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Markets trade firm after gap-up start amid easing concerns over US-Iran conflicts
Jul-10-2026

Indian equity benchmarks made a gap-up start on Friday amid easing concerns over US-Iran conflicts, following signs of possible diplomatic talks. Sensex and Nifty were trading firm in early deals on account of value buying in most of the sectoral indices led by IT, Metal and Basic Materials. Some support came as Crisil Intelligence said that India Inc's revenues are expected to grow at a two-year high of up to 11.5% in the June quarter of FY27, despite the prevailing tensions in West Asia, which have had a wide-ranging impact, starting with supply chain disruptions and stoking domestic inflation. Adding more optimism, the International Monetary Fund said that sustained high growth and continuity in reforms will put India on the path to emerge as a developed economy by 2047.

On the global front, Asian markets were trading higher led by a sharp rebound in semiconductor shares, as investors looked past renewed Middle East tensions to refocus on the long-term artificial intelligence investment theme following fresh signs that chipmakers are preparing for another wave of spending.

The BSE Sensex is currently trading at 77521.60, up by 779.78 points or 1.02% after trading in a range of 77320.56 and 77558.04. There were 27 stocks advancing against 3 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 2.01%, Metal up by 1.80%, Basic Materials up by 1.49%, Consumer Durables up by 1.40% and Bankex up by 1.16%, while Telecom down by 0.50% and Healthcare down by 0.08% were the only losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 2.08%, Asian Paints up by 1.96%, Infosys up by 1.87%, Tech Mahindra up by 1.87% and TCS up by 1.82%. On the flip side, Bharti Airtel down by 1.17%, Eternal down by 0.48% and Sun Pharma down by 0.18% were the only losers.

Meanwhile, domestic rating agency Crisil’s arm -- Crisil Intelligence has projected that revenues of India Inc are likely to grow at a two-year high of up to 11.5% in the June quarter (Q1) of fiscal year 2026-27 (FY27), despite ongoing tensions in West Asia, which have had far-reaching implications, including supply chain disruptions and rising domestic inflation. Based on an analysis of 400 companies across 47 sectors, excluding banking, financial services, and oil & gas, the agency said corporate India is expected to deliver robust revenue growth as domestic demand has remained “reasonably well” despite developments in West Asia since late February.

According to the report, the automobile sector is likely to be among the strongest contributors to overall growth. It noted that automobiles, white goods, telecom services, power generation, and segments of the healthcare continued to benefit from healthy domestic demand. The automobile and white goods sectors gained from the rationalisation of Goods and Services Tax (GST) rates, while power generation was supported by rising peak demand and telecom services by premiumisation and data monetisation. Revenue in the automobile sector alone is estimated to have grown by as much as 24%, driven by GST-led demand momentum, strong passenger vehicle and two-wheeler sales, healthy commercial vehicle demand, export growth, and selective price hikes.

The report further stated that the power generation remained largely insulated from external disruptions and is likely to have recorded revenue growth of 8-10%, supported by an estimated 8% increase in peak power demand. Meanwhile, the telecom sector is projected to grow by 10-11%, aided by premiumisation, data monetisation, migration to postpaid plans, and subscriber upgrades. In sectors such as metals, cement, chemicals, tyres, fertilisers, gems and jewellery, and parts of the consumer segment, improved realisations contributed significantly to revenue growth. 

Moreover, aluminium producers benefited from supply disruptions and firmer global prices, while steel and cement companies gained from better pricing realisations. The report also noted that the IT sector is likely to post revenue growth of around 5%, supported by favourable currency movements, even as enterprises remain cautious in their spending decisions. However, profitability is likely to remain subdued during the quarter, with operating profit margins likely to contract by up to one percentage point.

The CNX Nifty is currently trading at 24208.35, up by 245.55 points or 1.02% after trading in a range of 24120.35 and 24211.55. There were 44 stocks advancing against 6 stocks declining on the index.

The top gainers on Nifty were JIO Financial Services up by 3.63%, JSW Steel up by 2.11%, Tech Mahindra up by 1.94%, ICICI Bank up by 1.92% and HCL Technologies up by 1.91%. On the flip side, Dr. Reddy's Labs. down by 2.33%, Bharti Airtel down by 0.95%, Eternal down by 0.53%, Max Healthcare down by 0.24% and Apollo Hospital down by 0.12% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 1347.15 points or 1.99% to 69,091.00, Hang Seng advanced 434.82 points or 1.78% to 24,465.00, KOSPI rose 402.10 points or 5.51% to 7,694.01, Shanghai Composite strengthened 30.48 points or 0.76% to 4,067.07, Straits Times increased 23.31 points or 0.43% to 5,457.19 and Jakarta Composite was up by 6.33 points or 0.11% to 5,918.77.
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