Sensex rises 166 points, Nifty tops 24,380 as Bajaj Finance jumps 8%
Indian equity benchmarks ended higher on Friday as strong earnings from Bajaj Finance and Mahindra & Mahindra lifted financial and auto stocks. The gains sealed a second straight monthly advance even as IT shares saw profit booking and crude prices stayed elevated.
Benchmark indices ended higher on Friday, capping a second straight month of gains, as strong quarterly earnings from Bajaj Finance and Mahindra & Mahindra lifted financial and auto stocks, helping the market shrug off weakness in information technology shares.
The BSE Sensex gained 166.49 points, or 0.21%, to close at 78,094.64, while the NSE Nifty50 rose 66.45 points, or 0.27%, to settle at 24,383.60.
The day's gains were driven by financials and automobiles. Bajaj Finance surged 8.11% after reporting strong quarterly results, emerging as the biggest gainer on the Sensex. Bajaj Finserv jumped 6.60%, while Mahindra & Mahindra climbed 3.58%. Adani Ports gained 2.12%, Tata Steel rose 1.52% and Reliance Industries added 1%.
The rally came despite continued profit booking in information technology stocks. TCS fell 2.73%, Infosys slipped 2.26%, Eternal lost 2.72%, Tech Mahindra declined 1.03% and HCLTech shed 0.50%, making IT the biggest drag on the benchmarks after its stellar run earlier this month.
Sectoral trends remained mixed. The Nifty Auto index led the gains with a 1.64% rise, followed by Financial Services Ex-Bank, which surged 2.91%. Media climbed 2.09%, Financial Services gained 1.17%, Oil & Gas rose 1.08% and Pharma advanced 0.72%. On the other hand, the Nifty IT index declined 1.56%, while FMCG fell 1.05%.
Broader markets remained positive. The Nifty 100, Nifty 200 and Nifty 500 each gained around 0.46%, while the Nifty Midcap 50, Midcap 100 and Smallcap 100 advanced about 0.4%. India VIX dropped 3.29% to 11.76, indicating easing volatility.
The rupee strengthened on Friday, ending at 95.38 against the US dollar, up 0.3% on the day and marking its strongest weekly gain since March. However, the currency still declined around 0.7% for July as higher crude oil prices, fuelled by renewed hostilities in the Middle East, weighed on sentiment during the month.
Brent crude traded around $88.16 a barrel on Friday, taking its monthly gain to about 21%, while WTI crude stood at $82.24 and was on track to rise roughly 18% in July, snapping two consecutive months of declines for both benchmarks.
Friday's gains helped the benchmark indices post a second consecutive monthly advance for the first time this year.
The Sensex rose about 2.1% in July, while the Nifty gained 2.2%, building on their gains of 2.3% and 1.4%, respectively, in June.
The standout performer during the month was the IT sector. Despite Friday's correction, the Nifty IT index rallied 16.8% in July, its strongest monthly performance in six years. The rally was driven by a global rotation into Indian technology stocks as investors reduced exposure to AI-heavy markets in South Korea and Taiwan during the month.
Among the biggest monthly gainers in the sector were HCLTech, which surged 25.7% after beating quarterly estimates and announcing fresh investment in an AI data centre in India. Infosys, TCS and Tech Mahindra also climbed between 12.9% and 17.6% during July.
Foreign institutional investors (FIIs), who had sold nearly $29.3 billion worth of Indian equities in the first six months of the year, turned net buyers in July, investing around $1.6 billion. Analysts said the return of overseas investors, resilient domestic earnings and measures by the Reserve Bank of India to stabilise the rupee helped improve market sentiment despite elevated crude oil prices and geopolitical tensions.
Gaurav Didwania, Fund Manager and Partner at Qode, a Sebi-registered PMS firm, said the shift in global investor preference has supported Indian equities.
"The shift from AI-driven frenzy to more broad-based earnings growth in India has attracted global investors, adding another layer of strength to domestic markets," he said.
He added that if crude oil prices stabilise and tensions in the Middle East ease, India could become an even more attractive investment destination given the country's strong domestic economic fundamentals.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Benchmark indices ended higher on Friday, capping a second straight month of gains, as strong quarterly earnings from Bajaj Finance and Mahindra & Mahindra lifted financial and auto stocks, helping the market shrug off weakness in information technology shares.
The BSE Sensex gained 166.49 points, or 0.21%, to close at 78,094.64, while the NSE Nifty50 rose 66.45 points, or 0.27%, to settle at 24,383.60.
The day's gains were driven by financials and automobiles. Bajaj Finance surged 8.11% after reporting strong quarterly results, emerging as the biggest gainer on the Sensex. Bajaj Finserv jumped 6.60%, while Mahindra & Mahindra climbed 3.58%. Adani Ports gained 2.12%, Tata Steel rose 1.52% and Reliance Industries added 1%.
The rally came despite continued profit booking in information technology stocks. TCS fell 2.73%, Infosys slipped 2.26%, Eternal lost 2.72%, Tech Mahindra declined 1.03% and HCLTech shed 0.50%, making IT the biggest drag on the benchmarks after its stellar run earlier this month.
Sectoral trends remained mixed. The Nifty Auto index led the gains with a 1.64% rise, followed by Financial Services Ex-Bank, which surged 2.91%. Media climbed 2.09%, Financial Services gained 1.17%, Oil & Gas rose 1.08% and Pharma advanced 0.72%. On the other hand, the Nifty IT index declined 1.56%, while FMCG fell 1.05%.
Broader markets remained positive. The Nifty 100, Nifty 200 and Nifty 500 each gained around 0.46%, while the Nifty Midcap 50, Midcap 100 and Smallcap 100 advanced about 0.4%. India VIX dropped 3.29% to 11.76, indicating easing volatility.
