Sensex Jumps Nearly 1,000 Points as IT and Metal Stocks Power Dalal Street Rally

Indian equity markets maintained a strong bullish tone on Wednesday, July 29, supported by buying across IT, metal, FMCG and select Banking stocks. At around 2:55 pm, the Nifty 50 was trading near 24,264, higher by about 279 points or 1.16 per cent. The Sensex was hovering near 77,750, up by around 985 points or 1.28 per cent. Market breadth remained positive, with more than 2,300 shares advancing against around 1,460 declining shares.

The broader market also participated in the rally. The Nifty Midcap 100 advanced around 0.87 per cent, while the Nifty Smallcap 100 gained 1.41 per cent. Nifty Bank traded in positive territory as buying emerged in HDFC Bank, IndusInd Bank, Kotak Mahindra Bank and ICICI Bank. India VIX slipped 3.66 per cent, indicating some easing in near-term market volatility.

IT, Metal and FMCG Lead the Rally

Sectorally, the Nifty IT index climbed 2.51 per cent, extending its gains for the third consecutive session. Indian IT companies attracted buying as investors viewed them as relatively insulated from the sharp sell-off in global AI and Semiconductor stocks.

The Nifty Metal index gained 2.18 per cent, supported by strength in SAIL, Tata Steel, Jindal Steel, Hindalco and NMDC. The Nifty FMCG index advanced 1.74 per cent, with Hindustan Unilever among the leading contributors. On the other hand, Nifty Realty and Nifty Auto were the only major sectoral indices trading in the red, largely due to profit booking in select counters.

Stocks in Focus

Jio Financial Services jumped around 4.90 per cent, while Infosys gained nearly 4.70 per cent as the IT pack continued its recent recovery.

Larsen & Toubro advanced around 3 per cent after reporting growth in quarterly profit and healthy order inflows. Its order backlog stood at USD 82 billion, up 27 per cent from the previous year.

SML Mahindra surged more than 12 per cent after Mahindra & Mahindra approved the transfer of its truck and bus division to the company for Rs 525 crore. In contrast, Jammu and Kashmir Bank declined over 5 per cent after its quarterly net profit fell 12.6 per cent to Rs 424 crore.

Institutional and Global Cues

The latest available institutional data showed that FIIs were net buyers of Rs 755.33 crore on July 28, while DIIs purchased shares worth Rs 1,664.16 crore.

Global cues remained mixed. The Dow Jones gained 1 per cent overnight, the S&P 500 added 0.2 per cent and the Nasdaq slipped 0.2 per cent. In Asia, South Korea’s Kospi plunged 6 per cent, while Japan’s Nikkei fell 1.5 per cent. Brent crude rose 3.1 per cent to USD 84.58 per barrel, while the Dollar Index eased to 101.33 ahead of the US Federal Reserve’s policy decision.

Traders will closely watch the Nifty’s ability to sustain above 24,250, with 24,300 acting as the immediate resistance. Support may be seen around 24,200 and 24,100. The US Fed’s policy commentary, crude oil movement and ongoing Quarterly Results could drive the next market move.

This market update reflects current trading conditions and should not be treated as a recommendation to buy or sell securities.

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