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Sensex surges 650 points, Nifty above 24,350. 7 key factors behind today’s D-Street rally

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Sensex surges 650 points, Nifty above 24,350. 7 key factors behind today's D-Street rally
The Indian stock market extended sharp gains on Friday, with Sensex and Nifty rising more than 0.8% each on the back of easing Middle East conflict, lower expectations of Fed rate hikes, and other key factors.

Sensex gained over 650 points, while Nifty 50 rose above 24,350 during Friday’s trading session. The sharp gains added nearly Rs 2.4 lakh crore to the total market capitalisation of all companies listed on BSE, pulling it up to Rs 482 lakh crore.

IT stocks continued to record strong gains, with HCL Tech, Tech Mahindra, Infosys and TCS shares rising 2-5% to lead gains on the Sensex. Tata Steel, Bajaj Finserv and Bharat Electronics shares followed, rising more than 1% each. Bucking the trend, M&M shares fell nearly 1% on Friday morning.

Broader markets, however, sharply underperformed benchmarks, with the Nifty Midcap 100 index rising only 0.2% and the Nifty Smallcap 100 index rising 0.5%. This came as India VIX, which measures volatility in the market, dropped over 1% to 12.13.

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Sectorally, Nifty IT jumped more than 2% to lead gains. Nifty Metal also rose over 1.5%. Nifty Auto and Nifty PSU Bank indices, however, slipped into the red. The overall market breadth was positive, with 1,832 advances and 607 declines on the NSE, while 91 remained unchanged.
Here are the key factors boosting market sentiment today:

1) Fed rate hike worries cool down

US job growth slowed sharply in June and payroll gains for the prior two months were revised lower, data released on Thursday showed, pointing to a cooling labour market and prompting financial markets to reduce expectations for a near-term rate hike. The unemployment rate dropped to 4.2% last month from 4.3% in May as workers left the labour force, pushing the participation rate to the lowest level in more than five years.”The figures challenged the narrative that the Fed remains on track to hike in the second half of this year,” Reuters quoted Westpac analysts as saying in a research report. The tepid jobs data doused traders’ expectations of an imminent rate hike and raised the odds that the Fed will keep rates on hold until October.

Traders are now pricing in a 46.8% probability that the U.S. central bank will keep rates steady at its meeting on September 15 to 16, compared to a 35.8% chance a day earlier, according to the CME Group’s FedWatch tool.

2) Rupee opens higher

Rupee rose 18 paise to 95.17 against the US dollar in early trade. This came on the back of a weaker US dollar after the tepid jobs report. The dollar index, which measures the greenback against a basket of currencies, was 0.2% lower at 100.77 after a 0.5% decline on Thursday. It is on course for its biggest weekly drop since early April.

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3) FII outflows taper off

Foreign investors remained net sellers of Indian equities, net selling shares worth nearly Rs 312 crore on Thursday, according to provisional data on the NSE. This is marginal when compared to the massive FII outflows seen earlier this year during the raging war in the Middle East.

4) Heavy buying in IT stocks

The overall market optimism was boosted by strong buying in heavyweight IT stocks like HCL Tech, TCS and Infosys. The IT stocks are extending sharp gains today, after tumbling to fresh 52-week lows earlier this week.

IT companies derive a significant portion of their revenue from the North American market. Rate hikes or a spike in inflation in the US can weigh on discretionary spending, which, in turn, may affect the sector’s growth prospects. Hence, lower expectations of Fed rate hikes, along with low valuations, are boosting the IT stocks.

5) Positive global cues

Dalal Street is accompanying global peers in sharp gains today. South Korea’s Kospi jumped 2.5%, while Japan’s Nikkei gained around 1% on Friday morning. Hong Kong’s Hang Seng and China’s Shanghai Composite also rose nearly 1% each.

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On Wall Street, the Dow Jones Industrial Average rose more than 1% to post a record closing high on Thursday and a fourth straight week of gains. European markets also closed in the deep green yesterday.

6) Iran-US peace efforts

“No news is good news” is what can summarise today’s market scenario. The peace efforts in the Middle East are holding well so far, and no escalation has been reported yet. This comes after Iran and the US held peace talks in Doha earlier this week.

Iran is now preparing for the days-long funeral for the late Supreme Leader Ayatollah Ali Khamenei, whose death early in March had sparked the raging war. US President Donald Trump, meanwhile, has claimed that Iran has conceded to nearly all American conditions in the ongoing diplomatic negotiations while emphasising that the primary objective of the discussions remains preventing Tehran from obtaining nuclear weapons.

