Stock market today: Indian benchmark indices, Sensex and Nifty 50, opened higher on Monday, 6 July supported by strong gains in private banking stocks after robust June-quarter business updates from HDFC Bank and Axis Bank, while easing crude oil prices further boosted investor sentiment.
At 9:20 IST, the Nifty 50 was up 0.35% at 24,354.80, while the BSE Sensex gained 0.39% to 78,065.23.
Market breadth remained positive, with 14 of the 16 major sectoral indices trading in the green. The Nifty Bank and Financial Services indices rose around 0.5% each, led by nearly 2% gains in HDFC Bank and Axis Bank.
Over the weekend, HDFC Bank reported a 15.4% year-on-year increase in gross advances for the June quarter, while period-end deposits rose 14.7%. Axis Bank also posted healthy business momentum, reporting an 18.8% year-on-year growth in gross advances during the quarter.
Market Outlook by Dharmesh Shah, Vice President, ICICI Securities
- Equity benchmark compounded its gains over fourth consecutive week and settled the monthly expiry week at 24,271, up 0.9%. Small cap index significantly outpaced with a robust 2% advance. Sectorally, Realty, Pharma, Defence remained at forefront while PSU Bank, energy underperformed.
- The index started the week on a subdued note. However, buying demand from 50 days EMA (23,800) helped index to regain the momentum. The weekly price action formed a bull candle carrying higher high-low, indicating continuation of upward momentum.
- The index has decisively registered a breakout from ten weeks downward sloping channel coupled with successful close above 100 days EMA for the first time in four months, indicates resumption of primary uptrend that can drive Nifty 50 towards 24,800 in the month of July.
- The underlying stature remains robust as over past two weeks index has formed a higher base above cluster of short-term moving averages. The formation of higher peak and trough confirms structural improvement that makes us revise support base at 23,700.
- Midcap index continued to hover around lifetime highs while smallcap index has seen significant catch-up activity as it is just 3% away from its All Time High. The current traction in broader market is backed by improvement in market breadth as currently 62% of stocks within Nifty 500 universe are trading above their 50 days SMA compared to last week’s reading of 58%, that bodes well for durability of ongoing up move
- Sectorally, Pharma index broken out of 18 months consolidation and clocked a fresh All-time High. The up move since Covid lows has been captured in a well-defined rising channel wherein intermediate corrections arrested around 20%. Post this pharma index has garnered decent returns in subsequent quarters. Mirroring the historical evidence, index has bounced after 20% correction.
The buoyancy in the equity market is well supported by convergence of favourable macroeconomic tailwinds:
- Easing of geopolitical tension
- Falling crude oil prices
- Rupee appreciation
- RBI’s slew of measures to attract foreign flows into debt instruments
- Q4FY26 GDP growth
- Lower expectations of Fed’s rate hikes
Key Monitorable
- Fed Minutes
- Commencement of Q1 earnings
Stock To Buy This Week – Dharmesh Shah
Dharmesh Shah of ICICI Securities recommends buying and .
Buy Shriram Finance in the range of ₹1,038-1,060. He has Shriram Finance share price target of ₹1,134 with a stop loss of ₹1,008.
Buy Piramal Pharma in the range of ₹172-176. He has Piramal Pharma share price target of ₹188 with a stop loss of ₹167.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 03/07/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.