Indian Market (Yesterday’s Close)

Global Cues & Asian Markets

US markets closed higher last night, with the S&P 500 snapping a two-day losing streak, as investors looked past geopolitical tensions and focused on easing oil prices. Asian markets are currently trading in the green, largely tracking the positive sentiment from Wall Street. The GIFT Nifty is indicating a positive opening for the Indian market today, suggesting a likely gap-up start for the Nifty 50.

Institutional Activity (FII/DII)

News

• Indian benchmark indices extended their gains for a second consecutive session on Friday, with the Nifty closing above the 24,200 mark. This rally was primarily driven by broad-based buying across realty, IT, and banking stocks, supported by optimism surrounding the Q1 earnings season and continued buying by foreign institutional investors.
• Tata Consultancy Services (TCS) reported a 2.7% quarter-on-quarter decline in consolidated net profit to ₹13,349 crore for Q1FY27, but its revenue increased 2.2% sequentially to ₹72,275 crore, surpassing analyst estimates. This revenue beat contributed to a rally in IT stocks.
• Lower crude oil prices, with Brent crude trading near $76 per barrel, are providing a significant boost to Indian equities. As a major oil-importing nation, reduced crude prices help alleviate inflation concerns and improve the country’s trade balance.
• The Indian rupee appreciated by 15 paise against the US dollar, trading at 95.32. This strengthening of the domestic currency is a positive development, supported by the decline in crude oil prices and an overall improvement in investor sentiment.
• India’s IPO market is experiencing a boom, with a recent report indicating that 210 new-age companies are prepared to tap public markets over the next 24 months. The report projects that the listed new-age ecosystem could reach a market capitalization of $1 trillion by 2030, highlighting a robust listing pipeline.

Stocks Updates

• **TCS:** Shares surged over 4% in early trade today after the company reported its Q1FY27 earnings. Despite a slight dip in net profit, the revenue beat analyst estimates, and positive management commentary on a potential rebound in technology spending boosted investor confidence.
• **Indian Bank:** The public sector bank announced a 10.10% increase in its net profit for the June quarter of FY27, reaching ₹3,273.09 crore, compared to the same period last year.
• **Bank of Maharashtra:** Shares were trading 2.10% higher on the NSE ahead of the bank’s Q1FY27 earnings announcement scheduled for today.
• **Happy Steels IPO:** The SME IPO saw a subscription of 0.88 times on its second day of bidding, with non-institutional investors showing strong demand. The public issue will remain open for subscription until July 13, 2026.
• **L&T Finance:** Shares of L&T Finance Limited were trading 1.31% higher on the National Stock Exchange (NSE) as the company is set to announce its Q1FY27 earnings today.