Last Updated on July 29, 2026 10:21 pm by BIZNAMA NEWS

Our Business Correspondent

Key benchmark Indian equity indices wrapped up Wednesday’s trading session with stellar gains, breaking a recent spell of sluggishness as aggressive buying swept across information technology, metal, and fast-moving consumer goods counters. Market participants found fresh confidence as foreign institutional investors (FIIs) flipped to net buyers following four consecutive sessions of capital outflows.

The renewed buying appetite, coupled with diminishing near-term volatility and growing anticipation that the US Federal Reserve would maintain prevailing interest rates during its upcoming policy announcement, provided a potent cushion for the domestic bourses.

Market Overview & Frontline Indices

The 30-share BSE Sensex vaulted 888.68 points, or 1.16%, to settle at 77,654.60. Concurrently, the broader NSE Nifty 50 advanced 264.85 points, or 1.10%, closing comfortably above the crucial psychological threshold at 24,250.20.

Frontline heavyweights acted as the primary catalysts for the upswing. Infosys led the charge with a 4.32% surge, supported by Bharti Airtel (up 2.32%) and HDFC Bank (up 1.75%).

The broader markets outperformed their frontline counterparts, signaling widespread market participation. The BSE 150 MidCap Index moved higher by 0.78%, while the BSE 250 SmallCap Index registered an impressive rally of 1.47%. Market breadth heavily favored the bulls: out of active stocks on the BSE, 2,533 advanced, 1,705 declined, and 201 remained unchanged.

Meanwhile, investor anxiety evaporated rapidly, with the NSE’s India VIX—measuring expected near-term market volatility—tanking 4.41% to close at 12.01.

Macroeconomic Indicators & Commodities Tracker

• Crude Oil: Brent crude for September 2026 delivery witnessed a sharp jump, climbing $3.82 or 4.54% to $87.91 per barrel.
• Foreign Exchange: The partially convertible rupee strengthened against the US dollar, hovering at 95.6600 compared to its previous closing level of 95.8200.
• Bond Yields: India’s 10-year benchmark federal paper yield crept up 0.34% to 6.799, shifting upward from 6.776 previously. Meanwhile, the United States 10-year bond yield ticked up 0.41% to 4.625.
• Bullion & Currency Index: MCX Gold futures for the 5 August 2026 settlement edged up 0.01% to Rs 1,41,639. The US Dollar Index (DXY), which gauges the greenback against a basket of global peers, slipped 0.03% to 101.39.

Global Cues: Mixed Asian Trends and Cautious Wall Street

International markets presented a mixed picture as investors braced for the US Federal Reserve’s rate decision.

In the United States, Wall Street wrapped up its previous session with divergent paths. The Dow Jones Industrial Average added 537.24 points (1.03%) to 52,742.32 backed by strong corporate earnings and sector rotation, while the tech-heavy Nasdaq Composite slipped 0.22% to 24,876.91 as traders lightened positions in large-cap technology stocks. Dow Jones futures pointed to a softer opening, down 155 points.

European indices traded mostly higher, cushioned by upbeat corporate scorecards from the banking, luxury, and mining sectors, which managed to outweigh persistent concerns over Middle Eastern tensions. Asian markets ended mixed, reflecting caution ahead of the Fed’s commentary. While the central bank is widely anticipated to hold rates steady, investors remain laser-focused on Fed Chair Kevin Warsh’s commentary for clues regarding future monetary easing cycles amid sticky inflation and energy price swings.

Spotlight on Sectoral Performance and Corporate Earnings

IT Rally Extends Winning Streak

The Nifty IT index jumped 2.32% to 31,123.10, stretching its stellar winning streak to four consecutive sessions with cumulative gains of 9.08%. The sector caught a strong bid as global investors rotated away from AI-linked semiconductor names toward Indian software exporters. Infosys led the pack, followed by LTIMindtree (2.34%), Tata Consultancy Services (1.75%), HCL Technologies (1.70%), and Wipro (1.20%).

