Synopsis : Indian markets remained firm in midday trade on July 3 as HCLTech surged after announcing a $1.14 billion AI-led transformation deal, while PC Jeweller rallied on strong revenue growth and debt reduction. DMart slipped after its quarterly update missed expectations, with investors also tracking key business updates from Marico, renewable energy companies and the broader IT sector.
Indian benchmark indices traded firmly in midday trade on July 3, supported by broad-based buying in information technology stocks.
The Nifty 50 hovered around the 24,330 mark, while the BSE Sensex traded close to the 78,000 level.
While the broader market remained positive, stock-specific developments drove significant moves across retail, IT, jewellery, FMCG and renewable energy companies.
HCLTech jumps after $1.14 billion AI transformation deal
HCL Technologies emerged as one of the day's biggest gainers, with the stock climbing nearly 5.6% by midday.
The rally followed the company's announcement of a strategic digital transformation partnership worth approximately $1.14 billion with a Europe-based Fortune Global 50 company.
The agreement will see HCLTech build an AI-powered operating model covering the client's global digital workplace and enterprise network operations through December 2031, with an option to extend the contract for another five years.
The company also completed the acquisition of Jaspersoft from Cloud Software Group, strengthening its capabilities in data analytics and enterprise intelligence.
The announcement boosted sentiment across the entire IT sector ahead of the upcoming earnings season.
DMart falls after Q1 revenue update
Shares of Avenue Supermarts, the operator of the DMart retail chain, declined nearly 4.9% after the company released its June quarter business update.
Standalone revenue from operations rose 15% year-on-year to ₹18,343.49 crore, compared with ₹15,932.12 crore during the corresponding quarter last year.
Although revenue continued to grow, the performance came in below market expectations, leading to selling pressure in the stock.
The company also announced that its Board of Directors will meet on July 11 to approve Q1 FY27 financial results and consider raising funds through privately placed debt securities.
DMart operated 503 stores as of June 30, with one Navi Mumbai outlet remaining temporarily closed due to reconstruction.
Marico gives strong business update
Marico initially gained nearly 2% and touched a fresh 52-week high before giving up most of its gains during midday trade.
The FMCG company expects consolidated revenue growth in the early twenties for Q1 FY27, supported by healthy performance across its India business, digital portfolio and international operations.
Management also expects operating profit growth to remain strong, helped by lower copra prices that continue supporting margins.
The domestic business delivered double-digit underlying volume growth, while the international business maintained mid-teen constant currency growth.
PC Jeweller extends its recovery
PC Jeweller continued its recent recovery, with the stock gaining approximately 6.5% during midday trade.
The rally followed the company's announcement of nearly 21% year-on-year consolidated revenue growth during Q1 FY27.
The jewellery retailer also stated that it expects to become debt-free during the current quarter.
Outstanding bank borrowings declined another 24% during the quarter, taking the cumulative debt reduction to over 90% since the settlement agreement signed in September 2024.
Management believes achieving debt-free status will significantly strengthen the company's financial position going forward.
Renewable energy stocks remain under pressure
Renewable energy stocks continued to witness weakness despite several positive business developments.
Premier Energies declined around 0.27%, Waaree Energies slipped 0.44%, NTPC Green Energy lost 0.66%, while Adani Green Energy traded lower by nearly 0.95%.
The weakness persisted even after Premier Energies approved a new battery storage subsidiary, Waaree Solar Americas secured an international solar module order worth over 236 MW, and Adani Green commissioned additional renewable power and battery storage capacity at Khavda.
The subdued price action reflected profit booking despite healthy operational updates.
IT sector leads the market
Information technology stocks remained the strongest-performing segment of the market.
The Nifty IT Index rallied approximately 3.6%, with every constituent trading in positive territory.
Among the major gainers:
- HCL Technologies rose 5.6%
- Mphasis advanced 4.55%
- Coforge gained 4.54%
- Infosys climbed 4.39%
- Persistent Systems added 3.71%
- Tech Mahindra rose 2.28%
- Wipro gained 0.86%
Buying interest returned ahead of the June quarter earnings season, with investors remaining optimistic about AI-related spending, cloud transformation projects and long-term enterprise technology demand despite continued caution around discretionary IT spending.
Investors await earnings season
With first-quarter earnings set to begin shortly, investors remain focused on corporate business updates, management commentary and sector-specific trends.
Technology companies continue attracting buying interest on expectations of improving global demand, while retail, consumer and renewable energy stocks remain sensitive to valuation expectations and operational execution.
Disclaimer : This article is intended for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell or hold any security. Stock prices are subject to market risks, company-specific developments and broader economic conditions. Readers should conduct their own research and consult a SEBI-registered investment advisor before making any investment decisions.
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