Indian stocks surge as IT, banks fire on all cylinders

KUALA LUMPUR, 7 AUGUST 2026 —

The BSE Sensex jumped 544.39 points, or 0.70%, to close at 78,639.03, while the Nifty 50 surged 390.70 points, or 1.60%, to end at 24,774.30 on Monday as IT, banking, cement and FMCG shares led the advance.

Advancers outnumbered decliners by 2,835 to 1,555 on the BSE, with 205 stocks unchanged, according to exchange data. The gains pushed the Nifty Midcap 100 to a fresh record high of 63,681.80 before settling up more than 1%, while the Nifty Smallcap 100 climbed to an intraday peak of 19,610.85.

IT stocks powered the blue-chip index, with Tata Consultancy Services Ltd, Infosys Ltd and HCL Technologies Ltd all rising at least 2%. Banking and financial services also contributed, led by State Bank of India Ltd and HDFC Bank Ltd. Cement makers Ultratech Cement Ltd and ACC Ltd added to the momentum, while Hindustan Unilever Ltd and ITC Ltd lifted the FMCG pack.

Only the media index ended lower on the session, lagging the broader advance. Eighteen stocks hit 52-week highs, compared with six that touched 52-week lows, while 291 names were locked in the upper circuit against 182 in the lower circuit.

GSK Pharmaceuticals Ltd reported a 15% year-on-year rise in revenue to ₹924 crore for the quarter ended June 30, 2026, while profit after tax climbed 24% to ₹253 crore. The company said its performance reflected broad-based growth across core and innovative portfolios, with EBITDA margin at 32%.

Sri Lotus Developers & Realty Ltd posted a 567% year-on-year jump in pre-sales to ₹409 crore for the first quarter of fiscal 2027, driven by launches in Andheri West and Prabhadevi. The Mumbai-based developer also reported collections of ₹150 crore, up 115% year-on-year, with EBITDA margin at 36.4%.

The Indian rupee held steady as importer demand offset a decline in oil prices amid geopolitical tensions, while improving rainfall raised hopes of better kharif sowing in the coming weeks, according to Bajaj Asset Management Ltd.

The monsoon remains 16% below the long-term average, though recent gains have narrowed the shortfall, the asset manager said. It noted that temporary supply-side pressures could keep food prices elevated in the near term, but added that comfortable foodgrain stocks and resilient rural demand should cushion the economy.

ValuePitch, an AI and decision-intelligence company, and Sir M. Visvesvaraya Institute of Technology opened a Centre for Advanced AI Innovation & Research to give students exposure to generative AI, agentic AI and cybersecurity. The partnership builds on six years of internships and hackathons that have benefited nearly 1,200 students.