Sensex jumps nearly 900 points, Nifty settles above 24,250 as IT stocks fuel market rally

Synopsis: Robust buying in IT shares, sustained foreign fund inflows and easing market volatility lifted Indian equities sharply on July 29. The Nifty IT index extended its winning streak for a third straight session, while metal stocks also witnessed strong buying interest. The Indian stock market ended on a strong note on July 29, with the Sensex climbing 888.68 points (1.16%) to close at 77,654.60, while the Nifty 50 advanced 264.85 points (1.10%) to finish at 24,250.20. Market breadth remained positive, with 2,460 stocks advancing, 1,597 declining, and 177 remaining unchanged, reflecting broad-based participation across sectors. The broader markets also outperformed, with the Nifty Midcap and Nifty Smallcap indices gaining nearly 1% each, indicating strong buying beyond the benchmark stocks. Among sectoral indices, Nifty IT emerged as the best performer, surging 2.8% and extending its three-session rally to 8.5%. The Nifty Metal index also gained 2–3%, supported by strong advances in leading metal companies. Improved investor sentiment was further aided by a decline in the India VIX and continued buying by Foreign Institutional Investors (FIIs). Within the Nifty 50, $INFY was the top-performing stock, while metal counters such as $TATASTEEL Steel, JSW Steel, and $HINDALCO registered gains of over 2–3%, providing additional support to the benchmark indices. Investment in securities market are subject to market risks. Read all the related documents carefully before investing,