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Informist, Wednesday, Jul. 29, 2026

 

By Gopika Balasubramanium

 

MUMBAI – The benchmark equity indices ended sharply higher Wednesday, outperforming most of their Asian peers which have been seeing a persistent sell-off in artificial intelligence stocks with traders growing more and more anxious about valuations, rise in competition, and heavy spending. Small-cap indices outperformed both the headline and mid-cap indices. Barring the index tracking real estate companies, all key sectoral indices ended higher.

South Korea's KOSPI fell 6% as traders offloaded stocks tied to chipmaking and technology. South Korea's government is due to hold an emergency meeting later in the day to discuss the situation in the equity market as the sell-off has wiped out billions of dollars of investors. The meeting, hosted by Finance Minister Koo Yun Cheol, will involve all of the country's top financial authorities, Bloomberg reported Yoo Dong-soo, a lawmaker with the governmet, as saying.

 

Some analysts said India is a viable bet against the AI trade, given its limited exposure to pure artificial intelligence companies. Information technology stocks got traction for the fourth session in a row, with the Nifty IT rising 9% in this period. Wednesday, all the stocks in the Nifty IT index, barring Mphasis, closed higher. Infosys rose 4.5% and was the top gainer, followed by HCL Technologies, Tata Consultancy Services, and Wipro, which were up 1-2%. Mid-cap IT firms such as Coforge, LTM, and Persistent Systems also rose.

 

"India is a hedge against the ongoing AI-based sell-off in Asia as it is a well-diversified market available against the concentrated AI-related trades in (South) Korea and Taiwan," Sunny Agrawal, head of fundamental research at SBI Securities, said. Agrawal believes the June quarter earnings so far have been largely in line with expectations or even better than expected, especially in small- and mid-cap companies.  

 

Wednesday, the Nifty 50 closed at 24250.20 points after rising 264.85 points, or 1.1%. The 50-stock index rose as high as 24283.55 points during the session. Tuesday analysts had forecast an immediate resistance of 24050 points, which the index has gone well past. Only 12 Nifty 50 stocks ended in the red. The BSE Sensex ended at 77654.60, up 888.68 points or 1.2%.

 

Reactions to the June quarter earnings dominated stock movements Wednesday. Adani Ports and Special Economic Zone fell 3% to end at INR 1,719.70. The stock fell despite the company reporting better-than-expected earnings and a year-on-year rise in both net profit and sales. The company maintained its earnings before interest, tax, depreciation, and amortisation guidance of INR 250 billion-INR 260 billion for the financial year 2026-27 (Apr-Mar). However, its India container cargo market share fell to 44.8% in June quarter from 45.2% a year ago.

 

Among others, Swiggy ended over 7% higher. The delivery app stock was up for the third straight session and has risen 14% in this period. KPIT Technologies rose 6?spite the company missing the Street's estimates for top line and bottom line. The profit also fell on year. The company's margin shrank substantially from the trailing quarter. However, its revenues from the US and Europe rose on year.

 

Jammu & Kashmir Bank closed 13% lower and was the worst-hit in the Nifty 500. This was after the bank's net profit was the lowest in 17 quarters on higher expenses and a rise in provisions. The state-owned bank's net profit for the June quarter fell almost 13% on year to INR 4.24 billion. Sequentially, the bottom line declined 47%. PCBL Chemical rose around 15% and ended at INR 365.70 apiece. This was after the company reported a 15% year-on-year rise in net profit and 14% increase in sales.

 

Mahindra & Mahindra ended 1.5% lower and was the second worst-hit Nifty 50 stock. This was after the company's board approved the sale of its truck and bus division to listed subsidiary SML Mahindra for INR 5.25 billion. The transaction makes way for the automobile major to create a unified truck and bus business under SML Mahindra, in which it had acquired 58.97% stake from Sumitomo Corp. and Isuzu Motors Ltd. a year ago. The listed subsidiary hit the 20% upper circuit and ended at INR 4,566.

 

* Of the Nifty 50 stocks, 38 rose, 12 fell

* Of the Sensex stocks, 24 rose, 6 fell

* On the NSE, 2,591 stocks rose, 1,655 fell, and 192 were unchanged

* On the BSE, 2,130 stocks rose, 1,183 fell, and 128 were unchanged
* Nifty IT: up 2.3%; Nifty Metal: up 2.3%; Nifty Realty: 0.3%

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BSE                                            NSE

Sensex: 77654.60, up 888.68  points or 0.1%    Nifty 50: 24250.20, up 264.85 points, or 1.1%

 

