Thought of the day — “Patience is a key element of success in investing.” — Bill Gates
Global market setup
Indian equities closed the week of 6-11 July 2026 marginally lower after a volatile five sessions dominated by the Strait of Hormuz. The Nifty 50 ended Friday 10 July at 24,206.90 and the Sensex at 77,569.39; measured against the previous Friday's closes of 24,270.85 and 77,763.91, the Nifty was down 63.95 points (-0.26%) and the Sensex down 194.52 points (-0.25%) on the week. The path was uneven. Monday opened firm (Nifty +0.66% to 24,430.35, Sensex +0.67% to 78,285.07) and Tuesday slipped marginally. Wednesday brought a sharp sell-off - the Sensex fell 1,677 points (-2.15%) to 76,503.60 and the Nifty 517 points (-2.12%) to 23,882.05, the worst single session in over three months - after Iran attacked three commercial vessels near the Strait of Hormuz and the United States declared the June ceasefire framework over. The market then recovered over the final two sessions, adding 0.34% on Thursday and 1.02% on Friday as crude eased and Wall Street rallied on a semiconductor rebound. Broader indices ended Friday firmer, the Nifty Midcap up 1.4% and the Nifty Smallcap up 1.55%. TCS opened the Q1 FY27 earnings season on Thursday and its shares rose about 4% on Friday.
| Indicator | Level | Change | Remark |
|---|---|---|---|
| Nifty 50 (10 Jul Close) | 24,206.90 | -0.26% on the week | Friday +1.02% (+244); weekly low was Wednesday's 23,882.05 |
| Sensex (10 Jul Close) | 77,569.39 | -0.25% on the week | Friday +1.08% (+828); down 194.52 pts vs the 3 Jul close |
| Broader Market (10 Jul) | Midcap +1.4% / Smallcap +1.55% | Friday close | Broader indices outperformed the benchmarks on Friday |
| USD / INR | Rs. 95.35-95.45 | As of 10 Jul | Firmed from the mid-week low near 95.66 as crude eased |
| Brent Crude (Intl.) | ~USD 77 / bbl | Eased into the weekend | Spiked to USD 78.02 on Wed (Hormuz); settled as transits partly resumed |
| MCX Gold (per 10 gm) | ~Rs. 1,44,270 | Fell ~Rs. 1,030 on Fri | Aug contract; rangebound near Rs. 1.44-1.45 lakh through the week |
| MCX Silver (per kg) | ~Rs. 2,23,050 | -1.5% Fri (~Rs. 3,327) | Volatile week; ended lower after a mid-week bounce |
| US Nasdaq (10 Jul Close) | 26,281.61 | +0.29% (Fri) | Higher on the week; SK Hynix US debut +13% |
| US S&P 500 (10 Jul Close) | 7,575.39 | +0.42% (Fri) | Up more than 1% on the week |
| FII Cash (wk) | Net sellers late in the week | Provisional | Sold Rs. 532.90 cr in the latest session; had bought Wednesday's fall |
| DII Cash (wk) | Net buyers through the week | Provisional | Bought Rs. 2,057.80 cr in the latest session; steady domestic support |
Market mood — VOLATILE WEEK: HORMUZ-DRIVEN MID-WEEK SELL-OFF, TWO-DAY RECOVERY, BENCHMARKS MARGINALLY LOWER. The benchmarks ended the week of 6-11 July fractionally lower after Wednesday's 2.1% Hormuz-driven fall was largely recovered over Thursday and Friday. Realty, PSU banks and IT led Friday's rebound while FMCG lagged. Brent settled near USD 77 after a mid-week spike to USD 78, and domestic institutions were net buyers through the week.
