Sensex rebounds 367 points, Nifty settles above 19,750 on firm global trends

A man walks near the bronze statue of a bull outside the BSE in Mumbai. File
| Photo Credit: AP

Benchmark equity indices Sensex and Nifty closed over half a% higher on July 31, snapping their two-day falling streak on buying in index majors Reliance Industries and Tata Consultancy Services and firm global trends.

The 30-share BSE Sensex jumped 367.47 points or 0.56% to settle at 66,527.67. The index opened lower but later rebounded from early lows and hit a high of 66,598.42 as power, oil, IT and FMCG shares advanced.

The NSE Nifty climbed 107.75 points or 0.55% to end at 19,753.80.

From the Sensex pack, NTPC jumped nearly 4% after the company posted over 23% rise in consolidated net profit in the April-June quarter of 2023-24.

Power Grid, Tech Mahindra, Tata Steel, Tata Consultancy Services, Wipro, Maruti and JSW Steel were among the other major gainers.

Also read: Rupee ends almost flat ahead of key U.S. data sets; falls in July

Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, ITC, Bharti Airtel and Asian Paints were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green.

European markets were trading on a mixed note. The U.S. markets had ended in the positive territory on Friday.

“Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era. The latest positive development was the Eurozone’s inflation slowing for the third consecutive month in July, coming in at 5.3%, in line with market predictions,” said Vinod Nair, head of research at Geojit Financial Services.

Moreover, the euro zone economy grew by 0.3% during the June quarter, according to preliminary estimates, slightly surpassing market expectations, Mr. Nair added.

Meanwhile, global oil benchmark Brent crude climbed 0.25% to $85.20 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹1,023.91 crore on Friday, according to exchange data.

The BSE benchmark fell by 106.62 points or 0.16% to settle at 66,160.20 on Friday. The Nifty had declined 13.85 points or 0.07% to finish at 19,646.05.