Sensex Jumps 827 Points to 77,569 on IT Rally and Easing Oil Prices

India’s benchmark BSE Sensex climbed 827.57 points, or 1.08%, to close at 77,569.39 on July 10, extending a two-day rally. The 50-share Nifty 50 surged 244.10 points, or 1.02%, to 24,206.90. Buying in IT stocks after Tata Consultancy Services reported a 4.61% rise in June-quarter net profit to ₹13,349 crore, combined with easing crude oil prices, lifted the market. Reliance Industries, ICICI Bank and HDFC Bank led the gains.

TCS earnings spark IT stock buying

Tata Consultancy Services, India’s largest IT services company, reported a 4.61% increase in June-quarter net profit to ₹13,349 crore on July 9. The company guided toward an improvement in demand returning in the ongoing quarter after weakness linked to the West Asia crisis. TCS shares ended 1% higher on the news. Other IT stocks also rallied, with Infosys, Tech Mahindra and HCL Tech among the major winners in the Sensex pack on Friday.

Oil prices ease, lifting sentiment

Brent crude, the global oil benchmark, dipped 0.30% to $76.07 per barrel on July 10. Easing crude oil prices helped propel the domestic market rally. The decline in oil costs eases inflation concerns for India’s energy-importing economy and supports corporate margins.

Heavyweights drive the gains

Reliance Industries, Bharat Electronics, Axis Bank, Tata Steel and Infosys led the Sensex gainers on Friday. The laggards included Eternal, Bharti Airtel, Sun Pharma and Trent. Foreign Institutional Investors offloaded equities worth ₹532.86 crore on July 9, though buying returned on Friday as sentiment improved.

Weekly performance and outlook

For the full week ending July 11, the Sensex shed 194.52 points, or 0.25%, to 77,569.39, snapping a four-week winning streak. Geopolitical tensions in the Middle East and global trade uncertainty kept investors cautious earlier in the week. However, the Nifty Midcap 100 and Nifty Smallcap 100 indices outperformed, each gaining over 1.3% for the week. Meyka data shows the Sensex holding a C+ grade with a 12-month forecast of 90,861 points, suggesting upside of 17% from current levels. The RSI at 56.47 indicates neutral momentum, while the ADX at 13.12 shows no strong trend yet.

Final Thoughts

The Sensex’s two-day rally reflects renewed buying in IT stocks on TCS earnings and lower oil prices, though the index ended the week slightly negative. With Meyka forecasting 90,861 points by year-end and the RSI in neutral territory, the market may consolidate near current levels before the next directional move.

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