Summary of this article
Sensex and Nifty opened higher, tracking Wall Street's AI-driven rally
IT and banking stocks gained, while broader markets and metals lagged
Oil tanker attack lifted crude prices and kept investors cautious
Stock Market News: Equity benchmark indices opened in green on July 7, 2026, tracking overnight gains on Wall Street led by optimism around artificial intelligence (AI). However, the early rally lost some steam after reports of a fresh attack on an oil tanker in the Strait of Hormuz weighed on investor sentiment.
The BSE Sensex started 176.09 points, or 0.22 per cent, higher at 78,461.16, while the NSE Nifty 50 opened 34.10 points, or 0.14 per cent, up at 24,464.45.
The broader market underperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 trading marginally lower.
Among sectoral indices, IT and banking stocks led the gains, while metal stocks remained under pressure.
Within the Nifty 50 pack, shares of non-banking financial company (NBFC) Shriram Finance, IT majors Infosys and HCL Technologies, hospital chain Max Healthcare Institute, jewellery and watchmaker Titan Company, food delivery and quick commerce platform Eternal (formerly Zomato), motorcycle maker Eicher Motors, and the country's largest lender State Bank of India gained between 1 per cent and 2 per cent.
On the losing side, retail chain operator Trent plunged as much as 10 per cent, making it the biggest laggard on the index. It was followed by airline operator InterGlobe Aviation (IndiGo), steelmakers JSW Steel, Tata Steel and Hindalco Industries, coal miner Coal India, defence public sector undertaking Bharat Electronics, and pharmaceutical company Dr Reddy's Laboratories.
Wall Street Rises On AI Optimism
A rally in AI-related stocks pushed US markets higher overnight. The S&P 500 gained 0.72 per cent, while the tech-heavy Nasdaq Composite climbed 1.12 per cent as investors bought AI-related stocks ahead of the second-quarter earnings season, betting that the sector would continue to drive corporate growth. The Dow Jones Industrial Average also rose 0.29 per cent to close at a record high.
Chipmaker Broadcom was among the biggest contributors to the rally, surging 3.73 per cent after it extended its custom chip supply and development agreement with Apple through 2031.
Asian Markets Trade Weak
Asian indices traded weak in early session as chip-led AI rally took a breather.
South Korea's Kospi crashed 7.70 per cent, dragged by SK Hynix and Samsung, both of which fell 9-10 per cent. Japan's Nikkei 225 fell 1.88 per cent, the Hong Kong-based Hang Seng was down by 0.42 per cent, China's CSI 300 traded lower by 0.83 per cent, and Taiwan's Taiex was down by 1.85 per cent.
Attack On Oil Tanker Raises Fresh Concerns
Investor sentiment was weighed down by reports of a fresh attack on an oil tanker near the Strait of Hormuz, a key global oil shipping route.
According to the United Kingdom Maritime Trade Operations (UKMTO), the tanker was hit by an unknown projectile off the coast of Oman, triggering a fire. No casualties or environmental damage were reported.
A US official, cited by Axios, claimed that two commercial vessels were hit by Iranian missiles and suffered significant damage, though no casualties were reported. The incident has renewed concerns over rising tensions in the West Asia and potential disruptions to global oil supplies, despite a recent ceasefire between the US and Iran.
Crude oil prices rose in early trade following this development. As of 10:25 AM, the international benchmark Brent crude oil futures were trading higher by 0.71 per cent at $72.50 per barrel, while the US West Texas intermediate gained by 0.64 per cent to $68.99 a barrel.
