The Indian benchmark equity indices ended the week of July 31 on a positive note, buoyed by a rally in IT stocks, easing global cues, declining crude oil prices, and earnings growth in line with expectations.
During the week, the NIFTY50 surged 616.15 points, or 2.6%, while the BSE SENSEX jumped 2,034.87 points, or 2.7%.
The market investors’ sentiment improved in the beginning of the week after the United States refrained from launching a broader military offensive against Iran, as diplomatic efforts to revive talks gained momentum and officials assessed concerns over the depletion of key US missile defence stockpiles, according to US media reports.
US President Donald Trump said on July 27 that his administration had decided to pause attacks on Iran to allow negotiations another opportunity, adding that Washington is having “good talks” with Tehran “right now.”
Following the halt, Brent crude prices declined during the week, slumping 4.09% to settle at $87.93 per barrel. The benchmark has risen nearly 21% over the past month.
However, on July 29, the US carried out fresh strikes in Iran, further intensifying an already expanding five-month-old war beyond its main fronts to embroil additional countries in the region, news agency Reuters had reported.
This week the US Federal Reserve kept the benchmark interest rate unchanged at 3.50%-3.75%, while its outlook for inflation, unemployment, and economic activity remained largely unchanged from the June meeting.
Back home, the IT sector saw a strong rally during the week, driven by renewed and heightened investor interest following the financial results announced earlier.
Global momentum factors, like the US Big Tech earnings, like the US Big Tech earnings raised the AI capital spending commentary from major firms, which marks major support for Indian IT companies as they cater to clients in the United States.
India VIX, the volatility gauge, stood at 11.76 levels, slipping 16.2% during the week.
Top gainers and losers
| NIFTY50 GAINERS |
NIFTY50 LOSERS |
|---|---|
| Bajaj Finance (12.7%) | Bharat Electronics (-4.2%) |
| Jio Financial Sevices (9.3%) | Adani Ports SEZ (-4.1%) |
| Infosys (8.6%) | Coal India (-3.1%) |
| Bajaj Finserv (8.1%) | ONGC (-2.5%) |
| Eternal (8%) | Hindustan Unilever (-2%) |
Shares of Bajaj Finance came under buying interest after its June quarter earnings surpassed analyst estimates. The country’s largest NBFC reported a net profit (attributable to the owners of the company) of ₹5,986 crore in the first quarter of the current financial year, marking an increase of 27% from ₹4,700 crore in the same period last year.
Bajaj Finserv, a diversified non-banking finance company, also reported a 12.31% increase in its consolidated profit after tax (attributable to owners of the company) to ₹3,132.35 crore in the first quarter of the current financial year.
Meanwhile, shares of ended June 30, 2026. Further, Hindustan Unilever (HUL) shares declined after the FMCG major reported a 3% decline in its consolidated net profit to ₹2,673 crore for Q1 FY27, following a one-off tax credit during the quarter.
How the broader market performed this week
During the week, broader markets performed in line with the benchmark equity indices, with the NIFTY Midcap 100 and NIFTY Smallcap 100 rising 2.1% and 2.5%, respectively.
| NIFTY Midcap 100 GAINERS |
NIFTY Midcap 100 LOSERS |
|---|---|
| Coforge (15.9%) | Suzlon Energy (-8.2%) |
| Laurus Labs (13.4%) | The Pheonix Mills (-5.8%) |
| Swiggy (13.3%) | Billionbrains Garage Ventures (-3.8%) |
| Container Corporation of India (10%) |
Bank of India (-3.3%) |
| Ashok Leyland (10%) | LIC Housing Finance (-2.9%) |
Coforge shares rallied after the IT firms’ revenue came in at ₹5,527.7 crore in rupee terms for Q1 FY27, up 49% year-on-year (YoY). In US dollar terms, revenue came in at $592.2 million, up 33% YoY. The EBITDA stood at ₹1,123.3 crore, up 74% YoY.
The company declared an interim dividend of ₹4 per equity share of the company, having a face value of ₹2 each, fully paid up, for FY27.
Furthermore, Swiggy saw its consolidated net loss narrow to ₹791 crore in Q1 FY27, compared with a net loss of ₹1,197 crore in the corresponding period of the preceding fiscal year.
Shares of Suzlon Energy registered a loss this week after it reported a 6% decline in its consolidated net profit at ₹305 crore for Q1 FY27 as against ₹324 crore in the same period last year.
| NIFTY Smallcap 100 GAINERS |
NIFTY Smallcap 100 LOSERS |
|---|---|
| Redington (24.2%) | Nuvama Wealth Management (-8.9%) |
| Kaynes Technology India (19.8%) |
Data Patterns India (-6.6%) |
| Firstsource Solutions (19.1%) | The Great Eastern Shipping Company (-6.1%) |
| Brigade Enterprises (10.4%) | City Union Bank (-6%) |
| Affle 3i (9.7%) | Aptus Value Housing Finance India (-5.8%) |
Redington shares rallied after the official reseller of Apple products in India reported robust earnings for Q1 FY27. The company’s consolidated profit after tax (PAT) grew more than twice as fast as revenue at ₹486 crore, soaring 77% in Q1 FY27 as against ₹275 crore in the same period last year.
However, shares of defence technology player Data Patterns plunged after the company posted subdued earnings for the quarter ended June 2027.
Sectoral watch this week
Among sectors, most indices ended the week in positive territory, except for the NIFTY India Defence, which declined marginally by 0.2%.
The NIFTY IT emerged as the top gainer, rising 6.7%. This was followed by NIFTY Media, which advanced 6%, and NIFTY Auto, up 5.6%. The NIFTY Pharma gained 3.9%, while NIFTY Consumer Durables edged higher by 2.9%.