July 26, 2024
New Delhi, India
On Friday, the Indian equity market benchmarks Sensex and Nifty made a robust comeback after a five-day losing streak. This recovery was fueled by value buying at lower prices and strong performances from major blue-chip stocks such as Infosys, Tata Consultancy Services (TCS), and Reliance Industries.
Market Performance:
- Sensex: The Sensex closed at 81,332.72, up by 1,292.92 points or 1.62%.
- Nifty: The Nifty ended at 24,834.80, up by 428.75 points or 1.76%, touching a fresh lifetime high of 24,834.85.
The positive momentum was broad-based, with all sectoral indices ending in the green. IT, metal, pharma, realty, auto, FMCG, capital goods, telecom, and media sectors gained between 1% and 3%.
Rupee Analysis: INR Rises Ahead Of US June PCE Data
Key Gainers and Losers:
- Top Nifty Gainers: Shriram Finance, Divis Labs, Apollo Hospitals, Bharti Airtel, and Cipla.
- Top Nifty Losers: ONGC, Tata Consumer Products, and Nestle India.
Midcap and Smallcap Indices:
- BSE Midcap Index: Rose by 2%.
- BSE Smallcap Index: Increased by 1%.
Market Breadth:
- Advances: 2,329 shares
- Declines: 1,108 shares
- Unchanged: 75 shares
The rebound was primarily driven by value buying in beaten-down stocks and positive cues from global markets. This sharp recovery came after the markets had been weighed down by budget-related concerns and global economic uncertainties.
Sectoral Performance:
The rally was well-supported across sectors, reflecting broad-based buying interest:
- IT Sector: Buoyed by strong earnings from Infosys and TCS.
- Metal Sector: Gains driven by positive global commodity prices.
- Pharma Sector: Led by strong performances from Divis Labs and Cipla.
- Realty Sector: Benefited from renewed investor interest in real estate stocks.
- Auto Sector: Supported by strong sales figures and positive outlook.
- FMCG Sector: Gained on robust consumer demand.
- Capital Goods Sector: Saw buying interest amid improving industrial activity.
- Telecom Sector: Bharti Airtel surged 4%, leading the gains.
- Media Sector: Posted solid gains driven by positive sentiment.
IPO Alert: Suraksha Diagnostic files draft papers with SEBI
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.