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Gaining rally persists over Dalal Street
Jul-10-2026

A gaining rally persisted over the Dalal Street in early afternoon deals, as bulls held their tight grip, with both Sensex and Nifty garnering strong gains, tracking firm cues from other Asian markets and falling oil prices on speculation the escalation of hostilities between the U.S. and Iran will be limited. A U.S. official said the U.S. will continue 'technical talks' with Iran and remains committed to finding a solution to the conflict. Heavy buying at all sectoral counters including Realty, IT and Metal also helped indices to maintain their gains. 

On the global front, Asian markets were trading mostly in green, even after the Asian Development Bank downgraded its growth outlook for developing Asia and the Pacific citing higher energy costs, supply disruptions and tighter financial conditions following the Middle East conflict.

Back home, footwear stocks were in watch, as the Department for Promotion of Industry and Internal Trade (DPIIT) has amended two Quality Control Orders (QCOs) pertaining to the footwear sector, with an aim to enhance ease of doing business and foster a stronger and more competitive domestic footwear manufacturing ecosystem.

The BSE Sensex is currently trading at 77473.36, up by 731.54 points or 0.95% after trading in a range of 77320.56 and 77588.08. There were 25 stocks advancing against 5 stocks declining on the index.

The top gaining sectoral indices on the BSE were Realty up by 2.25%, IT up by 2.09%, Metal up by 1.78%, Basic Materials up by 1.59% and Utilities up by 1.58%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Adani Ports up by 2.21%, Infosys up by 2.15%, Interglobe Aviation up by 2.14%, Tech Mahindra up by 2.04% and Bharat Electronics up by 1.88%. On the flip side, Eternal down by 1.11%, Bharti Airtel down by 1.09%, Sun Pharma  down by 0.30%, ITC down by 0.20% and Trent down by 0.02% were the top losers.

Meanwhile, a day after the International Monetary Fund’s (IMF) update to the World Economic Outlook saying India was one of the fastest-growing economies in the world and a key engine of growth, the Director of the Communications Department of IMF, Julie Kozack has said that sustained high growth and continuity in reforms will put India on the path to emerge as a developed economy by 2047. She added that the country has made significant progress in structural reforms, such as implementing a new labour code, concluding new trade agreements and advancing deregulation at the state level. 

To sustain the growth in coming period, she suggested that India should build on the progress in structural reforms, and take further active efforts to strengthen skills in the economy, increase flexibility in the labour market, to reduce costs for businesses, costs associated with clients and regulation, and to deepen trade integration. On manufacturing front, she noted that India is benefiting from supply chain diversification. However, she pointed that the gains have been concentrated in some areas, most visibly in electronics, so far. She added that India's electronics exports rose by 24% in fiscal year 2026 with Smartphones becoming one of the country's largest export products. Much of this increase in production for exports seems to be happening through domestic contract manufacturers rather than foreign-directed ones. 

Recently, 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% in fiscal year 2026-27 (FY27), 10 basis points (bps) lower than its 6.5% 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% in FY28, 20 basis points higher than the 6.5% growth projected in the April Outlook.

The CNX Nifty is currently trading at 24183.80, up by 221.00 points or 0.92% after trading in a range of 24120.35 and 24226.05. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were JIO Financial  up by 3.12%, HDFC Life Insurance up by 3.02%, Adani Enterprises up by 2.77%, Adani Ports & SEZ up by 2.18% and Infosys up by 2.05%. On the flip side, Dr. Reddy's  down by 1.98%, Eternal down by 1.23%, Bharti Airtel down by 1.16%, Nestle India down by 0.44% and Apollo Hospital down by 0.39% were the top losers.

Asian markets were trading mostly in green; Jakarta Composite gained 6.03 points or 0.1% to 5,918.47, KOSPI increased 184.03 points or 2.46% to 7,475.94, Hang Seng advanced 204.82 points or 0.85% to 24,235.00, Nikkei 225 surged 977.15 points or 1.42% to 68,721.00 and Straits Times rose 34.42 points or 0.63% to 5,468.30, while Shanghai Composite weakened 40.43 points or 1% to 3,996.16.
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