Market Commentary Quick Review News Details

Market extent gains for 2nd day; Nifty settles above 24,300

(30-Jul-26   16:01)

The domestic equity benchmarks ended a volatile session with moderate gains on Thursday, extending their winning run to a second consecutive trading session. Trading remained volatile due to the monthly Sensex derivatives expiry, while buying in auto, oil & gas, and consumer durables stocks supported the market despite weakness in realty, chemicals, and private bank shares. The Nifty settled above the 24,300 level.

As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 273.55 points or 0.35% to 77,928.15. The Nifty 50 index added 66.95 points or 0.28% to 24,317.15. In two consecutive trading sessions, the Sensex rose 1.51% while the Nifty advanced 1.38%.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 0.29% and the BSE 250 SmallCap Index fell 0.83%.

The market breadth was strong. On the BSE, 1,690 shares rose and 2,527 shares fell. A total of 200 shares were unchanged.

In the commodities market, Brent crude for Sep 2026 settlement shed 5 cents or 0.06% to $88.04 a barrel.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.6500 compared with its close of 95.7625 during the previous trading session.

New Listing :

Xtranet Technologies ended its debut session at Rs 124.80 on the BSE, a 1.73% discount to its issue price of Rs 127. The stock listed at Rs 130.10, a 2.44% premium, and traded between Rs 123.60 and Rs 136.60 during the session. More than 8 lakh shares changed hands on the BSE.

Lohia Corp closed at Rs 494.65, a 16.39% premium to its issue price of Rs 425. The stock debuted at Rs 460, up 8.24%, and touched an intraday high of Rs 508.50. It traded in the Rs 460-Rs 508.50 range, with over 15.38 lakh shares traded on the BSE.

Indo-MM settled at Rs 741.80, a 52.95% premium over its issue price of Rs 485. The stock listed at Rs 703, up 44.95%, and moved between Rs 701 and Rs 757.50 during the day. More than 97.38 lakh shares were traded on the BSE.

IPO Update:

Manipal Health Enterprises received bids for 4,04,67,775 shares as against 9,00,88,286 shares on offer, according to stock exchange data at 16:30 IST on Thursday (30 July 2026). The issue was subscribed 0.45 times. The issue will close on 31 July 2026. The price band is set at Rs 560 to Rs 590 per equity share.

MV Electrosystems received bids for 1,40,23,946 shares as against 39,87,491 shares on offer, according to stock exchange data at 16:30 IST on Thursday (30 July 2026). The issue was subscribed 3.52 times. The issue will close on 3 August 2026. The price band is set at Rs 400 to Rs 425 per equity share.

Juniper Green Energy received bids for 2,10,85,020 shares as against 5,89,16,709 shares on offer, according to stock exchange data at 16:30 IST on Thursday (30 July 2026). The issue was subscribed 0.36 times. The issue will close on 3 August 2026. The price band is set at Rs 214 to Rs 225 per equity share.

Buzzing Index:

The Nifty Auto index climbed 1.63% to 28,279.10. The index shed 0.06% in the past trading session.

Sona BLW Precision Forgings (up 6%), Exide Industries (up 3.91%), Hero MotoCorp (up 3.42%), TVS Motor Company (up 3.26%), Mahindra & Mahindra (up 1.92%), Maruti Suzuki India (up 1.72%), Eicher Motors (up 1.72%), Tata Motors Passenger Vehicles (up 1.33%), Bosch (up 1.18%) and Bajaj Auto (up 0.83%) advanced.

On the other hand, Tube Investments of India (down 3.51%) and Bharat Forge (down 0.31%) edged lower.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 1.56% after the company's consolidated net profit climbed 33.58% to Rs 5,454.54 crore on 27.8% increase in revenue from operations to Rs 58,187.57 crore in Q1 FY27 over Q1 FY26.

SML Mahindra hit the 20% upper circuit after its board approved the acquisition of Mahindra & Mahindra's Truck and Bus Division (MTBD) on a slump sale basis for Rs 525 crore, subject to working capital adjustments. The acquisition covers MTBD's employees, assets, intellectual property, licences, permits, contracts and liabilities as a going concern.

Syngene International slipped 3.28% after the company reported a weak performance for the quarter ended 30 June 2026 (Q1 FY27). The company reported a net loss of Rs 9 crore in Q1 FY27 after exceptional items, compared with a profit of Rs 87 crore in Q1 FY26. Before exceptional items, profit after tax fell 98.9% YoY to Rs 1 crore from Rs 87 crore. Revenue from operations declined 15.9% YoY to Rs 736 crore in Q1 FY27 from Rs 875 crore in the corresponding quarter last year.

Jagsonpal Pharmaceuticals advanced 2.93% after the company reported a 22.15% year-on-year increase in standalone net profit to Rs 13.18 crore for the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 10.79 crore in Q1 FY26. Revenue from operations grew 8.76% YoY to Rs 82.23 crore during the quarter from Rs 75.60 crore in Q1 FY26.

