Key indices further pare losses; IT shares extend rising streak for second consecutive session

The domestic equity benchmark further pared early losses in mid-morning trade even as the investor sentiment remained risk-averse following the escalation of the US-Iran conflict. The escalating conflict amplified geopolitical uncertainties and has stoked concerns of rising inflationary pressures.

Reflecting the broad-based weakness, the Nifty continued to trade below the 24,150 mark. Bucking the overall weak sentiment, IT shares, along with autos and consumer durables, outperformed.

Market participants will closely monitor further developments in the US-Iran conflict, movements in crude oil prices, the ongoing Q1 earnings season and corporate business updates, as well as the progress of the southwest monsoon for cues on market direction.

At 11:26 IST, the barometer index, the S&P BSE Sensex declined 189.34 points or 0.24% to 77,380.05. The Nifty 50 index fell 59.95 points or 0.25% to 24,146.95

In the broader market, the BSE 150 MidCap Index fell 0.27% and the BSE 250 SmallCap Index rose 0.14%.

The market breadth was positive. On the BSE, 2,037 shares rose and 1,976 shares fell. A total of 261 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 2.25% to 28,641.75, extending gains for second consecutive session. In two sessions, the index has added 4.3% while the benchmark Nifty 50 index has risen 1.1%.

Among the index constituents, Tata Consultancy Services (up 4.2%), HCL Technologies (up 3.16%), Tech Mahindra (up 2.66%), Mphasis (up 1.6%) and Infosys (up 1.58%) were the top gainers.

Among the other gainers were LTM (up 1.32%), Wipro (up 1.09%), Oracle Financial Services Software (up 1.05%), Persistent Systems (up 0.86%) and Coforge (up 0.8%).

Initial Public Offer (IPO):

The initial public offer (IPO) of Happy Steels received bids for 3.47 crore shares as against 27.12 lakh shares on offer, as per NSE data as of 11:20 hours on Monday (13 July 2026). The issue was subscribed 12.82 times.

The issue opened for bidding on Thursday (09 July 2026) and it will close on Monday (13 July 2026). The price band of the IPO is fixed between Rs 62 to Rs 66 per share. The minimum order quantity is 2000 equity shares. The equity shares will list on NSE?s SME platform.

Laser Power & Infra IPO received bids for 5.45 crore shares as against 2.55 crore shares on offer, according to stock exchange data at 11:20 IST on Monday (13 July 2026). The issue was subscribed 2.13 times.

The issue opened for bidding on 09 July 2026 and it will close on 13 July 2026. The price band of the IPO is fixed between Rs 203 and 214 per share. An investor can bid for a minimum of 70 equity shares and multiples thereof.

Stocks in Spotlight:

Just Dial jumped 14.46%. The company has reported net profit of Rs 166.3 crore for Q1 FY27, up 4.1% YoY and up 66.2% QoQ. Operating revenue for the period under review was Rs 327.5 crore, up 9.9% YoY.

Gujarat Pipavav Port was up 0.42%. The company has reported a 2.4% increase in container volumes to 1.68 lakh twenty-foot equivalent units (TEUs) in Q1 FY27, compared with 1.64 lakh TEUs in Q1 FY26.

Jindal Steel declined 1.57%. The company said that Gautam Malhotra has resigned from the position of chief executive officer (CEO) at the company. He will cease to be in the company's services with effect from the close of business hours on 15 July 2026.

Global Markets:

Asian markets traded lower on Monday as investors remained cautious amid renewed geopolitical tensions in the Middle East.

Investor sentiment nosedived after Iran and the United States exchanged airstrikes over the weekend. Tehran claimed it had targeted U.S. military facilities across multiple Gulf countries and announced the closure of the Strait of Hormuz.

However, U.S. President Donald Trump rejected the claim on Sunday, stating that the strategic waterway remained open to commercial shipping.

In South Korea, shares of SK Hynix fell 5% after the chipmaker's stock had surged 13% during its Nasdaq debut, prompting investors to book profits.

In the United States, shares on Wall Street ended higher on Friday. The Dow Jones Industrial Average gained 0.29% to close at 52,637.01, the S&P 500 rose 0.42% to 7,575.39, and the Nasdaq Composite advanced 0.29% to finish at 26,281.61.

Investors are also gearing up for a busy U.S. earnings week, with several major financial institutions, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and Wells Fargo, scheduled to report quarterly results.

Earnings from Netflix, Johnson & Johnson and UnitedHealth are also expected to be closely watched for clues on corporate performance and the broader economic outlook.

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