Mumbai, July 29: The Indian stock market opened positively on Wednesday. At 9:21 AM, the Sensex rose by 729 points or 0.95% to reach 77,495, while the Nifty climbed 202 points or 0.84% to stand at 24,187.
In the early trading session, IT stocks were the primary drivers of the market’s upward movement. The Nifty IT index emerged as the top gainer, with an increase of over 1%. Other indices, including Nifty Metal, Nifty FMCG, Nifty Auto, Nifty Infra, Nifty Services, Nifty Financial Services, Nifty PSU Bank, and Nifty Pharma, also showed gains. However, Nifty Realty, Nifty Oil and Gas, and Nifty PSE were in the red.
Buying activity was observed across large-cap, mid-cap, and small-cap stocks. The Nifty Midcap 100 index rose by 236 points or 0.40% to 62,598, while the Nifty Smallcap 100 index increased by 105 points or 0.55% to 19,185.
Among the gainers in the Sensex pack were L&T, Infosys, HUL, Bharti Airtel, Bajaj Finance, M&M, ITC, TCS, HDFC Bank, Tech Mahindra, HCL Tech, UltraTech Cement, Tata Steel, Kotak Mahindra Bank, and Bajaj Finserv. On the losing side were Indigo, Power Grid, Asian Paints, Titan, Trent, and BEL.
Most Asian markets showed an upward trend. However, Tokyo, Shanghai, Seoul, and Jakarta were in the red, with only Hong Kong’s market remaining positive. The US stock market closed higher on Tuesday, with the main index, Dow Jones, recording an increase of over 1%.
Experts suggest that with the right-priced stocks in Nifty, the current limited market trend could break upwards, although it may take time. Clear information regarding crude oil prices and monsoon progress is essential for significant buying by foreign investors. A sharp decline in chip stocks in South Korea is seen as beneficial for India.
Foreign Institutional Investors (FIIs) invested ₹755.33 crore in equities on Tuesday, while Domestic Institutional Investors (DIIs) invested ₹1,664.16 crore in the Indian equity market.
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ABS
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