In July 2026, the Nifty 50 gained 2.17% (517 points), extending its recovery for the second consecutive month, while the Bank Nifty underperformed, declining 0.48% (278 points). Despite multiple attacks in West Asia, a 23% surge in crude oil prices during the month, and Brent crude testing the $100 per barrel mark, Indian equities remained resilient, supported by strong Q1 FY27 earnings. The Nifty IT Index was the standout performer, surging 16.7% during July and providing a significant boost to the Nifty. A global sell-off in AI and semiconductor stocks redirected foreign capital toward Indian IT and software services companies, while the US Federal Reserve’s decision to hold interest rates steady on July 29 further supported sentiment. India’s gross GST collections rose to Rs. 2.11 trillion in July, with import-related revenue increasing nearly 29%, while domestic GST collections continued to register healthy growth. Sectorally, IT (+16.7%), Consumer Durables (+9.96%) and Realty (+8.67%) outperformed while Private Banks (-1.46%) underperformed.
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