Indian Markets Extend Winning Streak on Falling Crude and FII Inflows

Indian equity markets maintained a strong upward trajectory through July 7, 2026, with the BSE Sensex and NSE Nifty 50 extending a winning streak to five consecutive sessions. The rally began on July 3, driven by weak US labor data that fueled expectations for an accommodative Federal Reserve policy. This momentum continued through Monday and Tuesday, with the Sensex reaching intraday highs above 78,500 and the Nifty climbing toward 24,500.

Geojit Investments Limited and other analysts attributed the gains to a combination of domestic and global factors. The reversal of foreign institutional investor selling—highlighted by net purchases of ₹1,355 crore on Friday and ₹243 crore on Monday—provided critical support. Additionally, crude oil prices fell toward $70 per barrel following an OPEC+ decision to increase production and a peace agreement between the United States and Iran.

Banking stocks provided significant momentum after HDFC Bank, Axis Bank, and IndusInd Bank released positive first-quarter business updates. While the IT sector saw a resurgence fueled by US tech gains, other sectors like Media and Metal experienced declines. Investors are now shifting their focus to the official Q1 corporate earnings season, with Tata Consultancy Services scheduled to report results on July 9. Despite the equity surge, the Indian rupee weakened against the US dollar, closing at 95.38 on July 7.