Indian benchmark indices extended their winning streak for a third consecutive session on July 31, with the Nifty reclaiming the 24,400 mark, supported by broad‑based buying across sectors except FMCG and IT.
After opening on a firm note, the market traded in a narrow range during the first half before gaining momentum in the afternoon. The Nifty 50 climbed to an intraday high of 24,429.40, though profit booking in the final hour trimmed part of the day's gains.
At close, the Sensex was up 166.49 points or 0.21 percent at 78,094.64, and the Nifty was up 66.45 points or 0.27 percent at 24,383.60.
For the week, the BSE Sensex and Nifty 50 advanced 2.6%, recovering all of the previous week's losses and ending the week on a strong note. The broader market outperformed the benchmarks, with the Nifty Midcap 100 and Smallcap 100 rising 0.4% each.
Bajaj Finance, Bajaj Finserv, Jio Financial, M&M and Adani Ports were the top gainers on the Nifty, while TCS, Eternal, Max Healthcare, Infosys and Wipro were among the top losers.
Sectoral performance remained broadly positive, with Nifty Media emerging as the top gainer, rising 2%, followed by Nifty Auto (1.6%), Nifty Oil & Gas (1%), Nifty Energy (1%), Nifty Pharma (0.7%), Nifty Infra (0.7%) and Nifty PSU Bank (0.5%). On the downside, Nifty IT declined 1.5%, making it the worst‑performing sector, while Nifty FMCG slipped 1%.
More than 120 stocks touched 52‑week high including Bajaj Finance, Aether Industries, Torrent Pharma, Emcure Pharmace, Divis Labs, TVS Motor, Laurus Labs, Lloyds Metals, Sun Pharma, Sai Life Sciences, Sona BLW, Bajaj Auto, Titan Company, Apollo Hospitals, Nykaa, Nestle, CreditAccess Grameen, Marico, among others.
The Indian rupee snapped a three‑day gaining streak, settling 4 paise lower at 95.68 against the US dollar, compared with the previous close of 95.64.
Among individual stocks, Pricol gained 2.5% after reporting a 34% jump in Q1 profit and a 24% rise in revenue. GNG Electronics fell 5% despite posting a 56% surge in Q1 profit. Nucleus Software declined 7% following weak Q1 results.
EMS rallied 6% after securing an order worth ₹158 crore from the Delhi Jal Board, and Astra Microwave Products jumped 8% on winning orders worth ₹2,205.23 crore. Shadowfax climbed 10% after reporting an eight‑fold jump in June‑quarter profit.
The Nifty remained mostly positive during the day, maintaining strength above the critical moving averages on the hourly timeframe, confirming a near‑term positive trend. However, momentum appears to be lacking as traders remain cautious due to volatile crude oil prices and the uncertain situation in the Middle East.
Despite this, the overall trend remains positive, as the index has been sustaining above the critical 50 EMA on the daily chart. On the downside, immediate support for short‑term traders is placed at 24,200. On the higher end, resistance is seen at 24,500.
Nifty opened on a steady note and traded within a narrow 156‑point range for most of the session, reflecting a lack of strong directional conviction.
On the daily chart, Nifty formed a small‑bodied bullish candle with wicks on both ends, indicating intraday indecision between buyers and sellers. Despite this, the broader technical structure remains constructive as the index continues to trade above its 20, 50, and 100‑day EMAs, highlighting a positive trend.
Going ahead, the immediate resistance for Nifty is placed in the 24450‑24500 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 24650, followed by 24800 in the short term. On the downside, the immediate support for Nifty is placed in the 24150‑24100 zone.