Stock market highlights today: Nifty above 24,200 as IT leads
Indian equities rebounded on Wednesday, with the Sensex climbing around 880 points and the Nifty 50 adding about 259 points intraday to trade above 24,200, driven by gains in IT heavyweights, a firmer rupee and renewed foreign buying. The rally came despite losses in Asian semiconductor stocks and a more than 4% jump in Brent crude, as India’s relatively limited exposure to the global AI chip cycle and easing volatility supported risk appetite ahead of the US Federal Reserve’s policy decision.
Market overview
| Index | 29 Jul 2026 Close (approx.) | Move & % Change | Comments |
|---|---|---|---|
| Sensex | 77,646 | +880 pts (+1.1%) | IT, banks and FMCG lifted index after flat previous session. |
| Nifty 50 | 24,244 | +259 pts (+1.1%) | Reclaimed 24,200, broad-based buying offset weak Asian cues. |
| Nifty Midcap 100 | approx. 53,000 | up 0.6% | Participated in rally, sentiment positive beyond frontline names. |
| Nifty Smallcap 100 | approx. 18,000 | up 0.6% | Gains up to 0.6%, tracking broader risk-on mood. |
| Nifty Smallcap 250 | approx. 17,500 | up 0.81% | Outperformed midcaps, with strong retail interest. |
| Nifty Midcap 150 | approx. 15,500 | up 0.66% | Extended recent strength, supported by earnings. |
| India VIX | 12.18 | -3% | Volatility gauge eased despite geopolitical tensions and oil spike. |
- Total BSE market capitalisation rose to ₹482 lakh crore, adding nearly ₹3 lakh crore.
- Tuesday’s close: Sensex at 76,765.92, Nifty at 23,985.35, both largely flat.
- Advance decline on NSE: 1,894 advances, 641 declines, 102 unchanged.
Key movers
Top gainers
| Stock | Sector | Notable Factor |
|---|---|---|
| Infosys | IT | Among top index gainers, helped by renewed interest in beaten-down IT. |
| Tata Consultancy Services (TCS) | IT | Extended prior day gains, supported Nifty IT index rebound. |
| HCL Technologies | IT | Rose as India stayed insulated from global AI chip selloff. |
| Larsen & Toubro (L&T) | Capital goods | Bought after Q1 profit rose 14% to ₹4,123 crore. |
| Hindustan Unilever | FMCG | Rebounded after sharp fall on Tuesday post Q1 earnings. |
| HDFC Bank | Banking | Supported benchmarks as large private lender gained. |
| Bharti Airtel | Telecom | Participated in rally, lifted by risk-on sentiment. |
| Tech Mahindra | IT | Benefited from sector-wide recovery and selective FII interest. |
Top losers
| Stock | Sector | Notable Factor |
|---|---|---|
| InterGlobe Aviation (IndiGo) | Aviation | Fell nearly 1% as Brent crude jumped over 4%. |
| Bharat Electronics | Defence electronics | Traded lower despite broader market strength. |
| Power Grid | Utilities | Declined, bucking index trend. |
| Axis Bank | Banking | Among laggards within financials. |
| Adani Ports | Ports & logistics | Seen in red despite overall rally. |
- DCM Shriram surged over 7% after Q1 net profit jumped to ₹692.7 crore from ₹113.3 crore.
- Paradeep Phosphates rose over 7% on Q1 net profit growth of 24% to ₹393 crore.
- Tejas Networks gained more than 5% despite a widened Q1 net loss of ₹202 crore.
- Phoenix Mills fell nearly 5% as Q1 profit dropped 19% sequentially despite 23% YoY growth.
- City Union Bank rose over 3% on Q1 profit up 25% to ₹383 crore and better asset quality.
- Capri Global slipped over 3% after management highlighted higher Q1 delinquencies in gold loans.
- KFin Technologies declined over 2% as management flagged margin drag from lower corporate actions.
