Sensex Jumps Over 660 Points as Falling Crude Lifts Dalal Street

Indian equities were firmly bullish in Monday’s late morning trade, rebounding after five straight sessions of losses. At around 11:36 am IST, the Sensex traded at 76,721.83, higher by 662.06 points or 0.87 per cent, while the Nifty 50 gained 192.35 points or 0.81 per cent to 23,959.80. Easing geopolitical concerns, falling crude oil prices and buying in technology and consumer stocks supported sentiment.

The broader market participated actively in the recovery. The Nifty Bank reclaimed 57,000 and was trading 333.30 points or 0.59 per cent higher at 57,026.80. The Nifty Midcap 100 advanced 1.08 per cent, while the Nifty Smallcap 100 gained 1.05 per cent. Market breadth was positive, with 2,543 shares advancing against 1,166 declines.

Technology stocks led the sectoral action, with the Nifty IT index rising 2.26 per cent. Nifty Realty advanced 1.67 per cent and Nifty Media gained 1.66 per cent. No major sectoral index was trading in the red at this point. Nifty Oil and Gas, Nifty Energy, Nifty Private Bank and Nifty PSU Bank were among the relative laggards, although they remained positive.

Among individual stocks, IDFC First Bank jumped over 9 per cent after reporting its highest ever quarterly profit of Rs 1,075 crore, up 132.4 per cent year on year. Net interest income rose 21.1 per cent to Rs 5,972.3 crore, while gross NPA improved to 1.51 per cent. Infosys gained around 3.2 per cent after Jefferies upgraded its view on the IT sector to neutral from underweight.

InterGlobe Aviation rose about 3.7 per cent as lower crude prices improved the cost outlook for aviation companies. In contrast, Zen Technologies declined more than 6 per cent after its Q1FY27 net profit fell 27.8 per cent to Rs 34 crore and revenue dropped 10.5 per cent to Rs 141.6 crore.

In the latest available provisional data for July 24, foreign institutional investors were net sellers of Rs 3,892.80 crore in the cash market. Domestic institutional investors purchased shares worth a net Rs 5,453.60 crore, cushioning the impact of overseas selling.

Global cues were supportive. Brent crude fell 4.7 per cent to USD 92.27 per barrel and WTI declined 5 per cent to USD 84.89 after the United States and Iran paused attacks. Asian markets traded higher, while S&P 500 futures gained 0.8 per cent and Nasdaq futures rose 1.3 per cent. The US dollar also softened as bond yields eased.

The Nifty is approaching the key 24,000 resistance zone. Traders will watch whether the index can sustain above this level, while 23,800 and 23,600 remain important downside levels. The US Federal Reserve meeting, global technology earnings, crude oil movements and domestic Q1 results could guide the next move.

This commentary reflects Intraday conditions and may change as trading progresses.

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