Indian benchmark indices traded firmly higher on Friday, with Nifty 50 advancing 0.88% to 24,173.45 and BSE Sensex climbing 0.88% to 77,414.49 as of 12:00 PM IST. According to reports from Dalal Street Investment Journal, the rally was primarily driven by strong gains in information technology stocks after Tata Consultancy Services (TCS) reported better-than-expected June-quarter revenue. The Nifty IT index emerged as the top sectoral gainer, rising 1.75% to 27,950.95, led by a 3% rally in TCS after the country's largest IT services company surpassed quarterly revenue estimates. Technology stocks like Tech Mahindra, HCLTech, and TCS emerged as the top gainers on the Nifty 50 index, benefiting from improved global sentiment after gains in chip-related stocks. Market breadth remained exceptionally strong, with 2,716 shares rising and only 1,173 shares falling on the BSE, while 229 shares remained unchanged.
The broader market witnessed strong buying activity with Nifty MidCap index advancing 1.19% and Nifty SmallCap index gaining 1.44%, indicating positive participation across mid and small-sized companies. As reported by Dalal Street Investment Journal, Nifty Metal, Nifty IT, and Nifty Consumer Durables sectors outperformed, supporting the overall market momentum. However, Nifty Pharma and Nifty Healthcare indices recorded the lowest gains compared with other sectors. The positive momentum reflects renewed investor confidence in the technology sector's growth prospects, with all 16 major sectoral indices trading in the green amid easing geopolitical tensions and strong global cues.
The IT sector witnessed broad-based gains with Coforge leading at 2.89%, followed by Persistent Systems at 2.88%, Oracle Financial Services Software at 2.78%, Mphasis at 2.64%, LTM at 2.36%, Wipro at 1.9%, Tech Mahindra at 1.71%, Infosys at 1.62%, and HCL Technologies at 1.51%. As reported by Business Standard, the Nifty IT index had fallen 1.67% in the previous two trading sessions before the current recovery. Market breadth showed strong participation across all segments, with all 16 major sectoral indices trading in the green amid easing geopolitical tensions. The positive momentum reflects renewed investor confidence in the technology sector's growth prospects.
Kusumgar IPO received strong investor response with 23.75 times subscription, receiving bids for 27,23,16,555 shares against 1,14,68,094 shares on offer as of 11:14 IST on July 10, 2026. The issue, priced between ₹398-419 per share with a minimum bid of 39 equity shares, opened for bidding on July 8 and closes on July 10. In contrast, Laser Power & Infra IPO showed modest response with 0.30 times subscription, receiving bids for 75,81,420 shares against 2,55,86,207 shares on offer as of 11:15 IST. The ₹203-214 per share issue, with a minimum bid of 70 equity shares, opened on July 9 and closes on July 13. Meanwhile, HFCL rose 2.30% after securing an international order worth approximately $51.98 million (around ₹495.8 crore) for supplying optical fiber cable-based data centre connectivity solutions, while Apollo Micro Systems added 2.65% following the company's signing of a definitive share purchase agreement to acquire a 41.33% promoters' stake in Premier Explosives for ₹1,550 crore in an all-cash transaction.
