Sensex jumps 889 points, Nifty reclaims 24,250 as IT, FMCG stocks rally
Mumbai, July 29
Indian benchmark equity indices ended sharply higher on Wednesday, led by strong buying in information technology, FMCG and metal stocks.
The Sensex surged 889 points, or 1.16 per cent, to close at 77,654.60, while the Nifty advanced 265 points, or 1.10 per cent, to settle at 24,250.20.
Commenting on Nifty technical outlook, experts said that the 24,300-24,400 zone, which also aligns with the 200-day Exponential Moving Average (EMA), remains the immediate resistance band.
"A decisive close above this region would confirm a bullish breakout and could pave the way for an advance towards the 24,400-24,500 zone," a market expert stated.
"On the upside, the highest Call Open Interest is positioned at 24,300, extending further towards the 24,500-25,600 strikes, making the 24,300-24,400 zone a key breakout hurdle. Overall, the near-term technical outlook has turned bullish," an analyst mentioned.
The rally extended to the broader markets as well. The Nifty MidCap index ended 0.82 per cent higher, while the Nifty SmallCap index outperformed with a gain of 1.48 per cent.
Among the Nifty constituents, Hindustan Unilever and Infosys emerged as the top gainers, contributing to the benchmark indices' strong performance.
Among the top gainers on Sensex were Hindustan Unilever, Infosys, Trent and Tata Steel. On the other side, Mahindra and Mahindra, Power Grid and NTPC were among top losers.
Sectorally, the Nifty IT, Nifty Metal and Nifty FMCG indices led the gains, supported by sustained buying interest in technology, consumer goods and metal stocks.
In contrast, the Nifty Realty and Nifty Auto indices underperformed the broader market, ending with relatively muted gains compared with other sectors.
Market experts stated the sharp rebound in frontline indices reflected improved investor sentiment, with gains across heavyweight IT and FMCG stocks helping lift the benchmarks to close the session firmly in positive territory.
"Strong corporate earnings, sustained buying in information technology stocks, and a firmer rupee helped support investor sentiment, even as Asian markets extended their AI-driven technology sell-off and elevated Middle East tensions kept crude oil prices near recent highs," an analyst stated.
— IANS
Reader Comments
Finally some positive news! After the recent volatility, this is a relief for retail investors like me. HUL and Infosys performing well is a good sign for the economy. Let's hope the 24,300-24,400 resistance breaks decisively. 💪📈
Good to see the market bounce back, but I'm skeptical about sustainability. The global environment—Middle East tensions, high crude, and the AI sell-off—still poses risks. Plus, 24,300-24,400 is a tough wall of Call writing. Let's not get too excited until we see a clean breakout.
As a long-term investor, I'm happy about the FMCG and IT rally because these are consumption-driven sectors. But seriously, auto stocks underperforming is a worry with rural demand still uncertain. Let's keep an eye on the midcap and smallcap indices—they outperformed today, which is a positive signal! 🚀
Is anyone else worried about the gap between Nifty and broader markets? While the Sensex and Nifty show a 1%+ gain, the rally is very concentrated. The expert mention of 24,300 as a key resistance makes me think we could see profit booking soon. Still, a 900-point surge is not bad for a Wednesday! 😊
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