also demonstrated strong growth with advances up 27.01% YoY and deposits rising 19.71% YoY**. Indian Bank reported gross advances growing 13.9% YoY with total deposits climbing 13.3% YoY** as of June 30, 2026**. Punjab & Sind Bank showed impressive growth with gross advances increasing 19.50% YoY and total deposits growing 12.16% YoY**. Domestic Institutional Investors continue to show strong buying conviction, offset by continued Foreign Institutional Investor outflows.
