Sensex Jumps Over 800 Points, Nifty Reclaims 24,200 as IT and FMCG Stocks Lead

Dalal Street remained firmly bullish in Wednesday morning trade, with the Sensex at 77,568.78, up 802.86 points or 1.04 per cent. The Nifty 50 traded near 24,214.80, higher by 229.46 points or around 0.96 per cent at 10:10 AM. Buyers returned across large caps despite geopolitical concerns and a sharp rise in crude oil prices.

The positive mood extended to the broader market. The Nifty Bank rose 352.25 points or 0.62 per cent to 57,107.85. The Nifty Midcap 100 gained 410.91 points or 0.66 per cent to 62,762.40, while the Nifty Smallcap 100 advanced 149.60 points or 0.78 per cent to 19,230.30. Market breadth remained healthy, with 79 smallcap index constituents trading higher.

Technology and consumption stocks led the sectoral recovery. The Nifty IT index gained around 1.65 per cent, supported by renewed buying after stronger earnings and improving sentiment towards Indian technology companies. Nifty FMCG climbed 1.60 per cent, while Nifty Metal added 0.75 per cent. Among the laggards, Nifty Realty declined 0.47 per cent, Nifty Energy slipped 0.08 per cent and Nifty Media was nearly flat.

Larsen & Toubro jumped nearly 4 per cent after reporting a 14 per cent year on year rise in Q1FY27 consolidated net profit to Rs 4,123 crore. Inox Wind gained 3 per cent after securing a repeat 200 MW turnkey order worth Rs 1,600 crore from NLC India. Infosys rose about 3.9 per cent as IT stocks attracted fresh buying. IndiGo, however, slipped nearly 1 per cent as higher crude oil prices raised concerns over aviation fuel costs.

Institutional activity also supported sentiment. On July 28, foreign institutional investors were net buyers worth Rs 755 crore, while domestic institutional investors purchased shares worth Rs 1,664 crore on a net basis. These are provisional figures from the previous session, as July 29 data will be available after the close.

Global cues were mixed. The Dow Jones gained 1 per cent overnight, but the Nasdaq slipped 0.2 per cent as Semiconductor stocks fell 4.5 per cent. Asian technology heavy markets remained under pressure, with the Kospi falling around 9 per cent and the Nikkei losing over 4 per cent. Crude oil rebounded about 5 per cent amid renewed Middle East tensions, while the US dollar hovered near a one month high. The rupee strengthened 12 paise to 95.70 per USD.

For the remainder of the session, traders will watch whether the Nifty can sustain above 24,220. The 24,300 to 24,400 zone may act as the next resistance area, while 24,100 and 23,900 are the key supports. The US Federal Reserve policy decision, crude oil movement and quarterly earnings could shape the next move.

This is Market commentary, not a recommendation to buy or sell any security.

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