The Prime Daily: 29 July 2026

Authored By Prime Research | Published at: Jul 29, 2026 10:53 AM IST

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Blue-Chip Earnings Fuel Dow Rally, Apple Reclaims Title of World’s Most Valuable Public Company

The Dow surged more than 530 points to secure its strongest single-day performance in nearly a month, bolstered by solid corporate earnings from traditional giants like Sherwin-Williams and Coca-Cola. The tech-heavy Nasdaq Composite edged lower as an aggressive global selloff in semiconductor and artificial-intelligence hardware names continued to anchor the sector.

Coca-Cola raised its outlook on strong World Cup-driven volume growth, while Ford lifted guidance on higher expected U.S. auto pricing. In contrast, Mercedes-Benz cut sales guidance as China car sales plunged 30%.

Apple shares climbed to hit a fresh record high, briefly pushing the company’s market capitalisation past the historic $5 trillion threshold. With this move, the iPhone maker surpassed chip manufacturing titan Nvidia to reclaim its position as the world’s most valuable public enterprise.

SK Hynix posted a record 557% jump in quarterly profit to $41.62 billion on robust AI memory chip demand, even as it missed forecasts. Meanwhile, SanDisk, Micron, and Western Digital tumbled as broader memory sector sentiment soured despite the underlying demand strength.

U.S. Treasury yields pushed lower across the curve, with the benchmark 10-year note yield sliding to around 4.60% for its third consecutive daily decline. The bond market movement tracked a steep pullback in energy markets following a pause in geopolitical hostilities between the U.S. and Iran.

The Fed’s rate decision will be announced tonight, with markets watching for any shift after June’s hawkish dot plot pointed to a possible hike rather than a cut by year-end.

Crude Oil surged today after Houthi attacks on Saudi-linked tankers in the Bab al-Mandeb strait disrupted a key Red Sea shipping route, reviving fears of wider Gulf disruption. This reverses a three-day decline and rekindles inflation concerns just as the Fed weighs its rate decision.

The Indian rupee appreciated for the third straight session, rising 6 paise to close at 95.85, supported by lower imported commodity prices and steady dollar supply from banks. Despite mixed cues from regional Asian peers, the currency found support as banks stepped in to meet opportunistic bargain buying from importers.

Nifty witnessed range-bound trade and ended marginally lower by 10 points at 23985 yesterday.

Nifty needs a decisive close above 24,200 to gain momentum. On the downside, 23,800 is likely to act as immediate support.

Indian markets are set to open on a positive note on encouraging US cues.

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