Market Update | 13 July 2026

Indian equity benchmarks staged a remarkable recovery from steep intraday losses to close nearly unchanged on Monday, July 13, as strong buying in information technology stocks offset concerns over surging crude oil prices and escalating geopolitical tensions in the Middle East.

The market witnessed broad-based selling in early trade after renewed fighting between Iran and the U.S. fuelled fears of another closure of the strategically important Strait of Hormuz. The Nifty 50 opened more than 150 points lower and slipped below the 24,000 mark during the session. However, sustained buying in heavyweight IT stocks helped the benchmark erase all its losses and finish near the day’s high.

At the close, the Nifty 50 gained 4.10 points (0.02%) to settle at 24,211.00, extending its winning streak to three consecutive sessions. The Sensex advanced 47.01 points (0.06%) to close at 77,616.40, while the Bank Nifty rose 0.15% to finish above the 58,100 mark. Market volatility increased during the session, with the India VIX jumping nearly 8% to move above the 13 level.

Global Cues

Investor sentiment remained under pressure after renewed military conflict between Iran and the U.S. Reports indicated that both countries exchanged heavy missile and drone attacks, with Tehran targeting U.S. military facilities across Gulf states and claiming it had once again closed the Strait of Hormuz. The renewed hostilities have raised fresh doubts over the interim U.S.-Iran agreement signed last month, which aimed to ensure uninterrupted navigation through the Strait.

The Strait of Hormuz handles nearly 20% of global petroleum trade, making it one of the world’s most critical energy routes. Amid these developments, Brent crude futures surged around 4% to trade above USD 79 per barrel, reviving concerns over higher inflation, rising input costs and the possibility of further interest rate hikes.

Sectoral Performance

Sectoral performance remained mixed, with 6 of the 11 major sectoral indices ending in positive territory.

• Top Gainer: Nifty IT (+3.59%) – All constituent stocks closed in the green, extending gains for a second consecutive session. The index also closed above its 50-day Exponential Moving Average (50-DEMA) for the first time in nearly a month.
• Top Loser: Nifty FMCG (-1.02%) – Weakness in Nestlé India weighed on the index, which declined for the second straight trading session.

The broader market remained resilient despite the volatile session.

• Nifty Midcap 100: +0.01%
• Nifty Smallcap 100: +0.03%

Stocks in Focus

• L&T Finance gained 1.07% after reporting higher quarterly profit and healthy loan growth for the June quarter.
• Just Dial surged 20% following strong first-quarter earnings and the appointment of a new Chief Executive Officer and Chief Financial Officer.
• DMart declined 2.13% after its quarterly results, as investors remained concerned that the rapid expansion of quick-commerce platforms continues to impact growth in metro markets.

Top Contributors to Nifty 50

Positive Contributors

• Infosys: +26.52 points
• Tata Consultancy Services (TCS): +25.10 points
• HCL Technologies: +13.13 points

Negative Contributors

• HDFC Bank: -23.39 points
• Reliance Industries: -16.08 points
• Bharti Airtel: -12.64 points

Market Breadth

Market breadth on the NSE remained positive despite heightened volatility.

• Advancing Stocks: 1,776
• Declining Stocks: 1,557
• Unchanged: 109

Additional market statistics:

• 52-week Highs: 122 stocks
• 52-week Lows: 49 stocks
• Upper Circuits: 136 stocks
• Lower Circuits: 81 stocks

Outlook

The market once again demonstrated resilience, with strong buying in IT stocks helping benchmark indices recover from sharp early losses. While geopolitical tensions and elevated crude oil prices remain key risks for global markets, sustained institutional buying and encouraging corporate earnings could continue to provide support. Investors are now expected to closely monitor developments in the Middle East, movements in crude oil prices and the ongoing June-quarter earnings season, which are likely to dictate the market’s near-term direction.