Nifty, Sensex Post Weekly Gains as IT and Financials Rally; Nifty Records Tightest Weekly Range of 2026

Mumbai, July 18: Indian equity benchmarks ended the week on a strong footing, propelled by robust buying in information technology and financial stocks following upbeat quarterly results from Tech Mahindra and Jio Financial Services. The BSE Sensex surged 964.58 points, or 1.25%, to settle at 78,151.45, while the Nifty 50 climbed 261.55 points, or 1.09%, to close at 24,334.30.  

For the week, the Sensex added 582.06 points, or 0.75%, while the Nifty advanced 127.4 points, or 0.52%. The rally was driven largely by domestic institutional investors rotating out of expensive mid- and small-cap stocks into attractively valued large-caps, particularly in the IT and banking sectors, offering a better risk-reward profile. 

Nifty Trades in Narrowest 368-Point Weekly Band of 2026 Amid Consolidation 

The benchmark index traded within a 368-point range between 24,000 and 24,368 throughout the week, marking its tightest weekly trading band so far in 2026, underscoring a period of market consolidation. Despite renewed Middle East tensions and elevated crude oil prices, markets held firm, aided by modest June-quarter revenue gains at IT firms and softer US inflation data that eased rate-hike worries. Nine of the 16 major sectors logged weekly gains. The Nifty IT sector added 4.3% during the week, helped by revenue growth from Tata Consultancy Services (TCS) and HCLTech, as well as softer US inflation. 

Sensex Jumps 965 Points on Friday as Reliance and Bank Stocks Rally Ahead of Q1 Earnings 

Friday’s session saw the Sensex jump 964.58 points to 78,151.45, while the Nifty surged to 24,334.30, as investors piled into heavyweight stocks ahead of their June-quarter earnings announcements. Reliance Industries gained 2.4% ahead of its Q1 results scheduled after market hours. The oil-to-telecom conglomerate also informed exchanges that its promoter group raised its stake to 50.48% in the June quarter from 50% earlier.  

The financial index gained 1.3%, with Jio Financial Services surging 3.1% after reporting quarterly profit above market expectations. HDFC Bank and ICICI Bank rose 1.4% and 1.8%, respectively, ahead of their earnings announcements over the weekend, supported by positive business updates. 

Tech Mahindra Jumps 4.1% After 28.4% Profit Rise to ₹1,465 Crore in June Quarter. 

Technology stocks led the charge on Friday, with the Nifty IT index rising 1.8%. Tech Mahindra emerged as the top performer on the Nifty, surging 3.91% after it reported a 28.4% rise in consolidated net profit for the June quarter to ₹1,465 crore and expressed confidence about the demand environment. The company also reported better-than-expected quarterly revenue, which boosted investor sentiment across the IT pack. Tata Consultancy Services gained 9.7% for the week, marking its strongest weekly performance in nearly six years. The IT sector’s weekly gains were also aided by softer US inflation data, which sparked bottom-fishing after the sector’s sharp 23% year-to-date slide. 

Kotak Mahindra Bank, Axis Bank Lead Private Bank Rally as Nifty Private Bank Index Jumps 2.12% 

Banking and financial stocks shone brightly on Friday. The Nifty Private Bank index soared 2.12%, while the Nifty Bank index jumped 1.63% to 58,521.40. Kotak Mahindra Bank surged 3.37%, while Axis Bank gained between 1.5% and 2.5%. The banking rally was fuelled by expectations of healthy quarterly earnings from index heavyweights, including HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank, all scheduled to announce results over the weekend. The Nifty Auto index rose 1.24%, the Nifty Financial Services index gained 1.31%, and the Nifty Oil & Gas index advanced 0.99%. The Nifty Realty index climbed 1.38%, while the Nifty FMCG index added 0.70%. 

Pharma Sector Sheds 1.4% as Novo Nordisk’s Wegovy Approval Intensifies Competition for Local Drugmakers 

Defensive sectors remained under pressure. The Nifty Pharma index fell 1.40%, while the Nifty Healthcare index declined 1.28%. The sell-off was triggered after Novo Nordisk received approval from India’s drug regulator for its obesity drug Wegovy, used for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), creating significant competition for local drugmakers like Dr Reddy’s Laboratories and Sun Pharmaceuticals. 