Key stock news
- Tata Consultancy Services - Season Opener, Shares +4% Friday — TCS opened the Q1 FY27 earnings season after Thursday's close with a two-sided print: revenue Rs. 72,275 cr (+13.9% YoY reported, +0.4% QoQ in constant currency), net profit Rs. 13,349 cr (+4.6% YoY, -2.6% QoQ) and operating margin compressed to 24.0% on annual wage revisions. The forward metrics were the strong half - a USD 9.5 bn TCV order book, an AI business at a USD 2.6 bn annualised run-rate (+13.6% QoQ) and a USD 800 mn SKF mandate - and an interim dividend of Rs. 12 was declared with a 15 July record date. The stock rose about 4% on Friday, opening 3.03% higher at Rs. 2,109.95 and adding roughly Rs. 26,720 cr in market value, breaking its usual pattern of falling the day after results as management's September-quarter commentary read constructively. Multiple brokerages retained positive ratings. The reaction set a firmer tone for the Nifty IT index into next week's HCL Tech, LTTS and Wipro prints. Development
Rev Rs. 72,275 cr (+0.4% QoQ cc) | PAT Rs. 13,349 cr | Margin 24.0% | TCV USD 9.5 bn | Shares +~4% Fri | Div Rs. 12, RD 15 Jul - Indian Bank - Q1 PAT +10%, Asset Quality Improves — Indian Bank reported Q1 FY27 on Friday with net profit up 10% YoY to Rs. 3,273 cr and operating profit up 17% to Rs. 5,557 cr. Net interest income rose 16.9% to Rs. 7,435 cr and total income 10.7% to Rs. 20,723.62 cr, while deposits grew 13.5% and advances 13.9%. Asset quality improved markedly - gross NPA fell to 1.86% from 3.01% a year earlier and net NPA to 0.15%. The shares gained roughly 10% on the print, and the clean read-across helped the Nifty PSU Bank index (up about 3% on Friday) lead the session's rebound. Development
PAT Rs. 3,273 cr (+10% YoY) | NII Rs. 7,435 cr (+16.9%) | GNPA 1.86% (from 3.01%) | Advances +13.9% | Shares +~10% - Financials & Realty - The Week's Rebound Leaders — Friday's rally was led by rate-sensitive and financial names. On the Nifty 50, Jio Financial Services rose 3.90% to Rs. 242.48, HDFC Life 2.84%, SBI Life 2.29% and Axis Bank 2.04%, while Reliance Industries added 2.36% and Adani Enterprises 2.41%. By sector, the Nifty Realty index gained 3.5% and the Nifty PSU Bank index about 3%, with private banks, energy and infrastructure also higher. The leadership rotation into financials and realty, as crude eased and PSU-bank earnings came in clean, was the defining feature of the two-day recovery. Development
Fri leaders: Jio Fin +3.90%, HDFC Life +2.84%, Adani Ent +2.41%, RIL +2.36% | Realty +3.5% | PSU Bank +3% - OMCs & Crude-Sensitive Basket - Whipsawed by Hormuz — The crude-sensitive basket - oil marketers, aviation, paints and tyres - was the week's swing group. Brent's 5.2% Wednesday spike to USD 78.02 (on the Hormuz vessel attacks and the US revoking Iran's crude-sale waiver) hit marketing margins, and OMCs fell as much as 4% that session; the subsequent easing toward USD 77 as tanker transits partly resumed brought relief over Thursday and Friday. The variable is unchanged: every USD 10 on Brent adds roughly Rs. 1 lakh crore to India's annual import bill at about 85% import dependency, and the US has floated seizing Kharg Island and reinstating a naval blockade, so the recovery in the basket remains tied to the crude tape. In focus
Brent USD 78.02 Wed -> ~USD 77 Fri | OMCs fell ~4% Wed | Overhang: Kharg seizure + blockade threat - Defence & Renewables - Structural Bid Held — Defence and renewables again acted as the market's shock absorber through the volatility. India and Australia expanded cooperation across uranium, critical minerals, green hydrogen, defence and maritime security during the week - incrementally positive for the domestic defence supply chain and critical-minerals names. Defence PSUs carry robust order books and have absorbed each escalation phase of the 2026 Iran conflict, while elevated crude structurally reinforces the long-term case for the energy-transition names. NTPC Green declared the first 50.4 MW phase of its Vanki Wind project commercial on 8 July. Development
India-Australia defence & critical-minerals pact | NTPC Green: Vanki Wind Phase 1 (50.4 MW) live | Order books robust - Global Semiconductors - SK Hynix's Record US Debut — The week's global tailwind was a semiconductor rebound. SK Hynix completed a record USD 26.5 bn Wall Street debut on Friday, its shares jumping 13%, after pricing more than seven times oversubscribed. Nvidia rose about 4% on Friday and Meta gained roughly 15% over the week - its best week since early 2024 - helping the S&P 500 to a weekly advance of more than 1% and the Nasdaq to a winning week. The memory-cycle enthusiasm is a sentiment tailwind for Indian electronics-manufacturing and IT names, layered on top of the constructive TCS reaction. Development
