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Business

Tech, financial stocks power market recovery

hellohimachalse@gmail.com 30 Jul 2026 30 Jul 2026

Factors behind sharp rebound

  •  Fresh FII buying: Foreign Institutional Investors (FIIs) turned net buyers, purchasing equities worth Rs 755.33 crore in the previous session, improving market sentiment
  •  Strong buying in IT stocks: Infosys, TCS, HCL Technologies and other IT majors rallied, making the IT index the day’s top-performing sector with a 2.4% gain
  •  Resilient domestic fundamentals: Investors focused on India’s strong macroeconomic outlook, healthy corporate earnings and steady growth, offsetting weak global cues.
  •  Short covering after recent declines: After several sessions of weakness, traders covered short positions, adding momentum to the rally.
  •  Optimism ahead of the US Federal Reserve decision: Investors expected clarity on the Fed’s policy stance, leading to selective buying despite global uncertainty.

Mumbai: Benchmark equity indices rebounded sharply on Wednesday, with the BSE Sensex soaring 889 points and the Nifty closing above 24,250, supported by gains in banking, IT and capital goods stocks, alongside renewed foreign institutional investor (FII) buying.

The Sensex climbed 888.68 points (1.16 per cent) to settle at 77,654.60, after touching an intraday high of 77,765.49. The Nifty50 advanced 264.85 points (1.10 per cent) to close at 24,250.20. Market breadth remained positive, with 25 Sensex stocks and 38 Nifty constituents ending in the green.

Hindustan Unilever led the rally with a 4.7 per cent gain, followed by Infosys, which surged 4.5 per cent. Larsen & Toubro rose 2.55 per cent after announcing quarterly earnings. Tata Steel, Bharti Airtel, Tata Consultancy Services, HCL Technologies and HDFC Bank also posted solid gains. Among the laggards, Adani Ports fell 3.19 per cent, while Mahindra & Mahindra slipped 1.51 per cent after announcing the transfer of its truck and bus business to SML Mahindra for Rs 525 crore. Shares of SML Mahindra hit the 20 per cent upper circuit. Foreign institutional investors turned net buyers, purchasing equities worth Rs 755.33 crore in the previous session, helping improve market sentiment.

Analysts said resilient domestic fundamentals, encouraging corporate earnings, sustained buying in IT stocks and a stronger rupee outweighed weak global cues ahead of the US Federal Reserve’s policy decision. Sectorally, IT emerged as the top performer, rising 2.4 per cent, followed by Metal, Telecom, Commodities, Healthcare and Financial Services. Auto, Oil & Gas, Power, Realty and Insurance stocks underperformed.

Meanwhile, Brent crude climbed 3.79 per cent to $87.28 a barrel, reflecting continuing geopolitical tensions in West Asia. On the broader market, 2,593 stocks advanced, 1,652 declined, while 179 remained unchanged on the BSE. 

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