Sun Pharma declined 0.87%, while Dr Reddy’s Laboratories ended as one of the top laggards in the Nifty 50. The Nifty Metal index also ended lower by 0.4%, dragged down by Hindalco Industries, which fell 1.58% to emerge as the biggest loser on the Nifty. 

Midcap and Smallcap Indices Underperform as Nifty Midcap 100 Sheds 0.4%, Smallcap 100 Drops 0.2% 

The broader market significantly underperformed the benchmarks, indicating continued profit booking in mid- and small-cap segments. The Nifty Midcap 100 fell 0.41%, while the Nifty Smallcap 100 slipped 0.21% on Friday. For the week, broader small-caps and mid-caps fell 0.6% and 1%, respectively, snapping their weekly winning streaks. This divergence reflects a shift in market momentum, with domestic institutional investors rotating out of expensive mid- and small-cap stocks and into more attractively valued large-caps.  

Earlier in the week, on Monday, the Nifty Midcap 50 and Nifty Smallcap 50 indices had hit their respective lifetime highs, with the Nifty Smallcap 50 index hitting a fresh closing high of 9,638.20 and the Nifty Midcap 50 ending at a new high of 18,089.55. However, profit booking later in the week erased those gains. 

Bharti Airtel, UltraTech Cement Among Top Losers; InterGlobe Aviation Gains 1.8% on Thursday 

Stock-specific action remained mixed throughout the week. On Tuesday, Bharti Airtel ended as the top Nifty 50 gainer, while HCLTech led the losers as IT stocks remained under pressure. On Wednesday, UltraTech Cement closed 2.91% higher, followed by Eternal (2.80%) and HDFC Life Insurance Company (2.16%). Eternal, Shriram Finance and UltraTech Cement ended as the Nifty 50’s top gainers, while Power Grid, Hindalco and Infosys led the losers.  

On Thursday, InterGlobe Aviation topped the gainers, rising 1.8%, followed by Wipro (+1.7%), Bajaj Finance (+1.6%) and HCL Technologies (+1.6%). On the downside, Eternal fell 2.8%, while SBI Life Insurance declined 2.3%. On Friday, Tech Mahindra, Kotak Mahindra Bank, TCS, Jio Financial Services and Reliance Industries were the top gainers, while Hindalco Industries, Dr Reddy’s Laboratories, Wipro, Sun Pharma and Max Healthcare were the top losers. 

SBI Funds Management Launches ₹11,600 Crore IPO, Alpine Texworld and Millworks Technologies Also Open 

The primary market witnessed significant activity this week, with three public issues opening for subscription on July 14 and closing on July 16. The SBI Funds Management Limited IPO, a ₹11,600-crore maiden public offering, was the largest IPO of the year. The asset management company set a price band of ₹545 to ₹574 per share. The entire issue was an Offer for Sale by its promoters, State Bank of India and Amundi India Holding. Ahead of the IPO, State Bank of India sold a 1.42% stake in SBI Funds Management to 30 investors through a pre-IPO placement, raising ₹1,655 crore at ₹574 apiece, equivalent to the upper end of the IPO price band. Investors participating in the pre-IPO placement included funds managed by 360 ONE, Tata AIG General Insurance Company, Go Digit General Insurance, Bennett Coleman, Anand Rathi Global Finance, Capri Global Ventures and Carnelian Bharat Amritkaal Fund. 

Alpine Texworld Limited fixed a price band of ₹100 to ₹105 per share for its mainboard IPO, while Millworks Technologies Limited launched its SME public issue with a price band of ₹315 to ₹331 per share. All three IPOs witnessed strong investor interest, with subscription figures expected to be announced post the closure on July 16. Meanwhile, Laser Power & Infra IPO was scheduled to list on July 16, with the IPO priced between ₹203 and ₹214, seeing strong demand, particularly among qualified institutional buyers (QIBs) and non-institutional investors (NIIs), with expectations of a listing price of ₹258, reflecting a 20.56% premium. 

