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%.
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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.
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