Key Corporate Earnings and Major Wins

• Larsen & Toubro (L&T): Advanced 2.48% after its Energy Hydrocarbon Onshore business secured a major EPC contract from Kuwait Oil Company (KOC). Post-market disclosures revealed a 14% year-on-year rise in consolidated net profit to Rs 4,123 crore on revenues of Rs 67,942 crore for Q1 FY27. International operations accounted for 51% of total revenues at Rs 34,393 crore.
• Asian Paints: Climbed 0.91% following a 39.96% surge in consolidated net profit to Rs 1,539.25 crore for Q1 FY27, backed by a 17.89% rise in sales revenue to Rs 10,521.44 crore.
• Tata Capital: Added 1.32% after posting a 56.32% jump in Q1 FY27 consolidated net profit to Rs 1,547.38 crore, driven by robust loan book expansion and higher net interest income.
• Craftsman Automation & S H Kelkar: Craftsman Automation shares rallied 6.90% on a 116.31% spike in net profit to Rs 150.55 crore, while S H Kelkar surged 15.30% after posting a 75.99% profit increase to Rs 45 crore.
• Other Notable Movers: Gland Pharma gained 4.97% on securing USFDA approval for its Sugammadex Injection ANDA. ACME Solar Holdings rose 2.95% after locking in Rs 3,404.57 crore in long-term project financing from PFC. Conversely, Phoenix Mills slipped 5.94% and Pine Labs fell 5.58% despite posting revenue growths, as sequential profit contractions invited profit-booking.

Initial Public Offering (IPO) Corner

The primary market witnessed continued activity as the initial public offering of Manipal Health Enterprises progressed. Data from the stock exchanges indicated that the issue received bids for 1,30,85,100 shares against 9,00,88,286 shares on offer, achieving a subscription rate of 0.15 times. The issue, which opened for bidding earlier in the week, is scheduled to close on 31 July 2026, with a fixed price band of Rs 560 to Rs 590 per equity share.

Commodity Markets

Energy markets remained volatile.

Brent crude oil for September 2026 delivery jumped 4.54% to US$87.91 per barrel, reflecting renewed geopolitical concerns and supply uncertainties.

Higher crude prices remain an important risk for India, given the country’s dependence on imported energy. Persistently elevated oil prices could exert pressure on inflation, corporate margins and the country’s current account balance.

Gold prices remained largely stable.

MCX Gold futures for August delivery traded marginally higher at ₹1,41,639 per 10 grams, reflecting cautious investor positioning ahead of the Federal Reserve’s policy announcement.

Currency and Bond Market

The Indian rupee strengthened modestly against the US dollar.

The partially convertible rupee traded around 95.66 per dollar, compared with 95.82 in the previous session.

Meanwhile, the yield on India’s benchmark 10-year government bond edged higher to 6.799%, indicating some caution in the fixed-income market.

The US Dollar Index remained largely unchanged near 101.39, while the yield on the benchmark US 10-year Treasury rose to around 4.63%.

IPO Market

Primary market activity also remained in focus.

Manipal Health Enterprises’ initial public offering continued to witness a cautious response from investors. According to stock exchange data available during market hours, the issue had received bids for approximately 1.31 crore shares against an offer size of over 9 crore shares, translating into subscription of around 0.15 times. The IPO is scheduled to close on 31 July 2026 and carries a price band of ₹560–590 per share.

Outlook

Market participants will now closely monitor the outcome of the US Federal Reserve’s monetary policy meeting, global crude oil movements, foreign institutional investment trends and the ongoing corporate earnings season for further direction.

Analysts believe sustained foreign inflows, resilient corporate earnings and easing volatility could continue to support Indian equities in the near term. However, elevated crude oil prices, geopolitical uncertainties and commentary from the Federal Reserve on future interest rate policy are likely to remain key variables influencing investor sentiment.

Disclaimer: This report is based on market data, company disclosures and publicly available information as of Wednesday’s trading session. It is intended solely for news and informational purposes and should not be construed as investment, financial or trading advice. Investors are advised to consult qualified financial advisers before making investment decisions.