Morning Brief: Nifty Climbs 0.71% to 24,175; IT Sector Surges as FIIs Remain Net Sellers | 03 Jul 2026, 08:16 AM IST
By ThePip Desk
Indian equities closed higher, with Nifty 50 gaining 0.71% to 24,175.70, driven by a strong rally in IT stocks despite continued FII selling. Global markets were mixed.
Indian equity benchmarks ended Thursday’s session on a positive note, with the Nifty 50 advancing by +0.71%, primarily fueled by a strong performance in the IT sector. This upward movement occurred despite sustained selling pressure from Foreign Institutional Investors (FIIs).
Market Snapshot
| Index | Last |
|---|---|
| Nifty 50 | 24,175.70 (+0.71%) |
| Nifty Bank | 58,031.65 (-0.00%) |
| Nifty Midcap 100 | 62,307.90 (+0.48%) |
Institutional Flows
Foreign Institutional Investors (FIIs) were net sellers for the fourth consecutive session, offloading a net ₹311.82 crore on July 2nd. However, Domestic Institutional Investors (DIIs) provided strong support with net purchases of ₹1,784.40 crore. While FIIs were net sellers overall, SEBI data indicates they were net buyers in the equity segment on July 2nd, with net investments of ₹140.22 crore, and significant buyers in the debt market with ₹2,474.86 crore in net investments.
| Date | FII Net (₹ Cr) | DII Net (₹ Cr) |
|---|---|---|
| 2026-07-02 | -311.82 | 1784.40 |
| 2026-07-01 | -1140.50 | 3159.24 |
| 2026-06-30 | -2556.75 | 6842.34 |
| 2026-06-29 | -1350.10 | 2801.45 |
| 2026-06-25 | 383.76 | 5747.75 |
Sector Performance
The IT sector was the standout performer, surging over 4% in the last session, while Realty and Auto also posted healthy gains. PSU Banks saw a slight dip.
| Sector | Last |
|---|---|
| Nifty IT | 26,965.05 (+4.64%) |
| Nifty Realty | 871.70 (+1.45%) |
| Nifty Auto | 27,108.20 (+1.21%) |
| Nifty FMCG | 50,084.70 (+0.56%) |
| Nifty Pharma | 25,308.90 (+0.50%) |
| Nifty Financial Services | 26,862.40 (+0.24%) |
| Nifty PSU Bank | 8,539.35 (-0.43%) |
Top Movers
| Symbol | Company | Last |
|---|---|---|
| INFY | Infosys Ltd. | 1,040.90 (+5.64%) |
| TECHM | Tech Mahindra Ltd. | 1,421.30 (+4.34%) |
| TCS | Tata Consultancy Services Ltd. | 2,068.10 (+4.31%) |
| HCLTECH | HCL Technologies Ltd. | 1,078.10 (+4.24%) |
| BAJAJFINSV | Bajaj Finserv Ltd. | 1,855.70 (+3.23%) |
| WIPRO | Wipro Ltd. | 174.00 (+2.27%) |
| ADANIPORTS | Adani Ports and Special Economic Zone Ltd. | 1,883.20 (+1.89%) |
| TITAN | Titan Company Ltd. | 4,481.10 (+1.88%) |
| SHRIRAMFIN | Shriram Finance Ltd. | 1,066.70 (+1.77%) |
| EICHERMOT | Eicher Motors Ltd. | 7,250.00 (+1.55%) |
| Symbol | Company | Last |
|---|---|---|
| MAXHEALTH | Max Healthcare Institute Ltd. | 1,127.40 (-1.10%) |
| LT | Larsen & Toubro Ltd. | 4,059.40 (-0.81%) |
| TMPV | Tata Motors Passenger Vehicles Ltd. | 345.95 (-0.53%) |
| NESTLEIND | Nestle India Ltd. | 1,446.20 (-0.52%) |
| AXISBANK | Axis Bank Ltd. | 1,362.60 (-0.45%) |
| SBILIFE | SBI Life Insurance Company Ltd. | 1,784.40 (-0.36%) |
| RELIANCE | Reliance Industries Ltd. | 1,303.50 (-0.34%) |
| MARUTI | Maruti Suzuki India Ltd. | 14,348.00 (-0.33%) |
| BEL | Bharat Electronics Ltd. | 415.05 (-0.29%) |
| KOTAKBANK | Kotak Mahindra Bank Ltd. | 399.30 (-0.29%) |
Global Cues
US markets closed lower on Wednesday amid concerns over AI-related companies and chipmakers, coupled with a modest decline in manufacturing activity. Asian markets traded mixed on Thursday, with South Korea’s KOSPI leading losses in the technology sector, while investors awaited US labor market data for clues on the Federal Reserve’s interest rate outlook.
Currency & Macro
- The rupee weakened against the US dollar, closing at 95.38, down 22 paise from its previous close.
- Bond yields traded lower on Thursday, with the new 10-year Government Stock yielding 6.72%, a decrease of 4 basis points.
- Finance Minister Nirmala Sitharaman is on a four-day visit to France to strengthen economic cooperation and promote investment, co-chairing the India-France Economic and Financial Dialogue.
- FICCI’s survey indicates that India’s manufacturing growth is likely to moderate in Q1FY27 due to subdued business sentiment amid the West Asia crisis.
- India’s total external debt stood at $762.8 billion at the end of March 2026, an increase of $26.3 billion year-on-year, with the external debt to GDP ratio rising to 20.8%.
RBI & Policy
- India has rolled out the Viksit Bharat – Guarantee for Rozgar and Aajeevika Mission (Gramin) [VB-G RAM G] Act, 2025, enhancing the statutory wage employment guarantee from 100 to 125 days for eligible rural households.
- Power consumption in India grew by 11.62% in June 2026 to 166.46 billion units, driven by heatwave conditions and a late monsoon, pushing peak power demand to 264.76 GW.
- The Directorate General of Trade Remedies (DGTR) has initiated anti-dumping probes against five products imported from China and other nations following complaints from domestic manufacturers.
Corporate Actions & Company News
- Crazy Snacks Ltd. and Allcargo Global Ltd. saw their equity shares listed today.
- Indian Energy Exchange Ltd. and Angel One Ltd. issued press releases and monthly business updates, respectively.
- HCL Technologies Ltd. provided an intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.
- Panorama Studios inked a pact with Lumapix Creative Studios for syndication of non-theatrical rights for a short film.
- Bikaji Foods International completed the acquisition of a 74% stake in JBDSPL for ₹1.48 lakh.
- SBC Exports extended its contract with MPMMCC for six months, until December 31, 2026.
IPO Watch
- IC Electricals Company Ltd.‘s IPO opens today, July 3, 2026, with a price band of ₹94-99 per share, closing on July 7, 2026.
- Knack Packaging Ltd.‘s IPO closes today, July 3, 2026, with a price band of ₹161-170 per share. The issue has been subscribed 7.21 times overall, with Qualified Institutional Buyers (QIB) at 3.48 times, Non-Institutional Investors (NII) at 19.22 times, and Retail Individual Investors (RII) at 4.23 times.
- Devson Catalyst Ltd. has an upcoming IPO opening on July 9, 2026, with a price band of ₹112-118 per share.
The resilience of domestic institutional buying continues to be a critical counterweight to persistent FII outflows, providing a crucial floor for the Indian markets.
Despite global headwinds and FII selling, the strong rally in the IT sector highlights pockets of robust performance, suggesting a selective approach is key for your portfolio.