SK Hynix USD 26.5 bn debut, +13% | Nvidia +~4% Fri | Meta +~15% on the week | S&P 500 +>1% wk - Avenue Supermarts - Q1 Update Soft, Board Met Saturday — Avenue Supermarts' Q1 FY27 business update showed standalone revenue of Rs. 18,343.49 cr, up 15.1% YoY, with the store count at 503. The market read the update as soft - growth decelerated despite a heavy tail of Q4 store openings - and the stock had slid about 5% on the release. The board was scheduled to meet on Saturday 11 July to approve full results and to consider a private-placement debt raise; same-store-sales growth is the number the tape is focused on. In focus
Q1 rev Rs. 18,343 cr (+15.1% YoY) | 503 stores | Update read as soft | Board 11 Jul: results + debt raise
Earnings watch
| Company | Revenue | YoY | PAT | YoY | Note |
|---|---|---|---|---|---|
| TCS (reported 9 Jul) | Rs. 72,275 cr | +13.9% YoY / +0.4% QoQ cc | Rs. 13,349 cr | +4.6% YoY (-2.6% QoQ) | Season opener | TCV USD 9.5 bn | AI run-rate USD 2.6 bn | interim div Rs. 12, RD 15 Jul | shares +~4% Fri |
| Indian Bank (reported 10 Jul) | Rs. 20,723.62 cr (total income) | +10.7% YoY; NII +16.9% | Rs. 3,273 cr | +10% YoY | Deposits +13.5%, advances +13.9% | shares +~10% | first PSU-bank print of the season |
| L&T Finance (reported 10 Jul) | Board approved Q1 FY27 | — | Awaited | — | Figures not confirmed across sources at compile time; omitted rather than estimated |
| Avenue Supermarts | Rs. 18,343.49 cr (Q1 update) | +15.1% YoY | Board met Sat 11 Jul | — | 503 stores | full results + debt raise on 11 Jul agenda | update read as soft |
Global factors
A. The Week's Driver - Strait of Hormuz and US-Iran Re-Escalation
- Iran attacked three commercial vessels in/near the Strait of Hormuz mid-week; the United States responded with fresh strikes, including on Kharg Island, Iran's main oil-export hub, which handles roughly 90% of its crude exports.
- The US declared the June 60-day ceasefire framework over but said negotiations could continue, and revoked the waiver that had allowed Iran to sell crude. Brent jumped 5.2% to USD 78.02/bbl and Indian benchmarks fell about 2.1% on Wednesday - the worst session in over three months.
- Over Thursday and Friday, vessel-tracking showed tanker transits partly resuming and Brent eased back toward USD 77; US officials said the Kharg strikes spared the island's energy infrastructure.
- The threat to seize Kharg Island and reinstate a naval blockade of Iranian ports remained on the table into the weekend, keeping the crude tape the key external variable.
B. The Recovery Leg - Crude Eased, Wall Street's Chip Rebound
- US indices ended the week higher: the Dow closed Friday at 52,637.01 (+0.29%), the S&P 500 at 7,575.39 (+0.42%) and the Nasdaq at 26,281.61 (+0.29%). The S&P 500 gained more than 1% on the week.
- SK Hynix completed a record USD 26.5 bn US listing on Friday, its shares rising 13%; Nvidia added about 4% and Meta roughly 15% over the week - its best week since early 2024.
- The semiconductor-led risk-on tone, reinforced by falling oil, carried into Asian trade and supported the Indian market's two-day recovery.
C. Q1 FY27 Earnings Season Opened - TCS, Then the Banks
- TCS opened the season with revenue Rs. 72,275 cr (+13.9% YoY, +0.4% QoQ cc) and PAT Rs. 13,349 cr (+4.6% YoY); the order book (USD 9.5 bn TCV) and AI run-rate (USD 2.6 bn) were the strong half against a margin compressed to 24.0%.
- Indian Bank's Q1 print was clean - PAT +10% to Rs. 3,273 cr and gross NPA down to 1.86% from 3.01% - and the shares rose about 10%. L&T Finance, Bank of Maharashtra, Just Dial and others also reported on Friday.
- The reporting calendar broadens next week with HCL Technologies (Mon), L&T Technology Services (Tue) and Wipro (Thu); HDFC Bank and Axis Bank follow on Saturday 19 July.
Today’s watchlist
- India CPI (June) & WPI - due next week — The last major domestic inflation readings before the RBI's 5 August policy meeting; they frame the rate-path debate. May CPI was 3.93%.
- IT Earnings - HCL Tech, LTTS, Wipro — The next large-cap IT prints after TCS; constant-currency growth and FY27 guidance carry the Nifty IT tone that TCS set on Friday.
- Brent Crude & the Strait of Hormuz — The external swing factor for OMCs, aviation, paints and the rupee; the recent easing toward USD 77 can reverse on escalation headlines out of the Gulf.
- SBI Funds Management IPO - opens 14 Jul — A large mainboard AMC issue of about Rs. 11,693 cr; subscription is a gauge of primary-market appetite.
- US CPI/PPI & Q2 Bank Earnings — US June CPI and PPI, plus the start of US bank earnings, are the main read on the Fed path into the 28-29 July FOMC.
