Indian Stock Market Opens in Green Amid Strong Global Signals

Mumbai, July 31: The Indian stock market opened in positive territory on Friday, buoyed by strong global signals. During the early trading session, the Sensex rose by 70 points, or 0.09%, reaching 77,998, while the Nifty gained 44 points, or 0.18%, to settle at 24,361.

Support for the market came from sectors such as defense and manufacturing. The Nifty India Defense and Nifty India Manufacturing indices were among the top gainers, each rising by nearly 1%. Additionally, sectors like Nifty Pharma, Nifty Healthcare, Nifty Auto, Nifty Financial Services, Nifty Metal, Nifty PSU Bank, Nifty Infra, Nifty Private Bank, Nifty Commodity, and Nifty Energy also traded in the green.

Conversely, the Nifty IT, Nifty FMCG, Nifty Services, and Nifty Oil & Gas indices were in the red.

Within the Sensex pack, top gainers included Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, BEL, Maruti Suzuki, Axis Bank, Sun Pharma, Indigo, Tata Steel, SBI, NTPC, Kotak Mahindra Bank, and UltraTech Cement. On the downside, TCS, Infosys, HCL Tech, Tech Mahindra, ITC, and HUL were the top losers.

Both mid-cap and small-cap stocks also performed well, with the Nifty Midcap 100 index rising by 210 points, or 0.34%, to 62,867, and the Nifty Smallcap 100 index increasing by 109 points, or 0.57%, to 19,364.

Market experts noted that India is a stable market with reduced risk of decline, particularly in large-cap stocks where valuations are reasonable and growth prospects are promising.

In the last three days, Foreign Institutional Investors (FIIs) have purchased shares worth a total of ₹7,360 crores. While this buying spree does not yet indicate a clear trend, it has the potential to strengthen the market. Preliminary first-quarter results suggest a resurgence in earnings growth.

Most Asian markets showed a buying trend, with Tokyo, Shanghai, Bangkok, Seoul, and Jakarta all in the green, while only Hong Kong was in the red. The U.S. stock market closed higher on Thursday, with the Dow Jones rising by 1.19% and the technology index Nasdaq increasing by 2.78%.

–