Sensex Jumps 826 pts, Nifty Rises 237 pts Around Midday As IT Keeps Sentiment Upbeat

Mumbai, July 29: Indian equity benchmarks Sensex and Nifty extended their gains after the morning session on Wednesday, building on a firm start as IT stocks extended their optimism from the previous session expecting the US central bank to leave rates unchanged later in the day. The Sensex was trading at 77,591.72, up 825.80 points or 1.08 per cent, while the Nifty 50 climbed 237.35 points or 0.99 per cent to 24,222.70 as of 11:40 am. The gains came after both indices closed largely unchanged on Tuesday, when strong buying in IT stocks countered heavy selling across several heavyweight sectors on the expiry day. Indian markets have posted gains despite Iranian missile strikes on US bases in Iraq. There were also fresh strikes by the US and Saudi Arabia on Iran backed militants in Iraq. The rally has been broad-based so far, with IT and metal counters leading the charge even as select PSU and energy names continued to lag by midday.

Gainers & Losers 

Among individual stocks, Infosys (INFY) topped the gainers, trading at an LTP of 1,161.60 against a previous close of 1,105.70, up 5.06 per cent, as investors continued to chase the IT major through the session. Hindustan Unilever (HINDUNILVR) held on to gains at 2,097.40 versus Monday’s close of 2,022.70, up 3.69 per cent, while Cipla (CIPLA) was trading at 1,486.60 against 1,444.60, higher by 2.91 per cent. Larsen & Toubro (LT) was at 3,942.70 compared with 3,832 previously, up 2.89 per cent, and Tata Steel (TATASTEEL) traded at 187.71 versus 182.63, a gain of 2.78 per cent. On the losing side, Adani Ports (ADANIPORTS) was down to 1,739.90 from a previous close of 1,774.70, off 1.96 per cent, while Bharat Electronics (BEL) slipped to 384.15 from 389, down 1.25 per cent. Mahindra & Mahindra (M&M) eased to 3,240.60 from 3,271.20, down 0.94 per cent, Adani Enterprises (ADANIENT) was at 2,980 against 3,002.30, off 0.74 per cent, and InterGlobe Aviation (INDIGO) traded at 5,233 versus 5,270.50, down 0.71 per cent. 

Broad Market 

Among broad market indices, the Nifty 100 was up 0.96 per cent, the Nifty Bank gained 0.69 per cent, and the Nifty Next 50 added 0.58 per cent by midday, with breadth remaining firmly positive across large-cap, mid-cap and financial baskets through the session. On the sectoral front, the Nifty IT index was the standout performer, surging 2.90 per cent as global tech sentiment stayed upbeat, the Nifty Metal index gained 2.09 per cent tracking firmer commodity prices, and the Nifty FMCG index rose 1.41 per cent. In contrast, the Nifty CPSE index was down 0.42 per cent, the Nifty India Defence index fell 0.40 per cent, and the Nifty Energy index slipped 0.39 per cent, with select public-sector and defence-linked stocks facing mild profit-booking through the morning. 

Iran War 

On the geopolitical front, the US military said it intercepted multiple Iranian ballistic missiles fired at American forces in the Middle East on Tuesday, an attack Washington described as an attempted surprise strike by Tehran. Iran’s Revolutionary Guards said the missiles targeted a US air base and a Central Command centre in Jordan in retaliation for American actions against Iranian interests. The US and Saudi Arabia subsequently struck Iran-backed militant sites in Iraq, even as President Trump said “good talks” with Tehran were under way despite Iran denying any resumption of negotiations. The exchanges came even as the broader ceasefire from the weekend appeared to hold in fragile fashion through Wednesday’s session. 

Asian Markets 

Asian markets were mixed at midday, with Hong Kong’s Hang Seng up 1.63 per cent and Australia’s All Ordinaries gaining 1.02 per cent, while Japan’s Nikkei 225 was down 1.08 per cent on renewed selling in tech-heavy counters. 

Wall Street 

On Wall Street overnight, the Dow Jones Industrial Average had risen 1.03 per cent and the S&P 500 added 0.21 per cent, even as the Nasdaq Composite slipped 0.22 per cent on mixed earnings reactions. 

Oil Prices 

Oil prices rebounded by more than $2 a barrel in early trade, recouping some of Tuesday’s sharp losses triggered by the pause in US-Iran hostilities. Brent futures rose 3.2 per cent to $86.80 a barrel, while WTI crude climbed 3.4 per cent to $81.95. The rally was driven by a 3.3-million-barrel drop in US crude inventories for the week ended July 24, according to API data. Further support came from reports that OPEC+ will likely pause output increases for three months from October after completing scheduled supply additions. Prices remained volatile given the effective closure of the Strait of Hormuz, with Oman reportedly presenting Iran a plan to manage the strait through voluntary transit fees. 

Sources

• BSE
• NSE