7) Oil prices

Oil prices inched up slightly to $72 per barrel, but continue to hover near the pre-war levels as the peace efforts continue to hold well so far. Kuwait’s oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, Reuters reported, citing sources on Thursday, as the OPEC member boosted exports following the US-Iran interim peace agreement.

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Also, at least five supertankers carrying around 10 million barrels of Saudi oil have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed sales in Asia, Reuters further reported.

What lies ahead?
India’s outperformance continues, aided partly by the weakness in KOSPI and the general weakness in the chip trade, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments. He added that the continuing tapering of the FII outflows is another significant factor supporting the market. But the rally will not sustain unless it is supported by fundamental factors.

“The crash in crude to pre-war level is the strongest macro support to the economy and the market. Purely from the market perspective, a strong fundamental support is the gaining strength of the banking stocks. Latest news regarding the FCNR (B) scheme is that it is receiving a good response, particularly from West Asia, where HNIs are eager to get good and safe returns in the context of the uncertainty caused by the war,” according to the analyst.

Leading banks are offering attractive leverage on deposits and mobilising big money, Vijayalkumar said, noting that there are reports that this scheme may succeed in mobilising up to $60 billion. Since there is impressive credit growth in the economy, these FCNR (B) deposits will come in handy for the deposit-starved leading banks to significantly scale up their lending. “In brief, banking stocks have the fundamental strength to sustain the rally in Bank Nifty. The IT stocks are witnessing an uptrend triggered by low valuations. But the sector has no fundamental strength to sustain the rally,” he added.

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Technical view on Nifty
The near-term outlook remains cautiously optimistic, according to Rajesh Palviya, Head of Research at Axis Direct. “Sustained strength above the 24,000 mark keeps the broader trend positive, with immediate resistance seen at 24,300, followed by 24,450. On the downside, 24,050 remains a key support, while a breach could trigger a corrective move towards 23,900,” he said.

Investors, however, should remain watchful of the ongoing global technology selloff, as renewed weakness in semiconductor stocks could prompt profit booking after the recent sharp rally in domestic IT names, he added.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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At Close of Business podcast July 3 2026

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At Close of Business podcast July 3 2026

Ella Loneragan speaks to Nadia Budihardjo about the Old Court House’s 190th anniversary and the potential for heritage buildings to be reused.

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Dangerous New Mac Malware PamStealer Disguises Itself as a Popular Clipboard App to Steal Your Passwords

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macOS Catalina

SAN FRANCISCO — A sophisticated new strain of Mac malware is targeting users of one of the most popular third-party clipboard management utilities on macOS, impersonating the app through fake websites and disguised installer files to steal login passwords, according to a threat report published by mobile device management and security firm Jamf Threat Labs.

The malware, which Jamf researchers have named PamStealer, is being distributed through websites designed to mimic the legitimate website of Maccy, a widely used free open-source clipboard history tracker. Users who land on these fraudulent sites and attempt to download what they believe is a legitimate copy of the application instead receive malicious files engineered to compromise their system silently and extract sensitive authentication credentials.

PamStealer’s delivery mechanism relies on AppleScript files disguised as legitimate Maccy installer packages and distributed within disk images, a format Mac users commonly associate with trusted software installations. When a user opens and attempts to run the file, the script triggers a payload chain that begins tracking information on the targeted Mac and transmits collected data to an external threat actor controlling the attack.

The name PamStealer derives from the specific technique the malware uses to extract and validate a victim’s login password through macOS Pluggable Authentication Modules, known as PAM, the system-level authentication framework built into Apple’s operating system that handles credential verification across a wide range of login and privilege escalation scenarios.

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What distinguishes PamStealer from earlier generations of Mac malware, according to Jamf’s analysis, is the technical sophistication of its execution chain and its deliberate effort to minimize the signals that conventional detection tools would typically catch. The malware does not use commonly flagged shell commands such as curl or zsh, which many Mac security tools have been trained to treat with suspicion. Instead, the AppleScript payload executes a self-contained JavaScript for Automation downloader that retrieves and stages the malicious payload using native Objective-C application programming interfaces, tools that are part of macOS’s own legitimate software development framework and therefore far less likely to trigger defensive alerts.

A Rust-based second-stage payload follows the initial download, with the combination of techniques producing what Jamf’s researchers described as a notably quiet and difficult-to-detect attack chain.

“Together, these behaviors illustrate how commodity macOS stealers continue to evolve, adopting quieter execution chains and native implementations that reduce traditional detection opportunities while remaining compatible with standard macOS features,” Jamf wrote in its report.

