Closing Bell: Nifty, Sensex Ends 1% Higher, Posts Biggest Intraday Gain in 7 Weeks

The Nifty 50 and Sensex ended more than 1 per cent higher on Wednesday, July 29, supported by broad-based buying, strong corporate earnings and continued strength in information technology stocks. Investor sentiment also remained positive ahead of the U.S. Federal Reserve's policy decision, while Indian IT companies were viewed as relatively insulated from the AI-led sell-off witnessed in Asian technology stocks.

The Nifty 50 opened sharply higher at 24,176.65 and remained in positive territory throughout the session. The benchmark gradually climbed to an Intraday high of 24,283.55 after touching a low of 24,136.75. Although some profit booking emerged near the 24,280 level towards the close, the index maintained its strength above the 24,200 mark.

The Nifty 50 settled at 24,250.20, gaining 264.85 points or 1.10 per cent, marking its biggest single-day gain in the last seven weeks. The Sensex advanced 888.68 points, or 1.16 per cent, to close at 77,654.60. The Bank Nifty also ended 0.79 per cent higher, registering its strongest gain in two weeks. Meanwhile, India VIX declined 4.42 per cent to the 12 level, indicating easing market volatility.

Global cues also remained in focus as Brent crude oil prices climbed more than 4 per cent to trade near USD 88 per barrel, snapping a three-day losing streak. The rally followed renewed hostilities in the Middle East, which revived concerns over potential disruptions to global energy supplies after a brief period of relative calm.

The broader market also witnessed healthy buying interest. The Nifty Midcap 100 index rose 0.82 per cent, extending gains for the third straight trading session, while the Nifty Smallcap 100 index gained 1.48 per cent.

Sectoral performance remained largely positive, with nine of the eleven major sectoral indices ending in the green. The Nifty IT index surged 2.32 per cent, extending its winning streak to a third consecutive session as investors continued to favour the sector amid global technology volatility. The Nifty Metal index climbed 2.31 per cent, led by gains in SAIL, Tata Steel, Jindal Steel, Hindalco and NMDC. The Nifty FMCG index advanced 1.66 per cent, supported by strong buying in Hindustan Unilever. In contrast, the Nifty Realty and Nifty Auto indices ended lower due to profit booking in select stocks.

Among individual stocks, Tilaknagar Industries gained 4.80 per cent after reporting a strong first-quarter performance driven by healthy revenue growth, higher sales volumes and the successful integration of the Imperial Blue brand. Cholamandalam Investment rose 2.85 per cent following its quarterly earnings, while S H Kelkar rallied 13.52 per cent after posting upbeat financial results.

HDFC Bank emerged as the biggest contributor to the Nifty 50's gains, adding 42.73 points to the index. Infosys contributed 38.12 points, followed by Bharti Airtel with 32.86 points. On the downside, Mahindra & Mahindra was the biggest drag, reducing the index by 9.63 points, followed by Adani Ports and Special Economic Zone at 8.84 points and Power Grid Corporation of India at 2.42 points.

Market breadth remained firmly positive on the NSE. Out of 3,441 stocks traded, 2,130 advanced, 1,183 declined and 114 remained unchanged. During the session, 77 stocks touched their 52-week highs, while 40 stocks hit their 52-week lows. Additionally, 98 stocks were locked in their Upper Circuits, whereas 71 stocks were locked in their Lower Circuits.

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