V-Guard Industries soared 4.73% after the company's consolidated net profit climbed 76.37% to Rs 130.25 crore in Q1 FY27 from Rs 73.85 crore in Q1 FY26. Revenue from operations increased 23.5% YoY to Rs 1,810.65 crore in Q1 FY27, reflecting broad-based growth across product categories and geographies.

Chalet Hotels fell 3.80% after the company's consolidated net profit tanked 57.60% to Rs 86.12 crore on 42.73% decrease in revenue from operations to Rs 512.27 crore in Q1 FY27 over Q1 FY26.

MTAR Technologies hit the 5% upper circuit after the company reported a sharp jump in earnings for the quarter ended 30 June 2026 (Q1 FY27). The company's profit after tax surged 364.8% year-on-year to Rs 50.2 crore in Q1 FY27 from Rs 10.8 crore in Q1 FY26. Revenue from operations soared 130.4% YoY to Rs 360.7 crore in Q1 FY27 from Rs 156.6 crore in the corresponding quarter last year.

Bajaj Housing Finance declined 1.18%. The company has reported 23% rise in net profit to Rs 715 crore on a 16% increase in net total income to Rs 1,175 crore in Q1 FY27 as compared with Q1 FY26. Net interest income (NII) rose by 9% to Rs 968 crore in Q1 FY27 from Rs 887 crore in Q1 FY26.

Redington surged 8.47% after the company reported record financial results for the quarter ended 30 June 2026 (Q1 FY27). The company's profit after tax jumped 76.6% year-on-year (YoY) to Rs 486 crore in Q1 FY27 from Rs 275.3 crore in Q1 FY26. Revenue from operations rose 34.6% YoY to Rs 34,922.5 crore in Q1 FY27 from Rs 25,952.0 crore in the corresponding quarter last year.

EFC (I) dropped 5.24%. The company's consolidated net profit jumped 52% to Rs 70.85 crore on a 29% rise in revenue from operations to Rs 282.88 crore in Q1 FY27 over Q1 FY26.

Hexaware Technologies tumbled 7.03% after the company reported its financial results for the quarter ended 30 June 2026 (Q2 CY26). The company's reported profit declined 13.0% year-on-year to Rs 330.2 crore in Q2 CY26 from Rs 379.7 crore in Q2 CY25. On a sequential basis, profit fell 6.1% from Rs 351.6 crore in Q1 CY26. Revenue increased 17.9% year-on-year to Rs 3,845.2 crore in Q2 CY26 from Rs 3,260.7 crore in Q2 CY25. On a sequential basis, revenue rose 6.4% from Rs 3,613.0 crore in Q1 CY26.

Balkrishna Industries (BKT) climbed 11.92% after the company reported a 50.47% jump in standalone net profit to Rs 432.10 crore for the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 287.17 crore in the corresponding quarter last year. Revenue from operations increased 24.79% YoY to Rs 3,444.70 crore during the quarter, driven by healthy volume growth and steady demand across key markets.

Jindal Drilling & Industries rallied 3.75% after the company secured a three-year contract from Oil and Natural Gas Corporation (ONGC) for the deployment of its offshore rig, Jindal Pioneer.

Global Markets:

European market advanced after euro zone economy grew by more than expected in the second quarter, expanding by 0.4% compared to forecasts of 0.2%, according to official data.

Asian market ended mixed on Thursday, nursing steep losses for the week on mounting investor jitters around the AI trade.

Further, a divided Federal Reserve kept interest rates steady, leaving bond markets questioning where rates are headed

In the commodity market, brent futures jumped $90 per barrel as fighting in the Middle East escalated, although data showed tankers continued to make their way out of the region despite the continued missile and drone strikes.

Overnight in the US, stocks tumbled for a myriad of reasons Wednesday, but mostly because the bond market signaled the Federal Reserve could be falling behind on the inflation fight as the central bank chose to keep interest rates unchanged.

The Dow Jones Industrial Average closed 1,153.18 points lower, or 2.19%, at 51,594.14 for its worst decline since April 2025. The S&P 500 slid 1.52% to end the day at 7,316.15. The Nasdaq Composite fell 1.74% to 24,442.94, ending the session more than 10% off its all-time high.

The Fed kept to the sidelines in its latest rate decision, and the bond market responded with the 10-year Treasury yield jumping 7 basis points to above 4.67%. The 30-year Treasury yield soared 10 basis points to above 5.2%, hitting its highest level since 2007.

In a post-meeting media conference, Fed Chair Kevin Warsh vowed to contain inflation but declined to offer any guidance on what action would be needed by ⁠the central bank.

Warsh noted that bond yields since the Fed's last monetary policy meeting had risen notably as investors have priced in interest rate increases. The Fed Chair welcomed that move, even while saying it did not mean the central bank needed to ratify it with action.

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