Market Close Report, July 31: Nifty, Sensex Rise For Third Day Even As IT Caps Gains 

Mumbai, July 31: Indian equity benchmarks ended higher for the third consecutive session on Friday, with the Nifty closing above the 24,350 mark, as gains in financial, auto and select heavyweight stocks lifted sentiment. The broader market also outperformed the frontline indices, while weakness in information technology and FMCG stocks capped the overall gains. 

The Sensex rose 166.49 points, or 0.21%, to close at 78,094.64, while the Nifty 50 gained 66.45 points, or 0.27%, to end at 24,383.60. Market breadth remained positive, with 2,444 shares advancing, 1,607 declining and 185 unchanged. 

Bajaj Finance, Financials Clock Gains 

Financial stocks clocked gains, with Bajaj Finance, Bajaj Finserv and Jio Financial among the top gainers on the Nifty. Mahindra & Mahindra and Adani Ports were also among the key stocks supporting the benchmark. 

Bajaj Finance was a standout performer after the lender reported a strong June-quarter performance, with investors encouraged by healthy growth and improving asset-quality trends. The stock’s gains also came after brokerages raised their target prices following the results and upbeat management commentary. 

Media, Auto Stocks Outperform 

Sectoral performance remained broadly positive, with the Nifty Media index emerging as the top gainer, rising 2%. The Nifty Auto index climbed 1.6%, while Nifty Oil & Gas and Nifty Energy gained around 1% each. 

The Nifty Pharma and Nifty Infrastructure indices advanced 0.7% each, while the Nifty PSU Bank index rose 0.5%, reflecting broad-based buying across cyclical and defensive segments. 

IT, FMCG Stocks Weigh 

Gains on the benchmarks were restrained by selling in technology and consumer stocks. The Nifty IT index declined 1.6%, making it the worst-performing sectoral index of the day. 

TCS, Eternal, Max Healthcare, Infosys and Wipro were among the top Nifty losers. The Nifty FMCG index also slipped 1%, adding to the pressure on the benchmark. 

The weakness in IT stocks came as investors turned cautious after the sector’s recent gains. 

Broader Markets Outperform 

The broader market continued to outperform the frontline indices, signalling stronger risk appetite among investors. 

The Nifty Midcap 100 and Nifty Smallcap 100 indices rose around 0.4% each. 

Overall, Indian equities ended higher for a third straight session, supported by financials, autos and select heavyweight stocks. Positive market breadth and gains across several key sectors pointed to a firm underlying tone, although declines in IT and FMCG stocks limited the benchmarks’ advance. 

Investors will now turn their attention to the ongoing earnings season, global market cues and foreign fund flows for further direction, with the Nifty holding above the 24,350 level at the end of the session. 

Source

•  NSE
• BSE