Why market is rising today; what led Sensex, Nifty rebound despite renewed US-Iran tensions
There are market indications that things may not deteriorate as feared, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. The oil market does not believe that the situation will aggravate, he said.
- Jul 9, 2026,
- Updated Jul 9, 2026 3:40 PM IST
Benchmark stock indices Sensex and Nifty rose on Thursday, recovering from the previous session's selloff, even as the US launched another wave of strikes on Iran after its President Donald Trump suggested the ceasefire had ended. Stocks gained as oil prices fell and foreign flows stayed strong, ahead of the start of the quarterly earnings season in India.
There are market indications that things may not deteriorate as feared, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. September crude futures suggest the market does not believe that the situation will aggravate, he said addinf that gmarkets have not panicked globally but the scenario needs to be watched closely.
The BSE Sensex was trading at 77,080.39, up 576.79 points or 0.75 per cent. Nifty stood at 24,073.65, up 191.50 points or 0.80 per cent. Fear gauge India VIX, which suggests the likely volatility in the market over the next 30 days, fell 10.37 per cent to 13.16.
Data showed FPIs were net buyers to the tune of Rs 1,962.80 on Wednesday, despite rising US-Iran hostilities. On the other hand, Brent crude futures for September delivery fell 1 per cent to $77.24 a barrel after OPEC+ agreed to expand production.
"Despite the West Asia crisis, latest indicators for Q1FY27 point towards robust economic activity. These include strong Q1 business updates by listed corporates, especially financials, with credit growth of 17 per cent YoY, gross GST collections up 14 per cent YoY and auto sales up 21.8 per cent YoY for June 2026. Media reports also highlight rising housing sales and our proprietary framework indicates improving corporate capex of the listed space," ICICI Securities said.
Vijayakumar said Brent even at $80 is not a problem as it would not create a balance of payment (BoP( crisis. The crisis will reemerge only if the tensions lead to the closure of the Strait of Hormuz again and consequently crude spiking above $100, he said.
"The present futures do not reflect such a pessimistic scenario," he said.
ICICI Securities said any dip in indices from hereon should be used as buying opportunity as strong Nifty support is placed in the 23,600-23,400 zone, which it expects to hold. Any ease of in geopolitical tension may fuel the momentum towards 24,500, being placement of Nifty's 200-day EMA, it said.
All eyes, meanwhile, were on TCS' Q1 results. "TCS, the bellwether of Indian IT, will set the tone with its results — a beat or miss that could reshape sector sentiment and foreign flows. Expect its guidance to decide whether the IT pack rides a renewed rally or faces a prolonged de-rating," said Devarsh Vakil, Head of Prime Research at HDFC Securities.
Benchmark stock indices Sensex and Nifty rose on Thursday, recovering from the previous session's selloff, even as the US launched another wave of strikes on Iran after its President Donald Trump suggested the ceasefire had ended. Stocks gained as oil prices fell and foreign flows stayed strong, ahead of the start of the quarterly earnings season in India.
There are market indications that things may not deteriorate as feared, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. September crude futures suggest the market does not believe that the situation will aggravate, he said addinf that gmarkets have not panicked globally but the scenario needs to be watched closely.
The BSE Sensex was trading at 77,080.39, up 576.79 points or 0.75 per cent. Nifty stood at 24,073.65, up 191.50 points or 0.80 per cent. Fear gauge India VIX, which suggests the likely volatility in the market over the next 30 days, fell 10.37 per cent to 13.16.
Data showed FPIs were net buyers to the tune of Rs 1,962.80 on Wednesday, despite rising US-Iran hostilities. On the other hand, Brent crude futures for September delivery fell 1 per cent to $77.24 a barrel after OPEC+ agreed to expand production.
"Despite the West Asia crisis, latest indicators for Q1FY27 point towards robust economic activity. These include strong Q1 business updates by listed corporates, especially financials, with credit growth of 17 per cent YoY, gross GST collections up 14 per cent YoY and auto sales up 21.8 per cent YoY for June 2026. Media reports also highlight rising housing sales and our proprietary framework indicates improving corporate capex of the listed space," ICICI Securities said.
Vijayakumar said Brent even at $80 is not a problem as it would not create a balance of payment (BoP( crisis. The crisis will reemerge only if the tensions lead to the closure of the Strait of Hormuz again and consequently crude spiking above $100, he said.
"The present futures do not reflect such a pessimistic scenario," he said.
ICICI Securities said any dip in indices from hereon should be used as buying opportunity as strong Nifty support is placed in the 23,600-23,400 zone, which it expects to hold. Any ease of in geopolitical tension may fuel the momentum towards 24,500, being placement of Nifty's 200-day EMA, it said.
All eyes, meanwhile, were on TCS' Q1 results. "TCS, the bellwether of Indian IT, will set the tone with its results — a beat or miss that could reshape sector sentiment and foreign flows. Expect its guidance to decide whether the IT pack rides a renewed rally or faces a prolonged de-rating," said Devarsh Vakil, Head of Prime Research at HDFC Securities.