Why is the Stock Market (BSE and NSE) is Rising: Sensex Jumps Over 800 Points, Nifty Nears 24,300

Indian benchmark equity indices traded sharply higher on Friday, July 17, supported by strong buying in IT, banking and heavyweight stocks ahead of several major corporate earnings announcements.

During intraday trade, the BSE Sensex climbed 803 points (1.04%) to touch 77,989.44, while the NSE Nifty 50 gained 216 points (0.90%) to reach an intraday high of 24,288.90, moving close to the 24,300 mark.

At around 11:30 am, the Sensex was trading 657 points higher at 77,861, while the Nifty 50 was up 177 points at 24,243.

IT Stocks Lead The Rally

The Nifty IT Index emerged as the best-performing sector, rising more than 1% during the session.

The rally was led by Tech Mahindra, whose shares gained around 3% after the company reported a 28.4% year-on-year increase in Q1 FY27 net profit. The company's positive outlook also supported investor sentiment.

Other major IT stocks also traded higher, including:

• Tech Mahindra
• TCS
• HCL Technologies
• Infosys

The gains across the IT sector lifted the broader market.

Banking Stocks Add Strength

Banking shares also contributed significantly to the market's gains.

The Nifty Bank Index rose nearly 1%, supported by buying in major private sector banks ahead of their quarterly results.

Heavyweight Stocks Support Benchmark Indices

Heavyweight companies also played an important role in driving the market higher.

Reliance Industries gained more than 2% ahead of its Q1 earnings announcement and was one of the biggest contributors to the Sensex rally.

Other major gainers included:

• HDFC Bank
• ICICI Bank
• Axis Bank
• Kotak Mahindra Bank
• Hindustan Unilever
• Mahindra & Mahindra
• TCS
• Infosys
• HCL Technologies

Broader Markets Underperform

While the benchmark indices traded firmly higher, the broader market remained under pressure.

• Nifty Midcap 100 declined 0.61%.
• Nifty Smallcap 100 fell 0.86%.

Rupee Strengthens Against The US Dollar

The Indian rupee also strengthened alongside the equity market.

The domestic currency appreciated by 14 paise to 96.28 against the US dollar after ending lower for four consecutive sessions.

Read More: JioBlackRock Mutual Fund's June 2026 Portfolio: Top Stock Holdings Include RIL, HDFC Bank and SBI!

Conclusion

The sharp rally in the Sensex and Nifty on July 17 was mainly driven by strong buying in IT, banking and heavyweight stocks ahead of key quarterly results. 

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