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• Equity benchmarks ended largely unchanged, staging a strong recovery from intraday lows as the Nifty rebounded over 0.5% after slipping to the key psychological level of 24,000, while the Sensex recovered more than 700 points from the day's low. The rebound was led by gains in IT and consumer durable stocks. Market sentiment remained resilient, supported by continued buying from foreign institutional investors (FIIs) and encouraging quarterly earnings, despite rising geopolitical tensions between the US and Iran and a nearly 3% jump in crude oil prices to around $78 per barrel. Progress in the southwest monsoon and expectations ahead of the domestic inflation data scheduled for release today also triggered short covering, aiding the market's recovery. The broader market continued to outperform, with both mid-cap and small-cap indices closing at record highs. The advance-decline ratio for Nifty 500 stocks stood at 1:1, reflecting cautious optimism among investors regarding the ongoing earnings season.

• The Nifty ended marginally higher by 4 points at 24,211 after touching an intraday low of 24,000. The Sensex closed nearly flat at 77,568, recovering sharply from its intraday low of 76,875.

• The IT sector emerged as the top-performing segment following strong quarterly earnings reported by large-cap IT major TCS and encouraging results from mid-cap technology company LTM. The Nifty IT Index surged 3.5%, led by gains in TCS, Infosys, Persistent Systems, Zensar Technologies, HCL Technologies, and Sonata Software. Globally, Asian markets ended sharply lower, while European markets traded on a mixed note as investors remained cautious amid escalating tensions in the Middle East and rising crude oil prices

Technical Outlook:

• Nifty index opened with a gap down of around 160 points but witnessed steady buying throughout the session as bulls absorbed every dip, helping the index recover from the weak opening and managed to cross 24250 zones. The index formed a bullish candle on the daily timeframe and is holding above its 50 DEMA but has got stuck in a broader range from the last few sessions. Now it has to hold above 24200 zones for an up move towards 24350 then 24500 zones while support can be seen at 24050 then 23950 zones.

• S&P BSE Sensex index opened with a gap down of around 600 points near 76900 zones but buying interest was visible right from the first tick. Bulls held their grip throughout the session as every decline was absorbed by the buyers and the index extended its move towards 77800 zones. It formed a bullish candle on the daily chart and recovered most of its morning losses. Now it has to hold above 77500 zones for an up move towards 77800 then 78000 zones while on the downside support is seen at 77300 then 77000 levels.

Derivative Outlook:

• Nifty future closed positive with gains of 0.03% at 24249 levels. Positive setup seen in Kalyan, Paytm, Bhel, Techm, Union Bank, Mpahsis, Persistent, Bajaj Auto, Coforge and GMR Airport while weakness seen in BDL, Biocon, Dmart, VMM, Muthooth Finance, Jindal Steel, Tata Steel, VBL, Inox Wind and PIInd.

• On option front, Maximum Call OI is at 24500 then 24300 strike while Maximum Put OI is at 24000 then 24100 strike. Call writing is seen at 24300 then 24200 strike while Put writing is seen at 24000 then 24200 strike. Option data suggests a broader trading range in between 23800 to 24600 zones while an immediate range between 24000 to 24500 levels.

• Ashok Leyland - Company received an arbitral award of Rs223cr plus 10% annual interest from an arbitral tribunal in its dispute against Delhi Transport Corp.

• India Trade Deficit Widens as Hormuz Uncertainty Clouds Outlook - Trade deficit widened in June, with uncertainty over the US-Iran conflict and shipping through the Strait of Hormuz continuing to cloud the outlook for global supply chains. Trade deficit - gap between exports and imports stood at $30.43bn in June, compared with $28.2bn in May – Bloomberg Expectation $265bn.

• Tata Capital – Company is set to acquire Kerala-based gold loan financier Yogakshemam Loans in all all-cash deal. The acquisition marks the company’s foray into the gold loan business. Yogakshemam, the operator of the brand Yogloans, is promoted by former Manappuram Finance official Unnikrishnan Idicharm Veetil. According to the terms of the agreement, Tata Capital will acquire a near 89% stake in the gold loan company at a pre-money equity value of Rs 318 crore.

• RPG Life – Company said it has partnered with Archerchem Healthcare to launch a Naproxen and Esomeprazole combination, indicated as an anti-inflammatory solution along with gastroprotection, for the first time in India. Under the partnership, RPG Life Sciences will exclusively market and distribute Naprosyn ES -- a combination of Naproxen and Esomeprazole -- across the country, and Archerchem as the exclusive supplier.

• LTM – Company agreed a partnership with Anthropic to accelerate enterprise-scale adoption of Claude, Claude Code, and Claude Cowork across engineering, modernization, and business workflows.

• TCS – Company announced a multi-million, multi-year deal with ABB to deliver end-to-end global network operations through an integrated network-as-a-service model, expanding a 20-year partnership. TCS will design, integrate, and run ABB's global network ecosystem as an AI-driven service.

• Puravankara Q1 business update - Pre-sales up 28% to Rs 1,439 crore in Q1 FY27. Sold commercial property Purva Zentech to ICICI Prudential AMC for Rs 625.94 cr. Collections climbed 40% to Rs 1,199 crore.

Global Market Update

• European Market - European market erased early declines as the telecoms sector outperformed, while energy shares rallied alongside higher oil prices. UK, Germany and France Index marginally gain.

• Asian Market – Asian stocks fell to the lowest in a month on renewed tensions in the Middle East and as SK Hynix shares in Seoul tumbled the most on record. South Korea Index declined 9%. Both Japan and China Index slipped 2% each.

• US Data - Federal Budget Balance.

• Commodity - Oil prices surged 3% TO %78/BBL on Monday as traffic in the Strait of Hormuz dwindled and Iran declared the waterway closed, following fresh hostilities between it and the U.S.

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