Indian equities began the week with a spring in their step. The BSE Sensex closed at 78,285.07, up 521.16 points or 0.67%, while the NSE Nifty 50 ended at 24,430.35, up 159.50 points or 0.66% on Monday, July 6, 2026.
The session was steady from the word go. Nifty opened at 24,306.85, hit a high of 24,458.65, and held above the 24,400 mark for most of the afternoon. Sensex opened at 77,940.90, rallied to 78,398.06, and finished just shy of the day’s peak.
The advance extends the winning run to four straight weeks. Last week, Sensex added 663.44 points and Nifty 214.85 points, its third straight positive session on Friday.
BANKS LEAD, IT SETS THE TONE
Financials drive the charge
HDFC Bank and Axis Bank were the big movers after posting strong business updates over the weekend. HDFC Bank reported 15.4% YoY growth in gross advances. Axis Bank saw 18.8% growth. The momentum pushed Nifty Bank and Nifty Financial Services up about 0.5% in early trade.
Choice Broking’s Sumeet Bagadia said the 24,150–24,200 zone is now acting as a firm floor for Nifty, coinciding with the recent breakout and the 100-day EMA. “As long as Nifty sustains above this range, the bullish structure is likely to remain intact,” he noted.
IT waits for TCS cues
Technology stocks stayed in focus ahead of TCS results due July 9. Investors are watching management commentary on discretionary spending and AI-led deals. Last Friday, HCL Tech surged 5.79% and Tech Mahindra rallied 1.81% to lead Sensex gainers.
GLOBAL TAILWINDS HELP
Crude cools, Fed fears ease
Oil staying below $80 gave relief to Dalal Street. A softer-than-expected US jobs report also dialed down expectations of near-term Fed tightening. The rupee opened flat at 95.23/USD versus Friday’s 95.21.
Geopolitics on the backburner
Markets got a breather on the West Asia front. Crude slipped below $71 after Qatar said Iran and the US made “positive progress” in indirect Doha talks on maritime traffic and fund unfreezing. The next round is slated after funeral proceedings for Ayatollah Ali Khamenei on July 9.
Independent analyst Ambareesh Baliga told Times Now that markets are expected to stay volatile this week, but “there may not be much action on US-Iran front” given the funeral and large global delegation in Iran.
TECHNICALS: BULLS EYE 24,600
The chart picture looks constructive. Nifty has cleared the 24,200 resistance and continues to trade above key moving averages. The index now faces resistance at 24,400 — the 200-day EMA. A close above that could open the path to 24,600, the April swing high.
Analysts also point to an inverted head-and-shoulders pattern suggesting targets of 24,750–24,800 in the near term, and 25,300 over the next few weeks.
For Nifty Bank, the hurdle is at 58,800. A breakout there could see 60,500–61,500.
Support levels to watch: 24,150–24,200 for Nifty.
BUSINESS NEWS YOU CAN’T MISS
Earnings season is here
Q1 results kick off this week with TCS on July 9. Brokerages expect commentary on demand trends and AI opportunities to set the tone for IT.
IPO action
Textile firm Aastha Spintex debuted at Rs 136, after its issue was subscribed 5.05 times.
Boardroom moves
– Apollo Micro Systems, Embassy Developments and SEPC held board meetings for fund raising
– SIS and Allied Blenders convened AGMs
– Jio Financial, Shyam Metalics and Tata Motors DVR were among companies with board meetings lined up
Bulk deals
MacRitchie Investments sold 1.02 crore shares of PB Fintech at Rs 1,604.12. QE Securities picked up 7,492 shares of IKIO Technologies.
Stocks in news
HDFC Bank, Coal India, Tata Steel, Sobha, Bank of Baroda, Nykaa, Hero MotoCorp and Adani Ports were active through the session.
WHAT THE EXPERTS ARE SAYING
“Investors will closely monitor quarterly results of TCS with particular focus on management commentary regarding demand trends, discretionary spending, and AI-led business opportunities,” said Ajit Mishra, SVP Research at Religare Broking.
Nifty 50 enters the week with a positive bias after extending gains for three straight sessions and breaking above 24,200. Improved sentiment, easing volatility, and participation from both institutions and retail have strengthened the undertone.
Morgan Stanley remains bullish on India’s structural story. It projects Sensex at 89,000 by June 2026, implying 12% upside from current levels, on the back of fiscal discipline and lower real rates.
THE ROAD AHEAD
Three things will decide the next move:
1. Earnings: Beyond TCS, commentary from banks and IT will be critical.
2. Monsoon: Progress remains key for consumption and rural demand.
3. FII flows: Foreign investors sold Rs 12,274.6 crore over two sessions earlier amid geopolitical worries, but flows could stabilize if crude stays soft.
RBI’s June MPC kept the repo rate at 5.25% with a neutral stance, citing resilient growth despite external risks. The government also announced tax relief for FPIs investing in G-Secs to attract more inflows.
Vikram Kasat of PL Capital sums it up: “Domestic growth story remains intact. This is a good entry point for long term investors to buy on dips.”
Market Snapshot – July 6, 2026, 3:30 pm IST
– Sensex: 78,285.07 ▲521.16 (+0.67%). Day range: 77,879.70 – 78,398.06. Prev close: 77,763.91
– Nifty 50: 24,430.35 ▲159.50 (+0.66%). Day range: 24,287.10 – 24,458.65. Prev close: 24,270.85
– 52-week: Sensex high 86,159.02, low 71,545.81. Nifty high 26,373.20, low 22,182.55
Dalal Street has started July with confidence. With banks leading, valuations reasonable, and global headwinds easing, the bulls have enough reason to keep pushing — as long as earnings don’t surprise on the downside.
