Market Wrap, July 29: Indices snap three day losing streak; NIFTY50 ends above 24,800, Sensex jumps 447 pts, broader market outperforms

Snapping its three days of fall, the Indian stock market settled with gains on Tuesday, July 29, as investors turned to value buying. Rally in heavyweight stocks like Reliance Industries, L&T, and Asian Paints also contributed to the gains, while positive global cues also added to the sentiment.

The broader market, however, outperformed the main equity indices, with small-cap stocks gaining the most. Rally in the realty, pharma, and metal stocks also helped the indices to recover from their day’s low.

Shares of heavyweights like Asian Paints also zoomed 2% on NSE after the country’s leading paint maker reported a consolidated net profit of ₹1,100 crore in Q1FY26, marking a decline of 6% from ₹1,170 crore in the same period last year.

Its revenue from operations dipped marginally (by 0.3%) to ₹8,939 crore from ₹8,970 crore.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹6,082.47 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹6,764.55 crore worth of equities.

Globally, Asian stocks were mixed on Tuesday ahead of a second day of trade talks between Chinese and US officials. Investors are also eyeing upcoming economic data and corporate earnings for further cues.

Japan's Nikkei was down 0.92% at 40,625 levels, and Hong Kong's Hang Seng was seen at the 25,478 level, losing 0.33%.

The Shanghai Composite closed 0.33% higher at 3,609.71 levels, while South Korea’s Kospi index closed at 3,230.57, gaining 0.65%.

Meanwhile, on Wall Street, the S&P 500 edged higher to end at a record high for a sixth straight session on Monday following a choppy trade following the US-EU trade deal.

The S&P 500 jumped 1.13 points, or 0.02%, to end at 6,389.77, and the Nasdaq Composite also rose 70.27 points, or 0.33%, to close at 21,178.58. However, the Dow Jones Industrial Average declined 64.36 points, or 0.14%, to settle at the 44,837.56 level.

As many as 3,050 stocks traded on the NSE on Tuesday. Out of this, 1,934 advanced and 1,025 declined, while 91 scrips remained unchanged.

This, however, indicates that the market breadth favoured advances.

A total of 50 stocks hit their 52-week highs, while 56 stocks touched their one-year lows. Besides, 77 stocks hit their upper circuit limits, and 71 touched their lower circuit bands on Tuesday.

NSE-listed firms' market capitalisation stood at ₹448.67 lakh crore.

The volatility index India VIX slumped 4.45% to 11.53 levels.

The NIFTY Midcap 100 index surged 0.81%, ending at 57,984.85 levels, while the NIFTY Smallcap 100 gauge jumped 1.03% to close at 18,251.45 levels.

Jio Financial Services was the most contributing scrip, soaring 4.77%, followed by Reliance Industries (2.09%), Asian Paints (1.97%), Larsen & Toubro (1.92%), and Eicher Motors (1.74%).

On the contrary, SBI Life Insurance (-0.93%), Axis Bank (-0.80%), TCS (-0.72%), HDFC Life Insurance (-0.62%), and ITC (-0.41%) were the top losers on the 50-share index.

All the sectoral gauges ended positive, with Nifty Realty (1.6%) being the top gainer. Nifty Pharma (1.37%), Nifty Oil and Gas (1.08%), Nifty Metal (1%), and Nifty Auto (0.82%) were the other top winners among sectors.