Sensex surges 889 points to 77,654 as IT, FMCG stocks power rally
Synopsis
Indian equities posted their sharpest single-session gain in recent weeks on 29 July, with the Sensex adding 889 points and the Nifty reclaiming 24,250 — even as Asian markets slid on AI-driven tech selling and crude stayed elevated on Middle East tensions. The Nifty now stands at the doorstep of its 200-day EMA, making the next session a potential inflection point for the broader trend.
Key Takeaways
Sensex surged 889 points to close at 77,654.60 on 29 July , a gain of 1.16% .
Nifty50 advanced 265 points to settle at 24,250.20 , up 1.10% .
Hindustan Unilever , Infosys , Trent , and Tata Steel were the top Sensex gainers; M&M , Power Grid , and NTPC were the key laggards.
Nifty SmallCap outperformed with a gain of 1.48% ; Nifty MidCap rose 0.82% .
The 24,300–24,400 zone, aligned with the 200-day EMA , is the immediate resistance band analysts are watching.
The BSE Sensex surged 889 points, or 1.16%, to close at 77,654.60 on Wednesday, 29 July, as broad-based buying in information technology, FMCG, and metal stocks drove one of the sharpest single-session gains in recent weeks. The Nifty50 advanced 265 points, or 1.10%, to settle at 24,250.20, reclaiming a psychologically significant threshold.
What Drove the Rally
Market analysts attributed the rebound to a combination of strong corporate earnings, sustained institutional buying in heavyweight IT stocks, and a firmer rupee. According to analysts, these tailwinds supported investor sentiment even as Asian markets extended an AI-driven technology sell-off and elevated Middle East tensions kept crude oil prices near recent highs.
Among Sensex constituents, Hindustan Unilever, Infosys, Trent, and Tata Steel emerged as the top gainers. On the losing side, Mahindra and Mahindra, Power Grid, and NTPC ended lower. Sectorally, the Nifty IT, Nifty Metal, and Nifty FMCG indices led gains, while Nifty Realty and Nifty Auto underperformed relative to the broader market.
Broader Market Performance
The rally was not confined to large-caps. The Nifty MidCap index closed 0.82% higher, while the Nifty SmallCap index outperformed with a gain of 1.48%, signalling broad-based risk appetite across market segments.
Technical Outlook and Key Levels
Analysts noted that the 24,300–24,400 zone — which also aligns with the 200-day Exponential Moving Average (EMA) — remains the immediate resistance band for the Nifty. 'A decisive close above this region would confirm a bullish breakout and could pave the way for an advance towards the 24,400–24,500 zone,' a market expert said.
On the options front, the highest Call Open Interest is positioned at 24,300, extending further towards the 24,500–25,600 strikes, making the 24,300–24,400 zone a critical breakout hurdle. Analysts broadly assessed the near-term technical outlook as having turned bullish.
What to Watch Next
With the Nifty now pressing against its 200-day EMA resistance, a sustained close above 24,400 would be the clearest signal of a trend reversal. Investors are also watching global cues — particularly any escalation in Middle East tensions and the trajectory of crude oil prices — which could offset domestic earnings momentum in the sessions ahead.
Point of View
But it also reflects thin liquidity conditions where a burst of institutional buying can move indices sharply without a genuine sentiment shift. The Nifty is now pressing its 200-day EMA — a level it has failed to hold on multiple attempts this year. Whether this is a breakout or another false dawn will be settled in the next two to three sessions, not by today's close.
NationPress
29 Jul 2026
Frequently Asked Questions
Why did the Sensex jump 889 points on 29 July?
The Sensex gained 889 points to close at 77,654.60 on 29 July, driven by strong buying in IT, FMCG, and metal stocks. Analysts cited robust corporate earnings, a firmer rupee, and sustained institutional interest in heavyweight IT names as the primary catalysts.
Which stocks were the top gainers on Sensex today?
Hindustan Unilever, Infosys, Trent, and Tata Steel were the top gainers on the Sensex. Nifty IT, Nifty Metal, and Nifty FMCG indices led sectoral gains on the day.
What is the key resistance level for Nifty now?
Analysts have identified the 24,300–24,400 zone as the immediate resistance band, which also aligns with the 200-day Exponential Moving Average (EMA). A decisive close above this region is seen as a potential trigger for a move towards 24,400–24,500.
How did the broader market perform on 29 July?
The broader market also rallied, with the Nifty SmallCap index outperforming at a gain of 1.48% and the Nifty MidCap index rising 0.82%, reflecting wide risk appetite across market segments.
Which sectors underperformed despite the overall rally?
Nifty Realty and Nifty Auto underperformed relative to the broader market, posting relatively muted gains compared with IT, FMCG, and metal sectors.