Sectoral action
| Sector/Index | Direction (approx.) | Key Drivers |
|---|---|---|
| Nifty IT | up 1-2% | India’s resilience to global AI selloff boosted large-cap IT names. |
| Nifty Metal | up 1-2% | Followed risk-on trade, aided overall index gains. |
| Nifty Realty | down | Profit-taking, Phoenix Mills weakness weighed. |
| Nifty Oil & Gas | down | Higher crude prices and global tensions pressured sector. |
- Nifty IT has surged 16% so far in July, reversing earlier sector pessimism.
- FIIs had cut stakes in 7 of 10 Nifty IT stocks in Q1, then the index rebounded.
- Domestic mutual funds reduced holdings in 9 of 10 Nifty IT names in the June quarter.
Flows, rupee and key statistics
| Statistic | Value/Change | Context |
|---|---|---|
| FII equity flows (Tuesday) | ₹755 crore net buying | First net inflow after four sessions of heavy selling. |
| Rupee vs USD (early Wednesday) | 95.70, up 12 paise | Third straight gain, supported by likely RBI intervention. |
| Brent crude | $87.70, +4.29% | Jumped on renewed Middle East tensions and supply concerns. |
- FII buying is modest versus recent outflows but shows improving risk appetite.
- A firmer rupee eases imported inflation worries and supports equity sentiment.
- Traders expect the rupee to trade in the 95.50-96.25 band near term.
- “Going forward, the rupee will continue to take cues from crude oil prices, the US Dollar Index, FII flows, and the upcoming US Federal Reserve policy decision,” said Jateen Trivedi, VP Research Analyst, LKP Securities.
Technical outlook
- Key Nifty pivot at 23,891 arrested recent declines, preserving upside bias.
- Nifty’s earlier turn lower from the 10-day SMA played out as anticipated.
- Consistent trades above 24,100 or a direct rise beyond 24,220 are needed to confirm further upside.
- “It would require consistent trades above 24,100 or a direct rise above 24,220 to act as further signals of upside continuation,” said Anand James, Chief Market Strategist, Geojit Financial Services.
Global cues and Fed watch
| Market/Asset | Movement | Notes |
|---|---|---|
| Kospi (South Korea) | down around 7-9% | Led Asian losses as chipmakers sold off on AI profit doubts. |
| Nikkei 225 (Japan) | down over 4% | Hit by semiconductor weakness and global AI trade concerns. |
| Taiwan benchmark | down over 4% | Fell on heavy selling in technology and chip stocks. |
| Shanghai Composite | down | Traded lower, tracking regional risk-off mood. |
| Hang Seng (Hong Kong) | up | Outperformed peers, bucking broader Asian weakness. |
| US equities (Tuesday) | mostly higher | Closed mixed ahead of Fed decision and amid oil volatility. |
| Brent crude | +4.29% | Spiked on US and Saudi strikes in Iraq and Iran missile interception. |
- India’s limited listed exposure to AI infrastructure insulated it from chip-led selloff.
- Global investors await the US Federal Reserve’s FOMC outcome later Wednesday.
- Consensus expects rates to stay unchanged, with guidance on inflation watched closely.
- Rising US yields could redirect FIIs toward US bonds and away from emerging market equities.
- “Big conviction buys by FIIs need clarity on the trajectory of crude prices and the progress of the monsoon. The sharp correction in chip stocks in South Korea is an advantage for India,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Frequently Asked Questions
Why did Indian IT stocks rally despite a global AI-related selloff?
Indian IT stocks gained as the market is less exposed to the global AI chip cycle, valuations had corrected, and investors rotated into beaten-down large-cap IT even while semiconductor-heavy markets in South Korea, Japan and Taiwan fell.
How significant were foreign institutional investor flows in today’s session?
Foreign institutional investors turned net buyers on Tuesday, purchasing about ₹755 crore of equities according to NSE provisional data, after four sessions of heavy selling and helping support Wednesday’s rebound.
What are the key technical levels to watch for Nifty now?
Analysts cite 23,891 as a key support pivot, while sustained trade above 24,100 or a direct move beyond 24,220 would act as confirmation of continued upside momentum in the Nifty 50.
Disclaimer
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