Sensex Jumps Over 800 Points, Nifty Crosses 24,200 as IT Stocks Lead Rally
The robust market performance comes despite renewed US-Iran tensions and rebounding crude oil prices, with investors keenly awaiting the US Federal Reserve's policy decision.
The story
Indian equity benchmarks saw mixed movements since the last edition. On Tuesday, July 28, indices largely ended flat, with the Sensex declining 69.86 points (0.09%) to close at 76,765.92, and the Nifty 50 slipping 10.60 points (0.04%) to 23,985.35. Despite the overall flatness, IT stocks showed strength, with the Nifty IT index climbing 3.2% as TCS surged 4.47% and Tech Mahindra advanced 3.82%. Foreign Institutional Investors (FIIs) were net buyers, injecting ₹755.33 crore, while Domestic Institutional Investors (DIIs) also remained net buyers with ₹1,664.16 crore on July 28.
However, Wednesday, July 29, witnessed a strong rebound. The Sensex jumped over 800 points, trading at 77,606.67, up 1.10%, while the Nifty 50 climbed past 24,200, reaching 24,238.90 with a gain of 1.06% by afternoon trade. This rally occurred despite rising West Asia hostilities and an uptick in crude oil prices, which saw Brent crude rebound to $87. Top Nifty gainers included Hindustan Unilever (4.48%), Infosys (4.44%), Tata Steel (2.76%), Larsen & Toubro (2.62%), and HCL Technologies (2.19%). Global cues were largely positive, with Asia-Pacific markets opening higher.
The tape
| Instrument | Last | Change |
|---|---|---|
| Nifty 50 | 24,238.90 | +253.55 (+1.06%) |
| Sensex | 77,606.67 | +840.75 (+1.10%) |
| Bank Nifty | 57,071.70 | +378.20 (+0.67%) |
| USD/INR | 95.85 | -0.04% |
| India 10Y Yield | 6.776% | +0.003 (+0.04%) |
| India VIX | 12.6 - 14.33 |
Flows & data
| Item | Reading | Read |
|---|---|---|
| FII Net Flows | ₹755.33 crore (July 28, 2026) | Foreign institutional investors were net buyers in the Indian equity market. |
| DII Net Flows | ₹1,664.16 crore (July 28, 2026) | Domestic institutional investors continued their buying trend in Indian equities. |
IPOs & the primary market
India's primary market is experiencing a busy week, with nine IPOs collectively aiming to raise approximately ₹11,707 crore between July 28 and July 31. Poojaa Precision Engineering Ltd., an SME issue, opened for subscription on July 28 with a price band of ₹285-₹301 per share, seeking to raise ₹159.83 crore, with bidding open until July 30.
Today, July 29, marks the opening of two new issues: Manipal Health Enterprises Ltd., a mainboard IPO, which plans to raise ₹9,275.22 crore at a price band of ₹560-₹590 per share, closing on July 31. This is noted as the largest IPO since SBI Funds Management's offering earlier this month.
Also opening today is H.R. Hygiene Products Ltd., an SME IPO, aiming for ₹53.95 crore with a price band of ₹83-₹88, also closing on July 31.
Looking ahead, Juniper Green Energy Ltd. will launch its ₹1,800 crore mainboard IPO on July 30. The pipeline remains strong, with over 70 firms currently awaiting SEBI clearance.
Valuation watch — India & global
While specific, fresh Nifty PE ratios or global CAPE data points since July 27 are not readily available, market sentiment continues to be shaped by broader valuation discussions. Globally, anxiety over AI valuations and a selloff in chipmakers have been noted in Asian markets.
In India's primary market, a recent report from Equirus highlights a clear investor preference for companies demonstrating stronger earnings visibility and established business fundamentals, particularly in mid-sized IPOs (₹1,000-₹1,500 crore range) which delivered the strongest listing gains in FY26. This indicates a shift away from smaller, sentiment-driven offerings, suggesting a more discerning approach to valuations within the IPO space.
Monsoon watch
The southwest monsoon has shown improvement in July, with overall kharif sown area covering 70% of the usual area as of July 28. However, the cumulative rainfall across the country remained 16% below the long-period average (LPA) as of July 27, still falling within the 'deficient' range.
Total kharif sown area stands at 78.73 million hectares (Mha), a 4.7% year-on-year decline, though this is an improvement from a 16% deficit a fortnight ago. The India Meteorological Department (IMD) forecasts above-normal rainfall for the week ending July 29 over much of western and central India and parts of eastern India, with heavy to very heavy rainfall expected in regions like Rajasthan, Gujarat, Konkan, Madhya Maharashtra, and the Northeast. For the following week (July 30-August 5), rainfall is expected to be near normal overall, but regional disparities are likely to persist.
What we'll be watching
- US Federal Reserve policy decision on July 29.
- Bidding for Manipal Health Enterprises IPO closes on July 31.
- Juniper Green Energy IPO opens for subscription on July 30.
- Bidding for H.R. Hygiene Products IPO closes on July 31.
- Bidding for Poojaa Precision Engineering IPO closes on July 30.
Reporting + analyst voices: grounded via Google Search at publish time.