Nifty Jumps, Sensex Soars: Top Reasons Behind Today’s Market Move – 31st July 2026

The Nifty 50 opened above 24,350 on Friday, extending its three-session recovery with marginal early gains, as a powerful technology-led rally on Wall Street and firm Asian markets buoyed risk appetite ahead of a heavy earnings day. The Sensex also ticked higher at the open, following Thursday’s close at 77,928, with traders watching resistance near 24,400 on the Nifty and a key support band around 24,100 to 24,000. Early trade was shaped by stock-specific moves in heavyweight names and positioning for June quarter numbers from four Nifty constituents.

According to NSE data, the Nifty 50 had settled at 24,317 on Thursday, up 67 points or 0.28 percent, while BSE figures showed the Sensex closing 274 points or 0.35 percent higher at 77,928. On Friday, pre-opening indications pointed to a modest follow-through, with the Nifty holding above 24,350 and the Sensex adding over 50 points before the opening bell. Trading in the first few minutes was volatile but range bound, with Mahindra & Mahindra rising around 2 percent and Tata Consultancy Services sliding about 4 percent, signalling a rotation within large caps.

GIFT Nifty futures, which were hovering near 24,425 ahead of the cash-market open compared with the Nifty’s previous close of 24,317, signalled a positive start for domestic equities. Asian indices were broadly higher, tracking overnight gains in US technology shares, while domestic traders weighed elevated crude prices and geopolitical risks against improving foreign portfolio flows.

Index Performance

Key benchmark indices opened with mild gains, extending Thursday’s recovery.

Index	Close	Move & % Change	Comments
Nifty 50	approx. 24,350 (early trade)	+30 pts (+0.1%) vs Thursday close	Opened marginally higher, facing resistance near 24,400 amid consolidation.
Sensex	approx. 77,980 (early trade)	+50 pts (+0.1%) vs Thursday close	Extended gains for a third session, tracking global strength.

The dominant driver for the positive open was a sharp rebound in global technology stocks, led by Microsoft’s record single-session rally after strong cloud earnings, which lifted US indices and spilled over into Asia. As per global market data, the S&P 500 gained 1.66 percent, the Nasdaq Composite jumped 2.8 percent and the Dow Jones Industrial Average rose 1.2 percent on Thursday. “Microsoft’s record rally and easing concerns over AI-related capital expenditure have improved investor sentiment across the region, although elevated US Treasury yields and persistent geopolitical tensions in the Middle East are likely to keep overall risk appetite measured,” said Ponmudi R, CEO at Enrich Money.

Domestic sentiment also drew support from foreign portfolio investors turning net buyers in the previous session, with purchases exceeding ₹3,600 crore despite the backdrop of the US Federal Reserve holding rates and signalling a possible hike as early as September. However, traders remained cautious as the US Iran conflict kept crude oil near 84 dollars a barrel and raised concerns over imported inflation and rupee pressure.

Sectorally, early moves reflected a mix of global cues and stock-specific triggers. Information technology shares were subdued at the open, with TCS sliding about 4 percent despite the global tech rally, suggesting profit taking or domestic earnings-related caution. Autos and select financials were firmer, with Mahindra & Mahindra up around 2 percent and investors positioning ahead of Maruti Suzuki and Bajaj Finserv’s June quarter numbers. Energy and materials names were in focus given their outsized contribution to recent profit growth across the broader Nifty 500 universe.

Sectoral Performance

Sector trends in early trade were uneven, with autos and select financials outperforming.

Sector/Index	Direction	Key Drivers
Auto	up around 1, 2%	Buying in M&M and positioning ahead of Maruti Suzuki Q1 results.
IT	mixed to down	TCS slid about 4% despite global tech strength, reflecting domestic earnings caution.
Financials	flat to mildly up	Support from prior FPI buying and anticipation of Bajaj Finserv and Sun Pharma-related flows.

