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Sensex Rises Over 600 Points as IT Stocks Jio Financial Reliance Lift Markets
Indian benchmark equity indices advanced sharply in early trade on Friday, supported by strong gains in information technology stocks, upbeat quarterly earnings from Jio Financial Services, and optimism ahead of Reliance Industries' June-quarter results. The rally was primarily driven by heavyweight stocks despite continued weakness in the broader market.
By Finblage Editorial Desk
4:20 pm
17 July 2026
Indian benchmark equity indices traded higher in morning trade on Friday, outperforming weak global market sentiment as buying in heavyweight stocks lifted the benchmarks. The BSE Sensex climbed more than 600 points, while the Nifty 50 moved above the 24,200 mark, supported by strength in information technology and financial stocks.
Information technology stocks led the rally after Tech Mahindra reported stronger-than-expected financial performance for the June quarter. Better revenue growth, improved operating margins, and robust deal wins strengthened investor confidence, making the Nifty IT index the top-performing sector during the session. Shares of HCL Technologies, Tech Mahindra, Infosys, and Tata Consultancy Services were among the leading contributors to the benchmark gains.
Jio Financial Services emerged as the top gainer on the Nifty after reporting a sharp increase in its June-quarter financial performance. The company posted a 156 percent year-on-year rise in consolidated net profit, while revenue surged 227 percent, driven by higher interest income and continued growth in fee-based businesses.
Reliance Industries also traded higher ahead of its June-quarter earnings announcement. Investor sentiment remained positive amid expectations that stronger refining margins, improving petrochemical profitability, and the company's diversified business portfolio would support earnings despite geopolitical uncertainties in West Asia.
Market participants also attributed the gains to value buying in large-cap stocks following the recent market correction. The Nifty Bank and Nifty Private Bank indices traded higher, with HDFC Bank gaining ahead of its quarterly earnings announcement.
Despite the strength in the benchmark indices, the broader market remained under pressure. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices declined, indicating that buying activity was largely concentrated in large-cap stocks rather than across the broader market.
Among sectoral indices, information technology outperformed, while pharmaceutical, media, and metal stocks witnessed selling pressure. Healthcare stocks including Dr. Reddy's Laboratories, Cipla, Apollo Hospitals Enterprise, and Max Healthcare Institute were among the notable laggards during the session.
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