Equities Rally On Earnings; Rupee Gains Despite Higher Oil

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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India Shares rise

By Tresha Dias

July 29, 2026 at 12:18 PM IST

Indian equities rallied on Wednesday as strong corporate earnings outweighed the drag from a renewed jump in crude oil prices, with investors also positioning ahead of the U.S. Federal Reserve's policy decision later in the day. The Sensex climbed 888.68 points, or 1.16%, to 77,654.60, while the Nifty50 advanced 264.85 points, or 1.10%, to close above 24,250.

The rally broadened beyond the benchmark indices despite Brent crude rebounding more than 4% to nearly $88 a barrel. The BSE MidCap 150 and SmallCap 250 indices rose 0.78% and 1.47%, respectively, while the India VIX fell 4.41% to 12.01, signalling easing near-term volatility. Technology and metal stocks led gains after a series of upbeat quarterly earnings, while foreign fund inflows and positive global cues added support.

The rupee settled at 95.6475 per dollar, up 0.2% on the day, after touching an intraday high of 95.49, its strongest level since July 10. Brent crude rose more than 3.5% to $87.10 a barrel as tensions in West Asia escalated following joint US-Saudi strikes in Iraq and the interception of Iranian ballistic missiles aimed at US forces in the region.

The yield on the 10-year benchmark government bond 6.94%, 2036 ended at 6.7964%, compared with 6.7774% at the previous close. Traders also trimmed bond holdings ahead of the 340-billion-rupee auction later this week, where the government will sell the benchmark 10-year security.

Top Movers of the day

PCBL Chemical shares surged 15.58% or ₹49.60 to close at ₹368. The stock was among the top gainers after investors reacted positively ahead of the company’s board meeting scheduled to consider its June-quarter (Q1 FY27) financial results and an interim dividend, with buying interest also supported by strong trading volumes.

Kaynes Technology advanced 13.24% or ₹427.30 to ₹3,655. The stock witnessed strong buying. The move appeared to be driven by strong market interest in the electronics manufacturing services (EMS) space.

Paradeep Phosphates jumped 12.49% or ₹17.39 to ₹156.60 after reporting strong June-quarter earnings. The company posted a 24% year-on-year rise in consolidated net profit to ₹392.5 crore, while revenue from operations increased to ₹6,124.3 crore, boosting investor sentiment.

Firstsource Solutions climbed 11.57% or ₹30.43 to ₹293.49. The stock witnessed heavy buying and emerged as a volume gainer.

Swiggy rose 6.72% or ₹18.03 to ₹286.50 after its quarterly results, with investors responding positively to the company’s earnings update. The results-led buying helped lift the stock during the session.

Honeywell Automation gained 7.17% to ₹40,105.00. The stock advanced ₹2,690. The stock extended its gains after hitting a fresh 52-week high, reflecting sustained investor buying.

CG Consumer advanced 7.11% or ₹17.60 to ₹265. The stock recorded a sharp rise amid unusually high trading volumes.

Craftsman Automation added 6.90% or ₹641 to ₹9,931. The stock climbed to a fresh all-time high (ATH), supported by continued buying momentum.

Newgen Software rose 6.99% or ₹36.75 to ₹562.20. The stock attracted strong buying interest and featured among the session’s volume gainers.

Sonata Software gained 6.80% or ₹20.25 to close at ₹317.90. The stock rallied on strong volumes.

Inox Green Energy Services fell 6.05% to ₹182.90, making it one of the session’s steepest losers. The decline appeared to be driven by heavy profit booking.

City Union Bank dropped 3.42% to ₹230 amid selling pressure in banking stocks.

Futures & Options
The Nifty August 2026 futures contract settled at 24,303, a premium of 52.80 points to the Nifty 50 cash index, which rose 264.85 points, or 1.10%, to 24,250.20. The higher premium indicated traders maintained a positive near-term outlook after benchmark indices posted strong gains.

