Amid a sharp retreat in crude oil prices following easing tensions in the Middle East, the Indian stock market witnessed broad-based buying in Monday’s trade, July 27, with the benchmark indices ending the session with gains of around 1%.
The Nifty 50 rose 1% to close at 24,000, snapping a five-session losing streak, while the Sensex also gained 1.05 at 76,855%. The broader markets mirrored the positive sentiment, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices advancing more than 1%.
All sectoral indices ended in the green, led by Nifty Media, Nifty IT, and Nifty Realty, which each surged over 2%. Nifty Pharma and Nifty Auto each closed with 1.6% gains.
The rally provided much-needed relief to Dalal Street after the benchmark indices tumbled more than 2% last week, marking their worst weekly performance in four months, as escalating tensions between the US and Iran pushed crude oil prices sharply higher.
However, after nearly two weeks of military strikes, the US has reportedly paused its attacks since late Friday without explaining, raising questions over President Donald Trump’s next move. Iran’s military also said on Sunday that Tehran had suspended its military response.
The pause came as Iranian and Omani officials held talks on shipping through the Strait of Hormuz, raising hopes that the key oil transit route may avoid further disruptions.
It also revived expectations of renewed negotiations on an interim ceasefire agreement, which had largely been derailed by the recent escalation in hostilities.
Following these developments, crude oil prices gave up part of their recent gains, with Brent crude futures slipping below $89 per barrel. Last week, Brent briefly touched the $100-per-barrel mark and notched its third consecutive weekly gain.
June-quarter winners dominate market gains
After reporting better-than-expected June-quarter earnings, both KFin Technologies and Ramkrishna Forgings rallied 10.7% and 8%, respectively. Amid a sharp jump in trading volumes, CarTrade Tech shares surged 12.3% to ₹2,980 apiece.
Laurus Labs also reacted positively to its June-quarter results, ending the session with a strong gain of 7.2%. Extending its winning streak for the second consecutive session, TBO Tek advanced another 6.3% to ₹1,519 apiece. Atul, too, witnessed strong buying interest for the second straight day, climbing 6% to ₹6,799 apiece, its highest level in over a month.
Other gainers included Gabriel India, PVR INOX, Anant Raj, Gallantt Ispat, Lodha Developers, AU Small Finance Bank, Narayana Hrudayalaya, Kirloskar Oil Engines, Sapphire Foods India, Sai Life Sciences, SBI Cards and Payment Services, BEML, and Dr Lal PathLabs, all of which gained more than 4%.
Technology stocks also participated in the rally, with Netweb Technologies, Birlasoft, Oracle Financial Services Software, Infosys, and Firstsource Solutions rising between 3.35% and 5%. Among Tata Group companies, Tata Investment Corporation and Tejas Networks gained 2.75% and 3.5%, respectively.
