The Indian stock market closed higher, with key indices making notable gains. Financial stocks and Reliance Industries pulled the market up, with the Nifty 50 approaching the 19,800 mark.

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The broader markets outperformed, and the Nifty Bank managed to break its three-day losing streak, gaining 217 points to reach 46,062. The Midcap Index also saw an upward trend, rising 162 points to close at 37,050.

The benchmark BSE Sensex surged by 351 points, settling at 66,707, while the Nifty 50 jumped 97 points to close at 19,778.

The top performers on the Nifty today were L&T, ITC, Britannia Industries, Cipla, and Sun Pharma driving significant gains. Conversely, Bajaj Finance, M&M, Bajaj Finserv, Tech Mahindra, and Apollo Hospitals registered losses.

In terms of sectors, Capital Goods, FMCG, and realty each saw a rise of 1 percent.

Expert view

"Indian markets remained flat for the week and continued their consolidation (sector rotation being the only theme) at current levels and under-performing regional markets. Infosys drove the IT space lower as it materially reduced guidance and put a cap on the overall rally in IT. US markets continued to rally going into the Fed meeting tonight, wherein it is expected that post the 25bps hike the fed will stop putting and end to a record pace of rate hikes. Last inflation print of 3 percent also would drive the pause in rate hikes. Within India – Results season is in full steam with Autos materially beating estimates on easing RM prices," said Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services.

"Nifty closed in positive territory led by buying in select heavyweights. The index closed with gains of 93 points at 19774 levels. Broader markets too followed suit and witnessed buying interest. All sectors ended in the green, except for Consumer Durables. FMCG, PSU Bank, Realty, and Oil & Gas were top gainers. After three days of consolidation, the market is witnessing buying at lower levels. Further, a lower VIX is also supporting the bullish sentiments. Now all eyes will be on the US FOMC meeting, where another rate increase is expected. Fed’s commentary will also be important, as this would provide some cues towards the Fed's stance going forward. Domestically, monthly FNO expiry along with a slew of corporate earnings, could keep the market a bit volatile," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Also read: Stock Market Live: Sensex, Nifty 50 off highs, L&T up 4%, oil, gas shares lead

First Published:Jul 26, 2023 3:53 PM IST