The Sensex surged by 1,292.92 points, or 1.62%, to settle at 80,039.8, while the Nifty climbed 428.75 points, or 1.76%, to close at 24,406.1.
The Nifty Midcap 50 outperformed the Nifty 50, closing 2.24% higher. Conversely, the Nifty Small Cap 100 underperformed, ending the day at 18,673.05, up by 180.95 points or 0.97%.
Despite a 1% decline from their record highs, the market showed signs of recovery amid broader weak sentiment following the Budget 2024 and a disappointing earnings season.
Impact on the stock market
All sectors glimmered in the green. Information technology, automobiles, infra, metals, and pharma recorded the sharpest gains of 2-3 per cent. Other sectors, including banks (private and PSUs), FMCG, realty, and energy, also surged by 1-1.5 per cent.
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| Sector/Index | Performance |
| IT & BPM sector | +2.30% |
| Healthcare sector | +2.73% |
| Oil & Gas sector | +0.44% |
| Real estate sector | +1.15% |
| PSU Bank in India | +1.66% |
Top gainers today
| Company | Price | Change (%) |
| Shriram Finance Share Price | 2,925.00 | +9.18 |
| Divis Labs Share Price | 4,790.60 | +5.36 |
| Cipla Share Price | 1,575.00 | +5.00 |
| Bharti Airtel Share Price | 1,514.40 | +4.50 |
| Apollo Hospital Share Price | 6,664.55 | +4.37 |
Top losers today
| Company | Price | Change (%) |
| ONGC Share Price | 331.60 | -1.25 |
| TATA Cons. Prod Share Price | 1,213.65 | -0.81 |
| Nestle India Share Price | 2,476.90 | -0.15 |
Market aftermath: Impact on stocks
Cipla Q1: Net Profit Rises to Rs 1,178 Crore
Cipla Ltd reported its Q1 FY25 results, with net profit rising 18.3% year-on-year to Rs 1,178 crore, beating analyst estimates. The company’s revenue from operations grew 7% year-on-year to Rs 6,694 crore.
The strong performance was attributed to robust results across focused markets, leading to a 154 basis points improvement in its EBITDA margin, which expanded to 25.6%.
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Paytm Stock Soars 10% on Government Investment Nod
Paytm received government approval for a Rs 500 million investment in its payments arm, Paytm Payment Services. This approval, which had been delayed due to the company’s links to China, removes a significant hurdle for the unit’s normal business operations.
Following this news, shares of One97 Communications, Paytm’s parent company, surged 10%, reaching Rs 509.05 on the NSE.
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PSU Insurers Surge: Stocks Gain Up to 19%
Shares of public sector insurance firms saw a dramatic surge, with New India Assurance Company’s stock skyrocketing by up to 19% and General Insurance Corporation of India (GIC-Re) shares rising over 16% intraday.
Life Insurance Corporation of India (LIC) also saw gains of 2%. The rally in these stocks could be attributed to their notably low public float, leading to sharp moves on low volumes.
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Crude oil price decline
Crude oil futures traded mixed as the market awaited US GDP data. Brent oil futures were up by 0.19% at $82.53, while September crude oil futures on WTI were up by 0.20% at $78.44. On the Multi Commodity Exchange (MCX), crude oil futures were trading at ₹6,579, up by 0.11%.
The US Bureau of Economic Analysis (BEA) reported a 2.8% annual increase in the real GDP for the second quarter of 2024, compared to a 1.4% increase in the first quarter, influencing market sentiment.
Conclusion
On July 26 saw a mixed but notable movement in the Indian stock market. While the Sensex and Nifty showed resilience, specific stocks like Cipla and Paytm experienced significant gains due to positive corporate developments.
The surge in PSU insurer stocks highlighted market dynamics around low public float stocks. Meanwhile, crude oil prices remained influenced by global economic data and market expectations.
Investors should continue to monitor sector-specific developments and global economic indicators to navigate the market effectively.
Stay tuned on StockGro for more updates on market trends.