Market volatility eased further, with the NSE India VIX falling 4.41% to 12.01, reflecting reduced demand for downside protection. Infosys, Asian Paints and KPIT Technologies were the most actively traded individual stock futures on the NSE. The August 2026 F&O series expires on August 25.

Bonds
The yield on the 10-year benchmark 6.94%, 2036 government bond ended at 6.7964%, compared with 6.7774% at the previous close.Traders also trimmed bond holdings ahead of the 340-billion-rupee auction later this week, where the government will sell the benchmark 10-year security. Selling by foreign portfolio investors in the previous session added to the cautious sentiment. FPIs closed around 11 billion rupees of gilts through the fully accessible route on Tuesday.

Traders were reluctant to build fresh positions amid fears of further overseas selling ahead of the US Federal Reserve's policy decision. While the Federal Open Market Committee is widely expected to leave interest rates unchanged, the market will closely watch the Fed's commentary for clues on the future policy path.

Forex
The Indian rupee strengthened to a near three-week high today, supported by a rally in domestic equities, likely dollar-selling intervention by the Reserve Bank of India, and traders unwinding bearish positions ahead of the US Federal Reserve's policy decision. The rupee settled at 95.6475 per dollar, up 0.2%, after touching an intraday high of 95.49, its strongest level since July 10.

Brent crude rose more than 3.5% to $87.10 a barrel as tensions in West Asia escalated following joint US-Saudi strikes in Iraq and the interception of Iranian ballistic missiles aimed at US forces in the region. Investors also awaited the Federal Reserve's policy decision later in the day, with markets pricing in around a 30% chance of a 25-basis-point rate hike. Reflecting the uncertainty, one-month implied rupee volatility rose to 5.4%, near a two-week high.

Crypto
The cryptocurrency market traded higher today. Bitcoin traded near $63,882.29, up 0.96%, after recovering from the previous session's sharp decline that briefly dragged the cryptocurrency from almost $64,900 to around $63,200.

Investors remained cautious ahead of the Federal Reserve's interest rate decision later in the day, while prices stabilised after a sharp sell-off in Asian semiconductor stocks weighed on broader risk sentiment earlier this week. The rebound helped Bitcoin regain ground above the $63,800 level, with its market capitalisation standing at $1.28 trillion and 24-hour trading volume at $23.65 billion.

Ethereum outperformed the broader market, rising 1.37% to $1,902.70 after reclaiming the key $1,900 level. The cryptocurrency's market capitalisation stood at $229.62 billion, while 24-hour trading volume reached $11.42 billion, as buying interest returned across major digital assets.

US Stock Futures
US stock futures were mixed today as investors monitored rising oil prices and awaited the Federal Reserve's interest rate decision later in the day. S&P 500 futures rose 0.18%, while Nasdaq-100 futures slipped 0.11%, reversing earlier gains. Dow futures were up 35 points, hovering just above the flatline.

Oil prices climbed after US Central Command said Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles at US forces in West Asia, with the missiles successfully intercepted. West Texas Intermediate crude futures rose about 3.7% to around $82 a barrel. Investors also awaited the Federal Reserve's policy decision with futures markets pricing in a nearly 70% probability that the central bank will keep interest rates unchanged at 3.5%-3.75%.

US Treasury Notes
US Treasury note yields were little changed today, with the benchmark 10-year yield holding around 4.62% as investors awaited the Federal Reserve's policy decision later in the day. The two-year and five-year note yields rose 2 basis points and 1 basis point to 4.31% and 4.39%, respectively, as markets continued to price in about a one-third chance of a 25-basis-point rate hike.

While policymakers are mostly expected to leave interest rates unchanged, traders assigned around an 80% probability of a rate hike in September, reinforcing expectations that borrowing costs could remain elevated. Rebounding oil prices and renewed hostilities in West Asia also kept inflation concerns in focus after the US military said it had intercepted what it described as an Iranian attack targeting US forces in the region.

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