Nifty tops 24,350 as strong Q1 earnings, FII inflows lift market

Key equity benchmarks recovered from early losses to end higher on Friday, with the Nifty closing above the 24,350 mark. Auto and financial services stocks led the rally, while IT, FMCG and consumer durables shares came under pressure. The rebound was driven by strong June-quarter earnings from heavyweight companies and supported by renewed FII inflows, softer crude oil prices, positive global cues and a firmer rupee. Technically, the Nifty faces immediate resistance in the 24,367-24,530 zone.

The S&P BSE Sensex advanced 166.49 points or 0.21% to 78,094.64. The Nifty 50 index added 66.45 points or 0.27% to 24,383.60. In three consecutive sessions, the Sensex rose 1.73% while the Nifty gained 1.66%.

Bajaj Finance (up 8.32%), Mahindra & Mahindra (up 3.33%) and Reliance Industries (up 0.94%) boosted the Nifty higher today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.37% and the BSE 250 SmallCap Index advanced 0.44%.

The market breadth was strong. On the NSE, 2,067 shares rose and 1,252 shares fell. A total of 116 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 3.29% to 11.76.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.10% to 6.818 compared with the previous session close of 6.811.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.3650 compared with its close of 95.5050 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement shed 0.91% to Rs 1,41,934.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.22% to 100.20.

The United States 10-year bond yield rose 0.21% to 4.673.

In the commodities market, Brent crude for September 2026 settlement rose 34 cents or 0.38% to $89.37 a barrel.

Global Markets:

Dow Jones futures rose 334 points, signalling a positive start for Wall Street.

European shares advanced on Friday, extending the global rally after strong earnings from Amazon boosted investor sentiment.

Most Asian shares ended higher, tracking overnight gains on Wall Street. South Korea's battered market staged a record rebound, raising hopes that the recent selloff in AI-related stocks may be nearing an end.

The Bank of Japan left its benchmark interest rate unchanged at 1%, while warning that core inflation could exceed its 2% target. The decision was approved by an 8-1 vote, with board member Hajime Takata seeking a 25-basis-point rate hike to 1.25%.

China's factory activity unexpectedly contracted in July for the first time since February. The official manufacturing PMI fell to 49.2 from 50.3 in June, slipping below the 50-mark that separates expansion from contraction.

Brent crude for September 2026 settlement fell 95 cents, or 1.07%, to $88.08 a barrel.

Meanwhile, a drone strike on gas vessels at Egypt's Mediterranean port of Damietta signalled a potential new front in the U.S.-Iran conflict, raising concerns over shipping through the Suez Canal, a key route for global energy trade.

Wall Street ended sharply higher overnight, led by technology stocks after Microsoft issued a robust outlook that eased concerns over heavy AI-related spending.

The S&P 500 rose 1.66% to 7,437.63, the Nasdaq jumped 2.78% to 25,122.18, and the Dow Jones Industrial Average gained 1.19% to 52,208.06.

Microsoft surged more than 15%, adding about $450 billion in market value, after forecasting quarterly revenue and cloud growth above expectations. The company also reported lower-than-expected capital expenditure and said it expects to continue generating cash through fiscal 2027.

Stocks in Spotlight:

Swiggy fell 3.76% as investors booked profits after the stock rallied 17.70% over the previous four trading sessions. The company had reported a narrower quarterly loss and strong revenue growth for Q1 FY27 a day earlier. Its consolidated net loss narrowed to Rs 791 crore in Q1 FY27 from Rs 1,197 crore in Q1 FY26. Sequentially, the loss narrowed from Rs 800 crore in Q4 FY26. Adjusted revenue increased 34.0% YoY and 6.7% QoQ to Rs 7,112 crore, while revenue from operations rose 37.3% YoY and 6.7% QoQ to Rs 6,812 crore.

Tata Steel rose 1.64% after the company reported 18.8% increase in consolidated net profit to Rs 2,385 crore on a 14.3% rise in revenue from operations to Rs 60,794 crore in Q1 FY27 as compared with Q1 FY26.

Bajaj Finserv (BFS) jumped 6.37% after the company reported a 12.31% increase in consolidated net profit to Rs 3,132.35 crore for the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 2,789.05 crore in Q1 FY26. Revenue from operations rose 19.13% YoY to Rs 42,036.90 crore in Q1 FY27.

Data Patterns (India) dropped 4.28% after the company reported a 13.49% decline in standalone net profit to Rs 22.06 crore in Q1 FY27 as against Rs 25.50 crore in Q1 FY26. Revenue from operations rose 16.82% year on year (YoY) to Rs 116.03 crore in the quarter ended 30 June 2026.

Madhav Infra Projects slipped 2.86% after the company reported a 16.44% decline in consolidated net profit to Rs 6.25 crore in Q1 FY27 as against Rs 7.48 crore in Q1 FY26. Revenue from operations rose 0.94% year on year (YoY) to Rs 88.37 crore in the quarter ended 30 June 2026.

Astra Microwave Products surged 7.54% after the company said it had secured an order worth Rs 2,205.23 crore from Hindustan Aeronautics for the procurement of critical systems for the Uttam Radar programme. The company has received an order to supply 122 Advanced Array Assembly Units (AAAU) and 121 Interface Frames for the Uttam Radar. The order value of Rs 2,205.23 crore is inclusive of all applicable taxes and GST.

63 Moons Technologies climbed 11.76% after the MPID Court, Mumbai, approved the release of attached assets to facilitate the One-Time Settlement (OTS) between National Spot Exchange (NSEL) and specified creditors.

The MPID Court, constituted under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, oversees assets attached under the Act. The settlement aims to resolve long-pending claims arising from the 2013 NSEL payment crisis. It involved a payment default of about Rs 5,600 crore after irregularities in commodity contracts came to light.

EMS climbed 6.64% after the company received a Letter of Intent (LoI) from the Delhi Jal Board for a sewerage infrastructure project worth approximately Rs 158.29 crore.

Sanghvi Movers tanked 5.52% after the company's consolidated net profit declined 5.13% quarter on quarter to Rs 65.25 crore in Q1 FY27 from Rs 68.78 crore in Q4 FY26. However, revenue from operations rose 8.03% QoQ to Rs 379.66 crore in Q1 FY27 from Rs 351.45 crore in Q4 FY26.

Aether Industries rallied 4.64% after the company reported a 33.45% jump in consolidated net profit to Rs 62.74 crore for the quarter ended 30 June 2026 (Q1 FY27), compared with Rs 47.02 crore in the corresponding quarter last year. Revenue from operations grew 27.25% YoY to Rs 326.55 crore during the quarter, supported by the growth in Contract Exclusive Manufacturing (CEM) contracts and price-led demand in the Large Scale Manufacturing (LSM) business.

IPO Update:

Manipal Health Enterprises received bids for 44,19,76,950 shares as against 9,00,88,286 shares on offer, according to stock exchange data at 18:24 IST on Friday (31 July 2026). The issue was subscribed 4.91 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 4,51,07,868 shares as against 39,87,491 shares on offer, according to stock exchange data at 18:24 IST on Friday (31 July 2026). The issue was subscribed 11.31 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 2,73,89,736 shares as against 5,89,16,709 shares on offer, according to stock exchange data at 18:24 IST on Friday (31 July 2026). The issue was subscribed 0.46 times. The issue will close on 3 August 2026. The price band is set at Rs 214 to Rs 225 per equity share.

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