Another IPO entered the market at the end of the week. Caliber Mining and Logistics IPO opened for subscription on July 17 and will remain open until July 21. The public issue is ₹450 crore in size, with a price band of ₹402 to ₹424 per share and a lot size of 35 shares. The company had already raised ₹135 crore from anchor investors ahead of the issue opening. The most likely date for the share listing is July 24. Additionally, NLC India Renewables Ltd (NIRL), a subsidiary of state-owned NLC India, appointed four leading investment banks, including SBI Capital Markets and HDFC Bank, as book-running lead managers for its proposed initial public offering. 

Aurum Acquires Housing.com, Home Credit Buys Varthana, RIL Promoters Hike Stake 

The week witnessed significant corporate actions across technology, financial services and conglomerate sectors. Mumbai-based Aurum PropTech Ltd agreed to acquire online real estate platform Housing.com from REA India in an all-stock deal valued at ₹458 crore ($47.5 million) , executed through the purchase of 100% of Locon Solutions Pvt Ltd. As consideration, Aurum will issue 19.79 million equity shares to REA India via preferential allotment, raising REA India’s stake to 24.9% from 5.54%. Housing.com generated ₹687.5 crore in revenue in FY25, up from ₹447.5 crore in FY24. Aurum PropTech shares surged 4.1% to ₹1,073.95 following the announcement, reflecting investor optimism about the consolidation in the property technology space. 

In another notable M&A transaction, Home Credit India Finance Pvt Ltd executed a share purchase agreement on 15 July to acquire 100% of Varthana Finance Pvt Ltd (formerly Thirumeni Finance Pvt Ltd) for ₹967 crore, according to a regulatory filing by TVS Holdings. The acquisition strengthens Home Credit India’s presence in the affordable housing finance segment, leveraging Varthana’s established distribution network. TVS Holdings shares gained 1.14% to ₹3,018 in the same session, while the broader market reacted positively to the deal. 

Reliance Industries made news ahead of its June-quarter earnings announcement scheduled after market hours on Friday. The company informed exchanges that its promoter group raised its stake to 50.48% in the June quarter from 50% earlier, a move seen as a strong vote of confidence by the promoters in the company’s prospects. Reliance shares gained 2.4% to ₹2,857.80 on Friday, contributing significantly to the benchmark indices’ rally, ahead of its Q1 results and those of major private sector banks scheduled over the weekend. 

Other Major Deals: Aditya Birla, Carlyle, Adani Lead other Major Corporate Actions as Dixon-Vivo JV Gets Nod 

The week witnessed a flurry of significant corporate actions spanning M&A, joint ventures and private equity investments. Grasim Industries, through its subsidiary Aditya Birla Renewables, entered an agreement on 13 July to acquire Shell’s Sprng Energy at an enterprise value of ₹17,200 crore ($1.8 billion) , adding 5 GWp of renewable capacity. Carlyle is set to invest ₹1,175 crore for a controlling stake in defence electronics manufacturer Micropack.  

Adani Defence Systems & Technologies signed an agreement on 16 July to acquire the remaining 44.6% stake in Flight Simulation Solutions (FSSPL) for an enterprise value of ₹820 crore, taking its holding to 100%. Dixon Technologies secured government approval for its joint venture with Vivo Mobile India, with Dixon holding a 51% stake; shares rose 4.1% to ₹13,465 following the announcement. Emcure Pharmaceuticals announced on 13 July it will acquire the remaining 12.05% stake in Gennova Biopharma for ₹231.87 crore, making it a wholly-owned subsidiary.  

Harmony Capital Services received approval to acquire a 51% stake in Truvolt Engineering via a share swap. ITC Hotels signed a definitive agreement to acquire GHK Hospitality, which owns Welcomhotel Ahmedabad, for ₹155 crore; shares declined 5% following the announcement. JSW Steel approved participation in the JSW One Platforms IPO by selling shares worth up to ₹811 crore through an OFS; shares surged 2% to ₹1,243.90 on Friday. 