Individual movers set the tone for the opening hour. Mahindra & Mahindra gained about 2 percent, helping support the Nifty as traders rotated into autos ahead of a busy results calendar that includes Maruti Suzuki later in the day. TCS, by contrast, fell roughly 4 percent in early deals, weighing on the IT pack and capping the index’s upside despite the global technology rally. Broader market names such as Thermax and Hyundai Motor India were active outside the Nifty, with Thermax shares down more than 11 percent on weak Q1 numbers and Hyundai Motor India up around 7 percent after maintaining its volume growth guidance.

The earnings-heavy session kept several Nifty and mid-cap counters in focus. Four Nifty 50 companies, ITC, Maruti Suzuki, Sun Pharma and Bajaj Finserv, are scheduled to report June quarter results, rounding off a week dominated by corporate numbers. According to brokerage expectations cited in market commentary, ITC is projected to post muted consolidated performance with cigarette volumes under pressure from higher taxation, while its FMCG segment is expected to deliver double-digit revenue and EBIT growth. Maruti Suzuki is forecast to report strong revenue growth of about 33 percent year on year, driven by a 29 percent rise in volumes, though net profit growth is seen lagging at roughly 3.5 percent.

Flows and broader market structure remained supportive despite near-term macro risks. Data referenced in global commentary showed foreign portfolio investors turning net buyers of Indian equities to the tune of more than ₹3,600 crore in the previous session, reinforcing confidence in domestic resilience. The rupee opened about 0.3 percent stronger at 95.3850 per US dollar compared with the previous close of 95.68, helped by the risk-on tone and capital inflows. Crude oil, however, has climbed more than 20 percent over the past month as the US Iran war raises supply and shipping concerns, keeping imported inflation risks in focus for Indian policymakers and equity investors.

Key Market Statistics

Early macro and flow indicators pointed to a cautiously constructive backdrop.

Statistic	Value/Change	Context
FPI flows (prev. session)	Net buying > ₹3,600 crore	Foreign investors turned buyers despite geopolitical uncertainty.
USD/INR open	95.3850 (0.3% firmer)	Rupee strengthened on improved risk sentiment and inflows.
Crude oil (WTI)	around $84 per barrel	Up over 20% in a month, key external risk for India’s inflation and trade balance.

On the technical front, analysts flagged key levels that could shape intraday trade. Shrikant Chouhan, Head Equity Research at Kotak Securities, said that for trend-following traders “24,200 and 77,500 would act as a key support zone. Above this, the uptrend wave is likely to continue. On the higher side, the rally could extend till 24,450 to 24,500 and 78,300 to 78,500.” Other technical commentary highlighted resistance for the Nifty around 24,400, aligned with its 200-day exponential moving average, and suggested a consolidation phase before any potential move towards the 24,600 to 24,800 band.

Banking stocks traded in a narrower band as the Bank Nifty remained stuck in what analysts described as a congestion zone, with the index oscillating between key moving averages on daily and hourly charts. Technical analysis from LKP Securities placed strong support near 56,500, coinciding with the 50-day moving average, and major resistance around 57,500, near the 200-day moving average. Traders were advised in that commentary to adopt a level-based approach, buying near support and booking profits or initiating shorts near resistance until a decisive breakout.

Globally, the backdrop for Indian equities at the open was broadly supportive. Asian markets were trading firmly higher, with Japan’s Nikkei 225 up more than 5 percent and South Korea’s Kospi rebounding about 15 percent, helped by renewed buying in technology and semiconductor stocks. European futures were also firmer, while elevated US Treasury yields and the ongoing US Iran conflict kept some investors on the sidelines.

The session now pivots on how domestic earnings land relative to expectations and whether the Nifty can decisively clear the 24,400 to 24,500 resistance zone. With four Nifty 50 heavyweights reporting and several mid-cap names such as Indian Oil, ABB India, GAIL and Shree Cement also due to release numbers, stock-specific reactions are likely to dominate intraday moves. Traders will watch whether foreign buying sustains and if global risk sentiment remains intact in the face of higher oil and geopolitical tensions, as that combination will determine whether the current recovery in the Nifty and Sensex extends or slips back into consolidation.