The equity benchmark indices ended largely higher on Thursday (July 2), with the Sensex rising 579 points and the Nifty closing above the 24,150 mark, led by gains in IT stocks, strength in downstream oil companies and positive market breadth.
Here are the five key reasons behind today's move:1. Benchmark indices outperform
The Sensex advanced 579 points to close at 77,502, while the Nifty gained 170 points to settle at 24,176. The Nifty Bank underperformed, ending almost unchanged, down 1 point at 58,032. The Nifty Midcap index rose 299 points to 62,308.
2. IT stocks snap three-day losing streak
The Nifty IT index ended its three-session losing streak, with all constituent stocks closing in the green. ICICI Bank, Infosys, TCS, HCLTech and Tech Mahindra were among the biggest contributors to the Nifty's gains.
3. Oil shares move on crude prices
Downstream oil companies gained after Brent crude slipped below $71 per barrel, while upstream oil companies ended lower.
4. Auto and midcap stocks rally
TVS Motor rose 4% after reporting a 47% year-on-year increase in June sales to 5.9 lakh units. Force Motors gained 6% after its June total sales rose 23.5% year-on-year to 3,568 units.
Among midcaps, Exide, Sona BLW, Tata Technologies, Persistent Systems and Apollo Tyres were the top gainers. Exide and Amara Raja jumped up to 8% as lead prices fell to their lowest level since early 2025.
5. Bank of Baroda weighs on banking index
The banking index lagged the broader market, with Bank of Baroda and Punjab National Bank among the top losers. Bank of Baroda fell more than 4% after settling the NMC Health litigation for ₹5,700 crore.
Market breadth remained positive, with the NSE advance-decline ratio at 2:1 in favour of advancing stocks.
From the Sensex basket, Infosys Ltd, Tata Consultancy Services Ltd, Tech Mahindra Ltd, HCL Technologies Ltd, TVS Motor Company Ltd and Bajaj Finserv Ltd were the major gainers.
Max Healthcare Institute Ltd, Larsen & Toubro Ltd, Maruti Suzuki India Ltd, Tata Motors Passenger Vehicles Ltd, SBI Life Insurance Company Ltd and Kotak Mahindra Bank Ltd were the biggest laggards.