After falling below the 24,000 mark at the open amid concerns over US-Iran tensions and rising crude oil prices, the Nifty turned positive by midday, supported by strong gains in TCS, Infosys, HCL Technologies, Tech Mahindra and Wipro.
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Markets staged a partial recovery from a steep morning sell-off by midday Monday, with a broad-based rally in information technology stocks helping the Nifty 50 claw back most of its early losses. At 1.12 PM, the Nifty was trading at 24,218.90, up 12 points or 0.05% from its previous close of 24,206.90 — a remarkable turnaround from an opening gap-down near 24,027.The session began on a weak note, with the Sensex gapping down over 600 points and the Nifty breaching the psychologically significant 24,000 mark, as investors reacted to fresh US military strikes on Iran over the weekend that threatened supply disruptions through the Strait of Hormuz. Buyers, however, moved in at lower levels, absorbing the selling pressure led almost entirely by large-cap IT names.TCS, Infosys and HCL Tech power market reboundTCS surged 6.16% to ₹2,196.40 from a previous close of ₹2,069.00, becoming the single largest contributor to the recovery and trading on volumes exceeding 94 lakh shares worth over ₹2,02,925 lakh. HCL Technologies rose 5.95% to ₹1,233.40 against a previous close of ₹1,164.10, while Tech Mahindra gained 4.64% to ₹1,522.30 from ₹1,454.80. Infosys advanced 4.31% to ₹1,114.00 from ₹1,068.00, with volumes crossing 1.34 crore shares. Wipro added 2.41%, trading at ₹179.69 against its previous close of ₹175.46.“The frontline indices began the week with a 200-point gap-down. However, buyers intervened at lower levels, diminishing the gap considerably, led by frontline IT companies with TCS up more than 5%,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.On the losing side, Tata Steel fell 2.07% to ₹187.23 from ₹191.19 on heavy volumes of over 3.35 crore shares. IndiGo declined 1.97% to ₹5,207.50 from a previous close of ₹5,312.00, hit by rising jet fuel cost concerns. Grasim Industries dropped 1.82% to ₹3,155.00 from ₹3,213.60. In the FMCG space, Tata Consumer Products fell 1.52% to ₹1,095.00 from ₹1,111.90, and Nestle India declined 1.44% to ₹1,434.30 from ₹1,455.20.Market breadth improves despite global uncertaintyBroader market breadth was mixed but improving, with 1,758 stocks advancing against 1,716 declining out of 3,695 traded. The Nifty’s Advance-Decline ratio stood at 16:34, per SBI Securities. 108 stocks hit 52-week highs while 34 touched 52-week lows.Spot gold slipped 1.50% to $4,059.11 per ounce, or approximately ₹1,41,980 per 10 grams, as a firmer dollar and elevated Treasury yields reduced demand for non-yielding assets. Silver dropped 2.90% to $58.14 per ounce, or around ₹2,19,740 per kg. WTI crude surged 4.40% to $74.62 per barrel, with MCX Crude trading above ₹7,100, as fears of Strait of Hormuz supply disruptions intensified.The Indian rupee weakened to ₹95.7 against the dollar, breaching its recent ₹95.2–₹95.5 consolidation band, adding pressure on import-sensitive sectors.Key technical levels to watchTechnically, Shah identified 24,000–24,020 as crucial Nifty support and 24,250–24,270 as near-term resistance, with Sensex support at 77,000 and resistance at 77,800. Options data showed meaningful call writing at the 24,200 and 24,300 strikes, with substantial put open interest at 24,100 and 24,000 — a setup that keeps the index range-bound as the afternoon session progresses.Published on July 13, 2026
