Sensex Jumps 700 Points as Crude Oil Retreat Sparks Broad Market

Dalal Street remained firmly bullish on Monday afternoon, with benchmark indices heading towards snapping their five session losing streak. As of 2:00 PM, the BSE Sensex was up 708.84 points, or 0.93 per cent, at 76,768.61. The Nifty 50 climbed 206.50 points, or 0.87 per cent, to 23,973.95. Market breadth was encouraging, with 2,515 shares advancing against 1,365 declining.

The recovery was not limited to frontline stocks. The Nifty Midcap index advanced 1.10 per cent, while the Nifty Smallcap index gained 1.23 per cent. Nifty Bank also reclaimed the 57,000 mark, although banking stocks underperformed the technology and broader market packs.

Technology shares led the sectoral action. The Nifty IT index surged 2.52 per cent as all its constituents traded higher. Improving valuations, better than feared Quarterly Results and Jefferies upgrading the Indian IT sector to neutral from underweight supported sentiment. Nifty Realty gained 1.78 per cent, while Nifty Media rose 1.50 per cent, helped by strength in PVR INOX, Zee Entertainment and Saregama India.

On the weaker side, Nifty PSU Bank slipped 0.05 per cent. Nifty Energy and Nifty Metal managed modest gains of 0.16 per cent and 0.50 per cent, respectively, making them relative laggards in an otherwise positive session.

Among individual stocks, IDFC First Bank jumped around 7 per cent after its Q1FY27 profit surged 132.4 per cent to Rs 1,075 crore, its highest ever quarterly profit. DCB Bank rallied as much as 10 per cent after reporting a record quarterly profit of Rs 213 crore, up 36 per cent year on year. Infosys gained over 3 per cent as the IT sector attracted renewed institutional interest. In contrast, Zen Technologies declined around 6 per cent after quarterly profit fell 28 per cent and revenue dropped 10 per cent.

Institutional activity for Monday will be released after market hours. In the latest available provisional data for July 24, FIIs were net sellers of Rs 3,892.77 crore, while DIIs purchased shares worth Rs 5,453.55 crore.

Global cues provided the biggest boost. Brent crude fell around 4.4 per cent to USD 92.5 per barrel after the US and Iran paused strikes. Asian markets traded higher, while the Dollar Index hovered near 101.21 as demand for safe haven assets eased.

For the remaining session, Nifty faces immediate resistance around 24,070 to 24,090, with support placed near 23,820 to 23,840. Earnings announcements, developments around US and Iran, and the Federal Reserve’s policy outcome will remain the key triggers. This market update reflects ongoing price action and should be viewed as commentary rather than a trading call.

Disclaimer: The article is for informational purposes only and not investment advice.