Sensex jumps 800 points, Nifty 50 reclaims 24,200; investors earn ₹6 lakh crore in a day: What drove the stock market?

The Indian stock market witnessed strong buying across segments on Friday, 10 July, with the benchmarks, the Sensex and the Nifty 50, rising more than 1% each, and the mid and small-cap indices outperforming amid positive global cues.

Extending gains for the second consecutive session, the Sensex jumped 828 points, or 1.08%, to end at 77,569.39, while the Nifty 50 settled at 24,206.90, up 244 points, or 1.02%.

The Nifty Midcap 100 index jumped 1.40%, and the Smallcap 100 index clocked an impressive gain of 1.55%.

Investors earned nearly ₹6 lakh crore in a single session as the cumulative market capitalisation of BSE-listed firms rose to almost ₹482 lakh crore from ₹476 lakh crore in the previous session.

In two consecutive sessions of gains, the 30-share pack has jumped 1,066 points, or 1.4%, while the NSE counterpart has gained 325 points, or 1.4%.

However, on a weekly basis, the Sensex and the Nifty have eased by 0.25% each, snapping their four-week winning streak.

Positive global cues amid reports that the US and Iran will continue their technical talks despite recent clashes, underpinned market sentiment.

Largely in-line Q1 results from TCS boosted sentiment for IT stocks, while Q1 business updates from banks have also supported market sentiment.

Lower oil prices and a rise in the rupee, too, supported positive sentiment.

Crude oil prices eased, with Brent crude trading below $76 per barrel. The rupee closed at 95.31 per dollar, up 16 paise against the previous close of 95.47.

"Positive business updates from banks, along with a constructive outlook for the IT sector driven by in-line estimates, a potential rebound in global spending, and AI-related opportunities, have set the stage for an optimistic start to the Q1 earnings season," Vinod Nair, Head of Research, Geojit Investments Limited, noted.

Nair believes a continuation of better-than-expected Q1 results should help alleviate concerns about future earnings growth, which can further the current market uptrend, supported by a broad-based rally.

Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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