S&P BSE Sensitive Index	Nifty 50
Lifetime High: 86159.02 (Dec. 1, 2025)	: Lifetime High: 26373.20 (Jan. 5, 2026)
Record Close High: 85836.12 (Sept. 26, 2024)	: Record Close High: 26328.55 (Jan. 2, 2026)
2026 1st day close: 85188.60 (Jan. 1)	: 2026 1st day close: 26146.55 (Jan. 1)
2026 Closing High: 85762.01 (Jan. 2)	: 2026 Closing High: 26328.55 (Jan. 2)
2026 Closing Low: 71947.55 (Mar. 30)	: 2026 Closing Low: 22331.40 (Mar. 30)
2026 High (intraday): 85883.50 (Jan. 5)	: 2026 High (intraday): 26373.20 (Jan. 5)
2026 Low (intraday): 71545.81 (Apr. 1)	: 2026 Low (intraday): 22182.55 (Apr.2)
2025 1st day close: 78507.41 (Jan. 1)	: 2025 1st day close: 23742.90 (Jan. 1)
2025 Closing High: 85720.38 (Nov. 27)	: 2025 Closing High: 26215.55 (Nov. 27)
2025 Closing Low: 72989.93 (Mar. 4)	: 2025 Closing Low: 22082.65 (Mar. 4)
2025 High (intraday): 86159.02 (Dec. 1)	: 2025 High (intraday): 26325.80 (Dec.1)
2025 Low (intraday): 71425.01 (Apr. 7)	: 2025 Low (intraday): 21743.65 (Apr. 7)
2024 1st day close: 72271.94 (Jan. 1)	: 2024 1st day close: 21741.90 (Jan. 1)
2024 Closing High: 85836.12 (Sept. 26)	: 2024 Closing High: 26216.05 (Sept. 26)
2024 Closing Low: 70370.55 (Jan. 23)	: 2024 Closing Low: 21238.80 (Jan. 23)
2024 High (intraday): 85978.25 (Sep. 27)	: 2024 High (intraday): 26277.35 (Sept. 27)
2024 Low (intraday): 70001.60 (Jan. 24)	: 2024 Low (intraday): 21137.20 (Jan. 24)
2023 1st day close: 61167.79 (Jan. 2)	: 2023 1st day close: 18197.45 (Jan. 2)
2023 Closing High: 72410.38 (Dec. 28)	: 2023 Closing High: 21778.70 (Dec. 28)
2023 Closing Low: 59288.35 (Feb. 27)	: 2023 Closing Low: 17311.80 (Oct. 17)
2023 High (intraday): 72484.34 (Dec. 28)	: 2023 High (intraday): 21801.45 (Dec. 28)
2023 Low (intraday): 58699.20 (Jan. 30)	: 2023 Low (intraday): 17098.55 (Jan. 17)
2022 1st day close: 59183.22 (Jan. 3)	: 2022 1st day close: 17625.70 (Jan. 3)
2022 Closing High: 63284.19 (Dec. 1)	: 2022 Closing High: 18812.50 (Dec. 1)
2022 Closing Low: 51360.42 (Jun. 17)	: 2022 Closing Low: 15293.50 (Jun. 17)
2022 High (intraday): 63583.07 (Dec. 1)	: 2022 High (intraday): 18887.60 (Dec. 1)
2022 Low (intraday): 50921.22 (Jun. 17)	: 2022 Low (intraday): 15183.40 (Jun. 17)
2021 Closing High: 61305.95 (Oct. 14)	: 2021 Closing High: 18338.55 (Oct. 14)
2021 Closing Low: 46285.77 (Jan. 29)	: 2021 Closing Low: 13634.60 (Jan. 29)
2021 High (intraday): 61353.25 (Oct. 14)	: 2021 High (intraday): 18350.75 (Oct. 14)
2021 Low (intraday): 46160.46 (Jan. 29)	: 2021 Low (intraday): 13596.75 (Jan. 29)
2020 Closing High: 47751.33 (Dec. 31)	: 2020 Closing High: 13981.95 (Dec. 30)
2020 Closing Low: 25981.24 (Mar. 23)	: 2020 Closing Low: 7610.25 (Mar. 23)
2020 High (intraday): 47896.97 (Dec. 31)	: 2020 High (intraday): 14024.85 (Dec. 31)
2020 Low (intraday): 25638.90 (Mar. 24)	: 2020 Low (intraday): 7511.10 (Mar. 24)
2019 High (intraday): 41809.96 (Dec. 20)	: 2019 High (intraday): 12293.90 (Dec. 20)
2019 Low (intraday): 35287.16 (Feb. 19)	: 2019 Low (intraday): 10583.65 (Jan. 29)
2018 High (intraday): 38938.91(Aug. 28))	: 2018 High(intraday): 11760.20 (Aug. 28)
2018 Low (intraday): 32483.8 (Mar. 23)	: 2018 Low (intraday): 9951.9 (Mar. 23)
2017 High (intraday): 34005.37 (Dec. 26)	: 2017 High(intraday): 10515.10 (Dec. 26)

 

End

 

US$1 = INR 95.64

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Rajeev Pai

 

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