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Key gauges end higher; Nifty settles above 23,950 mark
Jul-09-2026

Indian equity benchmarks rebounded on Thursday after a heavy correction in the previous session amid foreign fund inflows and a largely positive trend in global markets. However, gains remain capped as caution prevailed in the market as the United States and Iran exchanged strikes for a second consecutive day. 

Some of the important factors in trade: 

IMF revises India’s growth projection to 6.4% for FY27: The International Monetary Fund (IMF), in its July update to the World Economic Outlook (WEO), has said that the Indian economy is likely to grow at 6.4 per cent in fiscal year 2026-27 (FY27), 10 basis points (bps) lower than its 6.5 per cent growth projection in the April Outlook. 

India emerging as global manufacturing hub amid global supply chains realignment: Amid ongoing realignment of global supply chains, the Assocham in its report has highlighted that India is emerging as a major beneficiary and is rapidly strengthening its position as one of the world's leading manufacturing destinations.

ADB lowers FY27 growth forecast, raises inflation outlook: The Asian Development Bank (ADB), in its July Asian Development Outlook (ADO), has lowered India’s economic growth forecast for the fiscal year ending March 2027 (FY27) to 6.6 per cent from 6.9 per cent projected in April. 

India, Maldives conclude BIT talks; accelerate FTA negotiations: India and the Maldives have concluded negotiations for a bilateral investment treaty (BIT), and the text is undergoing legal scrubbing before the deal is signed. The two countries are also accelerating negotiations for a proposed free trade agreement (FTA) to further strengthen economic ties. 

Global front: European markets were trading mostly in green amid renewed optimism over artificial intelligence, and U.S. President Donald Trump's comments that the flare-up in tensions in the Middle East will end very quickly. Asian markets ended mostly higher as investors digested Chinese inflation data and monitored escalating hostilities in the Middle East. 

Finally, the BSE Sensex rose 238.22 points or 0.31% to 76,741.82 and the CNX Nifty was up by 80.75 points or 0.34% to 23,962.80. 

The BSE Sensex touched high and low of 77,326.65 and 76,576.14, respectively. There were 17 stocks advancing against 13 stocks declining on the index.     

The top gaining sectoral indices on the BSE were Realty up by 3.70%, Telecom up by 1.67%, Healthcare up by 1.20%, Consumer Durables up by 0.94% and Industrials up by 0.94%, while Utilities down by 0.32%, IT down by 0.25% and Auto down by 0.09% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.70%, Bharti Airtel up by 2.24%, Bajaj Finserv up by 2.14%, Interglobe Aviation up by 2.01% and Eternal up by 1.99%. On the flip side, Infosys down by 1.80%, Maruti Suzuki India down by 1.55%, NTPC down by 1.51%, Axis Bank down by 0.95% and Titan Company down by 0.69% were the top losers.

Meanwhile, the International Monetary Fund (IMF), in its July update to the World Economic Outlook (WEO), has said that the Indian economy is likely to grow at 6.4 per cent in fiscal year 2026-27 (FY27), 10 basis points (bps) lower than its 6.5 per cent growth projection in the April Outlook. It noted that higher energy prices may offset the resilience in the country's economic activity. It further projected India’s economy to grow at 6.7 per cent in FY28, 20 basis points higher than the 6.5 per cent growth projected in the April Outlook.

According to the IMF, India remains among the fastest-growing major economies, with growth projected at 6.4 per cent, supported by strong momentum in private consumption and services activity. Deniz Igan, Division Chief (World Economic Studies) said “Factors underpinning the forecast revisions are basically twofold. On the upside, we have the better-than-expected outturn in the most recent data, and we also have high-frequency indicators through April showing considerable resilience in overall economic activity.”

She added that these positive factors are more than offset in 2026 by higher energy prices in the baseline and the July update, as well as a greater pass-through of higher oil prices to fuel prices in India. She further said “Moving into 2027, the IMF expects a strengthening of the economy as the energy shock dissipates, with medium-term growth estimated at around 6.5 per cent and the output gap closing, leading to some pickup in activity.”

IMF projected global growth at 3.0 per cent in 2026 and 3.4 per cent in 2027, down from the average growth of 3.5 per cent recorded during 2024-25 and broadly unchanged on a cumulative basis compared with the forecasts made in April. The modest slowdown reflects the effects of the war in the Middle East being partly offset by accelerated demand-driven momentum in the global technology cycle, supported by advances in artificial intelligence (AI) and its adoption. The IMF noted that the impact varies significantly across countries, depending on their exposure to the conflict and their position in the technology value chain.

CNX Nifty touched high and low of 24,134.70 and 23,925.70, respectively. There were 33 stocks advancing against 17 stocks declining on the index.    

The top gainers on Nifty were Sun Pharma up by 2.78%, Bharti Airtel up by 2.49%, Bajaj Finserv up by 2.38%, Interglobe Aviation up by 2.08% and Eternal up by 2.01%. On the flip side, Dr. Reddy's Labs. down by 5.77%, Maruti Suzuki India down by 1.73%, ONGC down by 1.42%, Infosys down by 1.31% and NTPC down by 1.22% were the top losers.

European markets were trading mostly in green; France’s CAC rose 24.04 points or 0.29% to 8,276.70 and Germany’s DAX gained 52.95 points or 0.21% to 24,950.40, while UK’s FTSE 100 decreased 72.08 points or 0.69% to 10,416.96.

Asian markets ended mostly higher on Thursday after Brent crude prices fell below $78 a barrel, following US President Donald Trump's statement that he expects the military flare-up to end very quickly and that the United States is not looking for a long-term war. Japanese shares climbed on the back of a robust rally in AI-related tech stocks, which tracked overnight gains in the US technology sector. South Korean chipmaker SK Hynix’s US listing was more than seven times oversubscribed, highlighting strong demand for artificial intelligence infrastructure. Chinese shares gained after the release of mixed inflation data reinforced hopes for additional policy support from Beijing. Data showed China's annual inflation rate eased to 1% year-on-year in June from 1.2% in May, while producer prices accelerated to 4.1%. Although some gains were limited as the latest FOMC Minutes showed that the Federal Reserve officials are still more concerned about inflation persistence than about slowing growth.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

4,036.59

65.71

1.65

Hang Seng

24,030.18

-169.28

-0.70

Jakarta Composite

5,912.44

39.07

0.66

KLSE Composite

1,677.64

-5.97

-0.35

Nikkei 225

67,743.85

924.80

1.38

Straits Times

5,433.88

64.31

1.20

KOSPI Composite

7,291.91

45.12

0.62

Taiwan Weighted

45,354.61

-379.80

-0.83
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