Sensex, Nifty opened higher as IT stocks gained ahead of key Q1 earnings.
Infosys, TCS and Tech Mahindra led gains, while FIIs sold ₹4,206 crore.
Reliance, HDFC Bank and ICICI Bank results remain the key market trigger.
Indian benchmark indices opened higher on Friday despite weak global cues, supported by buying in information technology stocks as investors positioned themselves ahead of earnings from heavyweight companies, including Reliance Industries, HDFC Bank and ICICI Bank.
At around 9:15 am, the Sensex was up 349.05 points, or 0.45%, at 77,535.92, while the Nifty 50 gained 90.85 points, or 0.38%, to 24,163.60. Market breadth remained mixed, with 1,045 stocks advancing, 1,187 declining and 156 remaining unchanged.
4 July 2026
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Among sectoral indices, Nifty IT emerged as the top performer, rising more than 1.3%, while Nifty Midcap, Nifty Smallcap, Metal and Pharma traded in the red.
Jio Financial Services, Infosys, Tech Mahindra, TCS and HCL Technologies were among the top gainers on the Nifty, while Wipro, Nestle India, Tata Consumer Products, Hindalco and Cipla were among the major losers.
IT Buying Supports Market
Investor focus remained firmly on the June-quarter earnings season, with results from Reliance Industries due later on Friday and HDFC Bank and ICICI Bank scheduled over the weekend. Market participants expect these earnings to provide fresh direction to Indian equities.
Foreign institutional investors (FIIs) remained net sellers on Thursday, offloading equities worth ₹4,206 crore, while domestic institutional investors (DIIs) provided support with net purchases of ₹2,986 crore.
The rupee traded at 96.31 against the US dollar, recovering marginally after closing at 96.35 in the previous session, its weakest close in nearly two months.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the market is likely to remain range-bound as the depreciating rupee continues to weigh on sentiment. He noted that FCNR(B) deposit mobilisation has remained below expectations due to elevated US bond yields, making the rupee the worst-performing Asian currency this week with a depreciation of over 1%.
According to him, the resulting weakness has also hurt foreign institutional investor (FII) flows, with FIIs selling ₹4,206 crore worth of equities on Thursday. Vijayakumar added that June-quarter earnings from Reliance Industries later on Friday and major private sector banks over the weekend could determine the market's direction next week, with private lenders expected to report healthy numbers.
Weak Global Cues Keep Sentiment Cautious
Global markets remained under pressure as renewed US-Iran tensions kept Brent crude above $85 a barrel, reviving concerns over inflation and global growth.
On Wall Street, chip stocks dragged markets lower overnight, with the Nasdaq falling 1.47%, the S&P 500 declining 0.51%, and the Dow Jones slipping 0.20%.
Asian markets also traded sharply lower. Japan's Nikkei 225 dropped more than 3.5% as investors reduced exposure to risk assets amid a global semiconductor sell-off and escalating geopolitical tensions.
Meanwhile, gold prices rebounded modestly after recent losses, while investors continued to assess the impact of higher oil prices and expectations that interest rates could remain elevated for longer.