- China Q2 GDP - due next week — A signal on global growth and commodity demand, relevant for metals and the broader commodity complex.
Sectoral observations
| Recent trend | Sectors | Context |
|---|---|---|
| Gained ground | Realty (+3.5% Fri) | PSU Bank (+3%) | IT (+2%) | Financials (Jio Fin, Axis, SBI Life) | These led the two-day rebound: realty and PSU banks on easing crude and clean bank earnings, IT on the constructive TCS reaction. |
| Mixed | OMCs | Aviation | Paints & Tyres | CGD (IGL/MGL) | The crude-sensitive basket was whipsawed - hit by Wednesday's Brent spike, relieved as oil eased; it stays tied to the Hormuz tape. |
| Under pressure | FMCG (weekly laggard) | Gold & Silver (volatile, ended lower) | FMCG lagged the Friday rotation into growth-oriented names; precious metals swung with the geopolitics and closed the week softer. |
Geopolitical tracker
| Event | Risk | Implication | Observation |
|---|---|---|---|
| Iran attacks 3 vessels near the Strait of Hormuz; US strikes incl. Kharg Island (7-8 Jul) | HIGH | Brent +5.2% to USD 78.02 Indian benchmarks -2.1% Wed Shipping-insurance costs higher | The trigger for the week's crash. The single biggest external variable, and the reason the mid-week fall was as sharp as it was. |
| US declares the June ceasefire framework over; says talks can continue (8 Jul) | HIGH | Iran crude-sale waiver revoked Structural supply risk Rupee pressured toward 95.66 | Deliberately ambiguous - pressure tactics rather than a war declaration - which is why institutions treated the crash as a buying opportunity. |
| Crude eases as Hormuz tanker transits partly resume; Kharg energy infra spared (9-10 Jul) | MODERATE | Brent back toward USD 77 Rupee firms to ~95.35-95.45 Import-bill pressure eases | The relief that powered Thursday and Friday's recovery; a pause, not a resolution, while the blockade threat stands. |
| India-Australia expand cooperation: uranium, critical minerals, green hydrogen, defence, maritime security | POSITIVE | Supply-chain diversification Defence and clean-energy order pipelines | Incremental but directionally meaningful for domestic defence and critical-minerals names over a multi-year horizon. |
| SK Hynix completes record USD 26.5 bn US listing; shares +13% (10 Jul) | POSITIVE | Global memory-cycle enthusiasm Semis lead Wall Street's weekly gain | Confirms the AI/memory capex cycle is intact - a sentiment tailwind for Indian electronics manufacturing more than IT services. |
Closing summary
The week of 6-11 July 2026 ended almost exactly where it began, the Nifty down 0.26% and the Sensex down 0.25%, but the round trip was anything but quiet. A firm Monday gave way to Wednesday's 2.1% Hormuz-driven crash - the worst session in over three months - after Iran attacked three vessels near the Strait of Hormuz, the US declared the ceasefire over and revoked Iran's crude-sale waiver, and Brent jumped 5.2% to USD 78.02. The market then recovered almost the entire loss over Thursday and Friday as tanker transits partly resumed, crude slid back toward USD 77 and Wall Street rallied on a semiconductor rebound led by SK Hynix's record US debut. Domestic institutions were net buyers through the week, and both FIIs and DIIs bought the Wednesday fall. Realty, PSU banks and IT led Friday's rebound; FMCG lagged; gold and silver ended lower after a volatile week.
On earnings, TCS opened the Q1 FY27 season with a two-sided print and its shares rose about 4% on Friday, breaking the usual post-result decline; Indian Bank's clean asset-quality report (+10% PAT, GNPA down to 1.86%) helped the PSU-bank rebound. Defence and renewables held their structural bid through the volatility. The week ahead is calendar-heavy - India CPI and WPI, HCL Tech, LTTS and Wipro results, the SBI Funds Management IPO, US CPI/PPI and China Q2 GDP - with crude and the Strait of Hormuz remaining the external variable to watch. This edition is a factual recap of the week's markets; all figures are as of the sessions stated and were cross-checked against exchange and reputable-press sources before publication.
Data sources: NSE · BSE · MCX · RBI · SEBI · AMFI · Reuters · Moneycontrol · Economic Times. All figures are as of the dates/sessions stated and were cross-checked against primary/official sources before publication.
Issued for knowledge and general awareness only. Not investment advice, research, or a recommendation to buy or sell any security. PCJ Holdings Pvt. Ltd. does not provide research or investment-advisory services. Investments in the securities market are subject to market risks; read all related documents carefully before investing.