June Quarter Earnings: Over 143 Companies Report as JSW Steel, Oberoi Realty Deliver Strong Results 

The June quarter earnings season accelerated significantly during the week, with many companies announcing their financial results for the three months ended 30 June 2026. Corporate earnings for the quarter were projected to grow around 10%, marking the strongest expansion in four quarters. HCL Technologies kicked off the week’s reporting on Monday, posting a 20.3% year-on-year increase in consolidated net profit to ₹4,626 crore; shares ended 5.15% higher at ₹1,224 ahead of the announcement. On Tuesday, Tata Elxsi reported an 18.2% rise in first-quarter profit to ₹170.6 crore, though shares closed 3.3% lower at ₹3,697.30 as the profit missed Street estimates.

Wednesday witnessed the busiest day with 43 companies reporting, including HDFC Life Insurance, HDB Financial Services, Jana Small Finance Bank, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, Union Bank of India, Angel One, and Container Corporation of India. 

Thursday saw 41 companies announce results, featuring Jio Financial Services, Wipro, Tech Mahindra, BHEL, Polycab India, ITC Hotels, CEAT, South Indian Bank, and Piramal Finance. Wipro reported flat year-on-year profit at ₹3,352 crore; shares declined 2.3% on Friday following the announcement, as brokerages flagged concerns over weak guidance. Friday witnessed 33 companies releasing earnings, with Reliance Industries grabbing the spotlight. JSW Steel reported a more-than-doubled consolidated net profit of ₹4,696 crore, up from ₹2,209 crore in the same quarter last year; the stock surged as high as 1.88% to ₹1,243.90 after the announcement.  

Oberoi Realty posted a 29% year-on-year rise in consolidated net profit to ₹543.51 crore, driven by robust sales in the Mumbai metropolitan region; shares gained 1.55% to close at ₹1,890. Havells India reported a 16.7% year-on-year decline in consolidated net profit to ₹290 crore, missing estimates; shares tumbled 2.5% to an intraday low of ₹1,141.20. Federal Bank, RBL Bank, Poonawalla Fincorp, Tata Technologies, and Central Bank of India also announced their results. Saturday will see heavyweight banks release their April-June results, including HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Punjab National Bank, and IDFC First Bank. 

Foreign Institutional Investors Offload ₹4,205 Crore on Thursday; Domestic Institutions Step In 

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,205.56 crore on Thursday, according to exchange data. Despite persistent FII selling, a weaker rupee and elevated geopolitical tensions, strong buying in large-cap IT and financial stocks helped benchmark indices post their best single-day gains in recent sessions. The trend appeared to be driven largely by domestic institutional investors (DIIs) rotating out of expensive mid and small-cap stocks and into more attractively valued large-caps, offering a better risk-reward profile. The India VIX ended 2.07% higher at 13.15 on Friday, reflecting a modest increase in market volatility. 

India VIX Ends Week 3.8% Higher at 13.24 as Geopolitical Tensions and Earnings Season Keep Volatility Elevated 

The India VIX, the National Stock Exchange’s volatility gauge, concluded the week on an elevated note, reflecting persistent caution among market participants even as benchmark indices posted strong gains. The fear index began the week with a sharp 7.67% surge to 13.19 on 13 July, as escalating US-Iran tensions and a spike in crude oil prices triggered a broad-based sell-off. Volatility moderated mid-week, with the VIX declining 4.51% to 13.14 on 15 July and slipping 2.34% to 13.02 on 16 July, as markets adjusted to geopolitical developments and the ongoing Q1 FY27 earnings season.  

However, on Friday, the VIX rebounded 2.73% to settle at 13.24, as the market’s fear gauge remained above the subdued levels recorded in early July. For the week, the India VIX registered a net increase of approximately 3.8%, indicating that implied volatility remained elevated amid a combination of global uncertainties and domestic earnings-related activity, though it stayed well below its 52-week high of 28.90. 

The Indian equity markets concluded the week with modest gains, led by IT and financial sectors, despite trading within the narrowest weekly range of 2026. The divergence between benchmark indices and broader markets widened, with mid-cap and small-cap indices underperforming as domestic institutional investors rotated towards large-cap stocks. Key earnings announcements from Reliance Industries and major private banks over the weekend will set the tone for the upcoming week. Geopolitical tensions in the Middle East and elevated crude oil prices remain key global headwinds to monitor.