Sensex Jumps Nearly 600 Points, Nifty Nears 24,000 as Crude Oil Cools

Indian equities began the week on a bullish note, snapping their five session losing streak as easing geopolitical tensions and a sharp fall in crude oil prices encouraged broad based buying. At around 10:00 am, the Sensex was trading 591.97 points, or 0.78 per cent, higher at 76,651.74. The Nifty 50 gained 165.05 points, or 0.69 per cent, to trade at 23,932.50. Market breadth remained firmly positive, with more than 2,500 shares advancing.

The recovery was stronger in the broader market. The Nifty Midcap 100 climbed 713.65 points, or 1.16 per cent, to 62,336. The Nifty Smallcap 100 advanced 238.85 points, or 1.27 per cent, to 19,113.80. The Nifty Bank also participated in the rally, rising 406.40 points, or 0.72 per cent, to 57,099.90.

All major sectoral indices were trading in positive territory. The Nifty IT index led the gains with a rise of 2.28 per cent, supported by buying in Infosys, TCS, Tech Mahindra and HCL Technologies. Nifty Media advanced 1.64 per cent, while Nifty FMCG gained 1.06 per cent.

There were no sectoral losers during early trade. However, Nifty Oil and Gas lagged the wider rally with a modest gain of 0.17 per cent. Nifty Financial Services and Nifty Private Bank rose 0.54 per cent and 0.63 per cent, respectively.

IDFC First Bank jumped around 7 per cent after its Q1FY27 profit more than doubled to Rs 1,075 crore. Gross NPA improved to 1.51 per cent, while net NPA declined to 0.44 per cent.

Lodha Developers gained 3.91 per cent after quarterly profit surged 103.4 per cent to Rs 1,372.1 crore and revenue grew 43.1 per cent to Rs 4,996.7 crore.

Infosys rose over 3 per cent following an improvement in brokerage outlook, helping IT stocks lead the recovery. InterGlobe Aviation climbed around 3.6 per cent as falling crude oil prices improved the cost outlook for airlines.

The latest available provisional data for July 24 showed foreign institutional investors selling shares worth Rs 3,892.80 crore. Domestic institutional investors provided support by purchasing equities worth Rs 5,453.60 crore.

Global cues were mixed but supportive. On Friday, the Dow gained 0.46 per cent and the S&P 500 edged up 0.05 per cent, while the Nasdaq declined 0.64 per cent. In Asia, the Hang Seng rose 0.86 per cent, while the Nikkei slipped 0.12 per cent. Brent crude dropped 4.2 per cent to USD 92.74 per barrel, while the Dollar Index remained near 101.21.

The Nifty now faces immediate resistance around 24,000, while 23,800 and 23,600 remain important support levels. Investors will track Tuesday’s monthly derivatives expiry, Q1FY27 earnings and the US Federal Reserve’s policy decision on Wednesday.

Market levels are Intraday and may change as trading progresses. This market update is commentary on prevailing trends and does not constitute a recommendation.

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