There was a strong rise in the Indian stock market on Wednesday. Sensex jumped 889 points to close at 77,654 and Nifty rose 264 points to close at 24,250. Strong industrial production, softening of crude oil prices and buying in IT and metal stocks supported the market.
Mumbai (Maharashtra) [भारत]July 29 (ANI): Indian benchmark equity indices closed with gains on Wednesday driven by strong industrial production data, easing concerns over crude oil prices and buying in information technology (IT) and metal stocks. BSE Sensex gained nearly 889 points and NSE Nifty gained over 1 per cent. The BSE Sensex closed 888.68 points or 1.16 per cent higher at 77,654.60, while the NSE Nifty 50 closed 264.85 points or 1.10 per cent higher at 24,250.20.
expert opinion
Vinod Nair, Head of Research, Geojit Investments Ltd, said, “Given India’s diverse market structure, the opening of crowded AI trades is strengthening the case for FII inflows. Meanwhile, despite an intra-day rally in crude oil prices due to fresh tensions in West Asia, the decline in oil prices over the week has eased inflation concerns and strengthened optimism over the growth outlook and falling operating costs. Domestically, While better-than-expected IIP data acted as a catalyst for a positive opening, fresh risk-taking sentiment helped sustain gains throughout the session, with IT and metal stocks emerging as key gainers.”
He further said, “The focus now turns to the US Fed’s policy decision due late tonight, with the widely expected hold on rates unlikely to have much of an impact on Indian markets as it has mostly already been priced in.”
Sectoral index performance
Among sectoral indices on NSE, Nifty IT rose 2.32 per cent, Nifty Metal 2.31 per cent, Nifty FMCG 1.66 per cent, Nifty Pharma 1.44 per cent, Nifty Media 1.43 per cent, Nifty Consumer Durables 1.43 per cent, while Nifty Healthcare index rose 1.20 per cent. Among the falling stocks, Nifty Auto slipped 0.06 percent and Nifty Realty slipped 0.33 percent.
Nifty’s top gainers and losers
Among Nifty shares, Jio Financial Services was the top gainer with a gain of 4.92 per cent. This was followed by Hindustan Unilever, Infosys, Hindalco Industries and Tata Steel. At the same time, Adani Ports, Mahindra & Mahindra, Power Grid Corporation, Eicher Motors and Bajaj Auto were among the top losers.
condition of other markets
At the time of filing this report, Brent crude was trading at US$87.77 per barrel, while Crude Oil was at US$82.54. In other Asian markets, Japan’s Nikkei 225 fell 1.77 percent to 61,281.00. South Korea’s Kospi closed 6.36 percent lower at 5,663.24, while the Taiwan Weighted Index closed 3.91 percent lower at 40,039.18. Indonesia’s Jakarta Composite dropped 0.64 percent to 6,091.39. On the positive side, Singapore’s Straits Times closed at 5,713.19, up 1.70 per cent, Hong Kong’s Hang Seng closed at 25,801.00, up 1.90 per cent, while the Shanghai Composite closed at 3,828.47, up 0.40 per cent. (ANI)
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