Sensex Surges 700+ Points, Nifty Above 24,000: IT Index Jumps 2.08%

For investors tracking momentum, Friday’s session on Dalal Street provided a textbook example of sectoral leadership: the Nifty IT index surged 2.08%, propelling the broad-based rally as heavyweight tech counters rallied ahead of earnings. The Sensex’s 700-point leap, coupled with breaching the 24,000 barrier on the Nifty, signals a renewed appetite for risk assets. But with US-Iran tensions simmering and the Fed hawkish, this rally tests whether fundamentals can outrun geopolitical headwinds. Market participants should assess if the IT sector’s outperformance is sustainable or whether it sets the stage for a broader catch-up trade in banking and auto names.

Indian equity markets staged a powerful rally on Friday, July 10, 2026, with the benchmark Sensex surging over 700 points and the Nifty reclaiming the psychologically significant 24,000 level after a lackluster previous session. The rally was broad-based, with all sectoral indices trading in the green, but the standout performer was the IT sector, whose Nifty IT index jumped 2.08%, reflecting strong investor appetite for technology stocks ahead of crucial earnings reports. The Sensex opened with a gap-up at 77,395.63, surged to an intraday high of 77,526.85, and was trading at 77,441.52, up 699.70 points or 0.91%, at the time of reporting. The Nifty mirrored the strength, opening at 24,124.70 and trading at 24,161.60, a gain of 198.80 points or 0.83%. This move marked a decisive break from the previous day's range-bound trade and nudged the indices closer to their record highs.

“

This concern was reflected in the gold market, where spot gold inched up 0.2% to $4,128.92 an ounce on Friday but remained on track for a weekly loss of over 1%, indicating a complex tug-of-war between safe-haven demand and monetary policy fears.

The rally was fueled by a confluence of positive domestic and global factors. On the domestic front, strong earnings from heavyweight companies—which typically set the tone for the market—provided a fundamental underpinning. The IT sector, in particular, benefited from optimism ahead of quarterly results from majors like TCS, Infosys, and HCL Tech, all of which were among the top gainers on the BSE. Global cues were equally supportive: overnight gains on Wall Street carried over into Asian trading, as highlighted by banking and market expert Ajay Bagga, who noted that the positive momentum successfully transferred to regional indices. A weaker US dollar added to the risk-on sentiment, while Brent crude holding near $76.57 per barrel provided some relief on the inflation front.

However, the market’s buoyancy was tempered by simmering geopolitical risks. Escalating tensions between the US and Iran were flagged as a potential inflationary trigger, as they could disrupt crude supplies and force the US Federal Reserve to maintain a hawkish monetary policy stance. This concern was reflected in the gold market, where spot gold inched up 0.2% to $4,128.92 an ounce on Friday but remained on track for a weekly loss of over 1%, indicating a complex tug-of-war between safe-haven demand and monetary policy fears.