Nifty reclaims 24,000; midcaps outshine as Dr. Reddy’s tanks 5%, pharma diverges

Markets were trading firmly higher by midday on Thursday, July 9, 2026, staging a broad recovery from Wednesday’s rout, with the Sensex at 77,054.79, up 551.19 points or 0.72 per cent, and the Nifty 50 at 24,065.15, up 183.10 points or 0.77 per cent, as of 12.31–12.32 PM.

Broader markets were outpacing the benchmarks by a significant margin. The Nifty Midcap 100 was trading 1.48 per cent higher and the Nifty Small Cap 100 had climbed 1.70 per cent, reflecting wider risk appetite returning to the market even as large-cap indices remained cautious below key resistance levels. Of the 4,195 stocks traded on BSE, advances outnumbered declines by a ratio of 2,876 to 1,092, with 227 stocks unchanged. Ninety-four stocks hit 52-week highs while 60 touched 52-week lows.

“The frontline indices have staged a smart recovery post the sharp correction in trade yesterday on the back of escalating tension in West Asia. Broader markets continue to outperform,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, adding that the Nifty’s Advance Decline Ratio stood at 34:16 and that the weekly Sensex expiry had added to additional intraday volatility.

Among Nifty 50 gainers, Grasim Industries led, rising 2.71 per cent to ₹3,219.70. Bharti Airtel advanced 2.61 per cent to ₹1,937.30 on heavy volumes of over 61.78 lakh shares worth ₹1,20,224.45 lakh. Sun Pharmaceutical gained 2.50 per cent to ₹1,935.40 — a notable move given the sector’s recent upgrade to Neutral by JPMorgan. SBI Life Insurance rose 2.40 per cent to ₹1,831.90, and Shriram Finance added 2.33 per cent to ₹1,038.00.

Dr. Reddy’s Laboratories was the session’s standout loser, collapsing 5.31 per cent to ₹1,277.40 from its previous close of ₹1,349.00, on exceptionally heavy volumes of over 61.28 lakh shares worth ₹79,899.61 lakh — the highest by value among all Nifty losers. Infosys continued its slide, down 1.34 per cent to ₹1,055.00 ahead of the broader IT earnings season, with TCS results expected later in the day. Eicher Motors fell 1.02 per cent to ₹7,343.00, while ONGC dropped 0.90 per cent to ₹244.77 even as crude oil prices remained elevated, with MCX Crude trading above ₹7,100 per barrel. Hindalco shed 0.82 per cent to ₹963.70.

On the commodity front, MCX Gold opened with a gap down, trading near ₹1,43,400, while COMEX Gold hovered below the $4,100 mark. MCX Silver held above ₹2,22,000 and COMEX Silver was cautiously placed above $58. The USD/INR pair continued to consolidate near ₹95.5, with immediate resistance at ₹95.6 keeping the rupee under pressure.

Technically, Shah flagged that the zone of 23,910–23,930 on the Nifty would serve as crucial support, while resistance sits at 24,160–24,180. A breakout above 24,180 could extend the rally toward 24,380. On the options front, meaningful call writing was seen at 24,100 and 24,200 strikes, while 24,000 on the put side carries substantial open interest. For the Sensex, support is pegged at 76,700 and resistance at 77,500.

Geopolitical developments in the Middle East remain the overriding risk. Commercial ship traffic through the Strait of Hormuz has slowed after the latest U.S.-Iran escalation, keeping energy markets on edge. With the rupee pinned near ₹95.5 and crude hovering in elevated territory, traders are watching whether FIIs, who bought ₹1,962 crore worth of equities on Wednesday, sustain their buying through the afternoon session.