The rupee strengthened on Friday, ending at 95.38 against the US dollar, up 0.3% on the day and marking its strongest weekly gain since March. However, the currency still declined around 0.7% for July as higher crude oil prices, fuelled by renewed hostilities in the Middle East, weighed on sentiment during the month.
Brent crude traded around $88.16 a barrel on Friday, taking its monthly gain to about 21%, while WTI crude stood at $82.24 and was on track to rise roughly 18% in July, snapping two consecutive months of declines for both benchmarks.
Friday's gains helped the benchmark indices post a second consecutive monthly advance for the first time this year.
The Sensex rose about 2.1% in July, while the Nifty gained 2.2%, building on their gains of 2.3% and 1.4%, respectively, in June.
The standout performer during the month was the IT sector. Despite Friday's correction, the Nifty IT index rallied 16.8% in July, its strongest monthly performance in six years. The rally was driven by a global rotation into Indian technology stocks as investors reduced exposure to AI-heavy markets in South Korea and Taiwan during the month.
Among the biggest monthly gainers in the sector were HCLTech, which surged 25.7% after beating quarterly estimates and announcing fresh investment in an AI data centre in India. Infosys, TCS and Tech Mahindra also climbed between 12.9% and 17.6% during July.
Foreign institutional investors (FIIs), who had sold nearly $29.3 billion worth of Indian equities in the first six months of the year, turned net buyers in July, investing around $1.6 billion. Analysts said the return of overseas investors, resilient domestic earnings and measures by the Reserve Bank of India to stabilise the rupee helped improve market sentiment despite elevated crude oil prices and geopolitical tensions.
Gaurav Didwania, Fund Manager and Partner at Qode, a Sebi-registered PMS firm, said the shift in global investor preference has supported Indian equities.
"The shift from AI-driven frenzy to more broad-based earnings growth in India has attracted global investors, adding another layer of strength to domestic markets," he said.
He added that if crude oil prices stabilise and tensions in the Middle East ease, India could become an even more attractive investment destination given the country's strong domestic economic fundamentals.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Benchmark indices ended higher on Friday, capping a second straight month of gains, as strong quarterly earnings from Bajaj Finance and Mahindra & Mahindra lifted financial and auto stocks, helping the market shrug off weakness in information technology shares.
The BSE Sensex gained 166.49 points, or 0.21%, to close at 78,094.64, while the NSE Nifty50 rose 66.45 points, or 0.27%, to settle at 24,383.60.
The day's gains were driven by financials and automobiles. Bajaj Finance surged 8.11% after reporting strong quarterly results, emerging as the biggest gainer on the Sensex. Bajaj Finserv jumped 6.60%, while Mahindra & Mahindra climbed 3.58%. Adani Ports gained 2.12%, Tata Steel rose 1.52% and Reliance Industries added 1%.
The rally came despite continued profit booking in information technology stocks. TCS fell 2.73%, Infosys slipped 2.26%, Eternal lost 2.72%, Tech Mahindra declined 1.03% and HCLTech shed 0.50%, making IT the biggest drag on the benchmarks after its stellar run earlier this month.
Sectoral trends remained mixed. The Nifty Auto index led the gains with a 1.64% rise, followed by Financial Services Ex-Bank, which surged 2.91%. Media climbed 2.09%, Financial Services gained 1.17%, Oil & Gas rose 1.08% and Pharma advanced 0.72%. On the other hand, the Nifty IT index declined 1.56%, while FMCG fell 1.05%.
Broader markets remained positive. The Nifty 100, Nifty 200 and Nifty 500 each gained around 0.46%, while the Nifty Midcap 50, Midcap 100 and Smallcap 100 advanced about 0.4%. India VIX dropped 3.29% to 11.76, indicating easing volatility.
The rupee strengthened on Friday, ending at 95.38 against the US dollar, up 0.3% on the day and marking its strongest weekly gain since March. However, the currency still declined around 0.7% for July as higher crude oil prices, fuelled by renewed hostilities in the Middle East, weighed on sentiment during the month.
Brent crude traded around $88.16 a barrel on Friday, taking its monthly gain to about 21%, while WTI crude stood at $82.24 and was on track to rise roughly 18% in July, snapping two consecutive months of declines for both benchmarks.
Friday's gains helped the benchmark indices post a second consecutive monthly advance for the first time this year.
The Sensex rose about 2.1% in July, while the Nifty gained 2.2%, building on their gains of 2.3% and 1.4%, respectively, in June.
The standout performer during the month was the IT sector. Despite Friday's correction, the Nifty IT index rallied 16.8% in July, its strongest monthly performance in six years. The rally was driven by a global rotation into Indian technology stocks as investors reduced exposure to AI-heavy markets in South Korea and Taiwan during the month.
Among the biggest monthly gainers in the sector were HCLTech, which surged 25.7% after beating quarterly estimates and announcing fresh investment in an AI data centre in India. Infosys, TCS and Tech Mahindra also climbed between 12.9% and 17.6% during July.
Foreign institutional investors (FIIs), who had sold nearly $29.3 billion worth of Indian equities in the first six months of the year, turned net buyers in July, investing around $1.6 billion. Analysts said the return of overseas investors, resilient domestic earnings and measures by the Reserve Bank of India to stabilise the rupee helped improve market sentiment despite elevated crude oil prices and geopolitical tensions.
Gaurav Didwania, Fund Manager and Partner at Qode, a Sebi-registered PMS firm, said the shift in global investor preference has supported Indian equities.
"The shift from AI-driven frenzy to more broad-based earnings growth in India has attracted global investors, adding another layer of strength to domestic markets," he said.
He added that if crude oil prices stabilise and tensions in the Middle East ease, India could become an even more attractive investment destination given the country's strong domestic economic fundamentals.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
