Indian Stock Market Recovers with Significant Gains on July 29

Mumbai, July 29: The Indian stock market showed remarkable recovery on Wednesday, closing in the green amid mixed signals from global markets. Major domestic benchmarks witnessed an increase of over 1.1%, bouncing back after a decline the previous day, largely driven by gains in IT shares.

The Sensex surged by 889 points, or 1.16%, closing at 77,654.60, while the Nifty 50 rose by 265 points, or 1.10%, to finish at 24,250.20.

During the trading session, the 30-share BSE Sensex opened at 77,423.77, up 657.85 points or 0.85% from its previous close of 76,765.92. At one point, it peaked at 77,765.49, marking a rise of 999.57 points or 1.30%.

Similarly, the Nifty 50 opened at 24,176.65, up 191.3 points or 0.79% from its last close of 23,985.35. It reached an intraday high of 24,283.55, up 298 points or 1.24%.

The broader markets also experienced significant gains, with the Nifty Midcap 100 index rising by 0.82% and the Smallcap 100 index increasing by 1.48%.

Sector-wise, all indices closed in the green except for real estate. The IT, media, metal, pharma, telecom, private banking, FMCG, and consumer durables sectors saw gains of 1-2%, indicating widespread buying across various sectors.

In the Nifty 50 index, Jio Financial Services, Hindustan Unilever Limited, Infosys, Hindalco Industries, and Larsen & Toubro (L&T) were among the top gainers, each rising by over 2%. Conversely, Mahindra & Mahindra (M&M), Power Grid Corporation, Eicher Motors, Bajaj Auto, BEL, ONGC, and HDFC Life emerged as the top losers.

Investors gained approximately ₹4 lakh crore in a single session, as the total market capitalization of BSE-listed companies increased from ₹479 lakh crore to over ₹483 lakh crore.

Market expert Sunil Shah commented that the stock market is on an upward trend, with benchmark indices climbing nearly 900 points, reflecting improved market sentiment. He noted that some ‘value buying’ has been observed amid the fluctuations.

Regarding crude oil prices, Shah mentioned they are currently at the level of 87, which is better than 100 but not as favorable as below 70. He expressed curiosity about how this will be diplomatically resolved, which would also benefit the market.

Looking ahead, Shah stated that future market expectations depend on the performance of the earnings season and the situation in West Asia, along with crude oil prices.