Sensex Up 35 pts, Nifty Gains 34 pts Amid Positive Asian, US Cues and Sliding Oil Prices

Mumbai, July 31: Indian stock market benchmarks Sensex and Nifty opened higher on Friday morning amid a strong rally in Asian markets led by Japan’s Nikkei and a broad-based
advance on Wall Street overnight as oil prices eased. The Iran- US conflict remained a live overhang on markets. After Thursday’s late recovery lifted both indices into positive territory, the Sensex and Nifty extended gains at Friday’s open. At 09:28 am, the Sensex was up 34.68 points or 0.04 per cent at 77,962.83, while at 09:27 am the Nifty 50 was up 34.00 points or 0.14 per cent at 24,351.15.

Gainers & Losers 

On the individual stocks front, Bajaj Finance (BAJFINANCE) was the top gainer, up 3.53 per cent to 1,090.70 from 1,053.50, followed by Bajaj Finserv (BAJAJFINSV), up 2.84 per cent to 1,963.60 from 1,909.40. Mahindra & Mahindra (M&M) rose 1.20 per cent to 3,323 from 3,283.70, Hindalco (HINDALCO) gained 1.07 per cent to 980.75 from 970.40, and Shriram Finance (SHRIRAMFIN) advanced 1.01 per cent to 1,037.60 from 1,027.20.  

Leading the losers, Infosys (INFY) fell 3.26 per cent to 1,117.40 from 1,155.10, followed by Tata Consultancy Services (TCS), down 3.16 per cent to 2,354.90 from 2,431.80. HCL Technologies (HCLTECH) slipped 3.05 per cent to 1,311.50 from 1,352.70, Tech Mahindra (TECHM) declined 2.41 per cent to 1,628.80 from 1,669, and Wipro (WIPRO) eased 2.25 per cent to 182.14 from 186.33. 

Broad & Sectoral Markets 

On the broader markets front, most indices traded in the green, with Nifty Financial Services up 0.88 per cent, Nifty Bank rising 0.44 per cent, Nifty Smallcap 100 gaining 0.37 per cent and Nifty Midcap 100 up 0.15 per cent, a reversal from Thursday’s underperformance. 

Sectorally, Nifty Auto was the top gainer, rallying 0.88 per cent on strength in auto stocks, while Nifty Pharma advanced 0.71 per cent and Nifty Metal added 0.53 per cent. Nifty IT was the worst performer, tumbling 3.15 per cent, while Nifty FMCG also slipped 0.35 per cent. 

Asian Markets on Friday 

Asian stocks rallied on Friday morning, led by a sharp surge in Japan’s Nikkei 225, which jumped 4.37 per cent to 64,572.25. Indonesia’s Jakarta Composite climbed 1.56 per cent and Vietnam’s HNX 30 advanced 2.28 per cent, while Australia’s All Ordinaries and Malaysia’s KLCI added around 0.3 per cent each. Hong Kong’s Hang Seng bucked the trend, slipping 0.37 per cent, while Pakistan’s KSE 100 eased 0.28 per cent. 

US Stocks on Thursday 

US stock markets rallied sharply on Thursday, with the Dow Jones Industrial Average surging 613.92 points or 1.19 per cent. The Nasdaq Composite jumped 2.78 per cent while the S&P 500 gained 1.66 per cent, among the strongest single-day advances in recent weeks. The NYSE Composite rose 0.81 per cent and Canada’s S&P/TSX Composite added 0.49 per cent. 

Oil Prices 

Oil prices settled lower on Thursday after a volatile session, with Brent futures down $1.71 or 1.88 per cent at $89.03 a barrel and WTI crude down 87 cents or 1.03 per cent at $83.59. Trade was choppy, with Brent touching a session high of $93.31 after Washington and Tehran traded fresh strikes on military targets. Prices eased as traders weighed a proposed Saudi Arabia-led maritime coalition, backed by 14 nations, to boost defence cooperation around the Red Sea and Bab el-Mandeb Strait. Iran and Oman continued talks on managing the Strait of Hormuz, with analysts saying the dialogue could suggest progress towards reopening the waterway. Traders also weighed a drone strike near Egypt’s Damietta port, which stoked fresh concerns about the Suez Canal route for Saudi oil exports. 

Middle East Conflict 

A drone strike on two gas tankers in Egyptian waters near Damietta this week renewed concerns about the safety of the Suez Canal, a key export route for Saudi oil since the war began. Houthi militants have separately declared a naval blockade on Saudi Arabia, threatening the Red Sea route that had served as an alternative to the blockaded Strait of Hormuz. Saudi Arabia has since proposed a multinational maritime defence coalition, even as Iran and Oman continue talks on Hormuz. 

Indian Markets on Thursday 

Sensex and Nifty ended higher on Thursday, with late-session buying lifting the Sensex by 273.55 points or 0.35 per cent to close at 77,928.15, while the Nifty 50 gained 66.95 points or 0.28 per cent to settle at 24,317.15. Market breadth remained weak despite the gains, with 1,620 shares advancing against 2,408 declining and 188 unchanged. The Nifty Auto index was the best-performing sectoral gauge, climbing 1.6 per cent, led by Mahindra & Mahindra, Eicher Motors and Maruti Suzuki. 

Sources

• BSE
• NSE