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Sensex and Nifty surge after strong industrial output data
The Sensex rose 1.16% to 77,654.60 and the Nifty 50 gained 1.10% to 24,250.20, lifting BSE market capitalization by about ₹4 lakh crore in the session.
India's benchmark stock indexes jumped on 29 July, with the Sensex closing up 889 points, or 1.16%, at 77,654.60 and the Nifty 50 ending higher by 265 points, or 1.10%, at 24,250.20. Banking and IT leaders supported the rally, alongside strength in mid and small-cap segments, with the Nifty Midcap 100 up 0.82% and the Smallcap 100 up 1.48%.
According to LiveMint Markets, HDFC Bank, Infosys, and Bharti Airtel were among the top contributors to gains in the Sensex. Market-wide, nearly 2,600 stocks advanced on the BSE versus more than 1,600 that declined, while overall market capitalization of BSE-listed firms rose to over ₹483 lakh crore from ₹479 lakh crore in the prior session.
The paper also linked the positive tone to India's macro data, noting that the Ministry of Statistics and Programme Implementation reported industrial output growth of 7.3% year-on-year in June, a six-month high. Even as crude oil prices moved higher and global cues were described as weak amid reports of fresh escalation in the Middle East, investors appeared to build confidence on India's longer-term growth.
LiveMint Markets added that the Indian rupee strengthened by 17 paise to 95.65 per dollar based on provisional figures, while Brent crude jumped 4% to trade near $88 per barrel. It also pointed to geopolitical developments involving US joint strikes in Iraq, and noted markets were watching the US Federal Reserve decision later in the day, with expectations that rates would be kept unchanged.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%|Sensex 76,835.78 ▲1.0%