The researchers further noted that while disk images and AppleScript-based malware have both been established components of the Mac threat landscape for years, PamStealer represents a meaningful evolution in how those elements are combined. By pairing them with a local credential validation process through PAM rather than transmitting password attempts outward for external verification, the malware avoids generating the kind of outbound network traffic that endpoint detection tools often monitor for signs of malicious activity. The credential is tested locally against the Mac’s own authentication system before being exfiltrated, reducing the overall noise of the attack and making the infection harder to identify through conventional monitoring.

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The Maccy application itself is not compromised. The malware is entirely external to the legitimate software and works solely by exploiting user trust in the Maccy brand and the app’s wide adoption among Mac power users. Maccy has built a following among enthusiasts and professionals because it provides clipboard history functionality that Apple only began offering natively in macOS Tahoe through an update to Spotlight, arriving years after third-party developers had already built dedicated tools to fill the gap. The combination of strong name recognition and a user base comfortable with installing non-App Store software made Maccy a strategically attractive brand for threat actors to impersonate.

To protect themselves from PamStealer specifically, Maccy users should only download the application directly from the official Maccy website, maccy.app, or from the application’s official GitHub repository. Both the official website and the GitHub page carry explicit disclaimers stating that maccy.app is the only official website for the application, a warning that the developer has apparently added in direct response to the emergence of impersonation sites targeting their user base. Any other website distributing a file claiming to be Maccy should be treated as suspect.

More broadly, the threat underscores a set of security habits that Apple, security researchers and enterprise IT teams consistently recommend to Mac users regardless of which application a specific attack happens to target. The safest pathway for obtaining Mac software remains the Mac App Store, where Apple reviews applications before making them available for download and applies a layer of technical sandboxing that limits what even legitimate apps can access on a user’s system. Software obtained directly from a developer through their official website carries somewhat more risk, though that risk is manageable when users take care to verify they are on the correct domain and not a lookalike site.

Users who receive messages containing links to software downloads from unfamiliar or unexpected sources should avoid clicking those links directly. A recommended approach involves Control-clicking any link or button to copy the actual URL before visiting it, then pasting the address into a text editor to inspect the full destination address before proceeding. Links in emails or text messages that claim to lead to known, trusted software download pages are a common vector for delivering malware through exactly the kind of impersonation technique PamStealer employs.

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Mac users who want to assess their existing security posture can also consider running one of several reputable third-party Mac security tools that scan for known malware signatures and monitor for unusual system behavior, though Jamf’s report suggests that PamStealer’s design specifically targets detection gaps in conventional tools, making behavioral awareness and careful download hygiene the most reliable defenses for now.

PamStealer’s sophistication reflects a broader and well-documented trend in which Mac-targeted malware has grown significantly more advanced in recent years as the platform’s user base and commercial profile have expanded, attracting greater attention from financially motivated threat actors who once focused almost exclusively on Windows systems. The days when Mac users could rely on relative security through obscurity are long past, and the evolution documented in Jamf’s PamStealer report offers a clear illustration of why.

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Kenya private sector activity picks up in June, PMI shows

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Kenya private sector activity picks up in June, PMI shows


Kenya private sector activity picks up in June, PMI shows

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Europe shares extend record rally on cool U.S. data, geopolitical progress

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Europe shares extend record rally on cool U.S. data, geopolitical progress

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Emerald Resources awards MACA $562m work

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Emerald Resources awards MACA $562m work

Shares in Emerald Resources have gone up after the West Perth-based company announced a $562 million deal for its gold project.

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KeyCorp Stock: Focus On Investor Event Disclosures And New Buyback Plan (NYSE:KEY)

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KeyCorp Stock: Focus On Investor Event Disclosures And New Buyback Plan (NYSE:KEY)

This article was written by

The Value Pendulum is an Asian equity market specialist with over a decade of experience on both the buy and sell sides.He is the author of the investing group Asia Value & Moat Stocks, providing ideas for value investors seeking investment opportunities listed in Asia, with a particular focus on the Hong Kong market. He hunts for deep value balance sheet bargains and wide moat stocks and provides a range of watch lists with monthly updates within his investing group.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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The 2026 IPO Bottleneck Breaks: From SpaceX To AI Unicorns

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Small Business Development Corporation reveals Perth’s hotspots

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Small Business Development Corporation reveals Perth’s hotspots

Perth’s northern and south-eastern suburbs have been identified as small business hotspots, with the increased activity linked to population growth.

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Moody’s places South32 on downgrade watch after $5.6 bln Alcoa asset sale

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Moody’s places South32 on downgrade watch after $5.6 bln Alcoa asset sale

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