Sensex Surges Over 800 Points as IT and Metal Stocks Lead Broad Market Rally

Indian equities maintained a strong bullish tone in Wednesday’s session, supported by buying across IT, metal, FMCG and select heavyweight stocks. Around 12:25 PM, the BSE Sensex was trading near 77,590, higher by roughly 825 points or 1.08 per cent. The Nifty 50 was up 244.25 points or 1.02 per cent at 24,229.60, comfortably holding above the psychological 24,200 mark.

The strength was not restricted to the frontline indices. The Nifty Bank traded at 57,171.10, gaining 415.50 points or 0.73 per cent. The Nifty Midcap 100 and Nifty Smallcap 100 indices advanced around 0.8 per cent each, indicating healthy participation beyond index heavyweights. Market breadth also remained positive, with gainers comfortably outnumbering declining stocks on the NSE.

Sectorally, the Nifty IT index led the rally with a gain of around 2.5 per cent as investors rotated towards Indian software exporters amid a sharp selloff in global Semiconductor and artificial intelligence linked stocks. The Nifty Metal index climbed around 2.2 per cent, while the Nifty FMCG index gained close to 2 per cent. Realty and Oil and Gas were among the few pockets trading in negative territory, with higher crude prices weighing on oil-sensitive businesses.

Among individual stocks, S H Kelkar surged around 15.5 per cent following an encouraging quarterly performance. Coforge rallied nearly 5 per cent after its June quarter profit jumped 63 per cent year on year and revenue increased 49 per cent. Larsen & Toubro gained close to 4 per cent after reporting a 14 per cent rise in quarterly net profit to Rs 4,123 crore. On the other hand, Thangamayil Jewellery fell as much as 10 per cent after weak management guidance overshadowed an 86 per cent increase in quarterly profit.

Institutional activity from the previous session showed continued domestic support. Foreign portfolio investors were net sellers of shares worth Rs 755.33 crore on July 28, while domestic institutional investors purchased equities worth Rs 1,664.16 crore, according to provisional data. Intraday institutional figures for Wednesday will become available only after the market closes.

Global cues remained mixed. The S&P 500 ended Tuesday higher, but Asian technology-heavy markets came under severe selling pressure amid concerns over artificial intelligence valuations and capital expenditure. Brent crude jumped around 4.1 per cent following renewed geopolitical tensions in the Middle East. Investors are also awaiting the US Federal Reserve’s policy decision, with the central bank widely expected to keep interest rates unchanged.

Going ahead, traders will watch whether the Nifty can sustain above the 24,220 zone. The 24,100 level may act as the immediate pivot, while 23,890 remains an important downside support. The Federal Reserve’s commentary, crude oil movement and upcoming June quarter earnings could determine whether the rally extends into the next session.

This remains a fast-moving intraday market update, and the figures may change before the closing bell.

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