Indian equity benchmarks wrapped up July 28 on a subdued note, with the Sensex ending at 76,765.92—down 69.86 points or 0.09%—and the Nifty 50 closing at 23,987.60, off by 8.35 points or 0.03%. The indices mostly hovered near the flatline throughout the session, as investors digested a flurry of Q1 earnings and navigated F&O expiry pressures.
IT Stocks Outperform as Broader Markets Stay Rangebound
While the overall market was muted, the IT sector emerged as a clear winner. The Nifty IT index surged 3%, bucking the trend of a global chipmaker selloff. Coforge and Mphasis led the gains, with tech majors Infosys and TCS also rallying 2–3% as easing US Fed rate-hike fears gave tech stocks a leg up. Indian IT is increasingly being viewed as a defensive bet amid global uncertainties around artificial intelligence and semiconductor volatility.
One of the standout performers on the earnings front was Happiest Minds, which posted an 18.3% year-on-year jump in net profit for Q1, rising to Rs 67.6 crore from Rs 57.1 crore. Revenue for the quarter grew by 14%. Another highlight was Bharat Electronics, which reported an 8.7% increase in profit to Rs 1,054.3 crore and a notable 25% surge in revenue.
Mixed Results and Market Movers
On the flip side, Hindustan Unilever (HUL) saw its Q1 net profit slip 3% to Rs 2,673 crore, despite delivering double-digit revenue growth. Meanwhile, in the banking sector, City Union Bank’s net interest margin widened to 3.78% from 3.54% in the same period last year, while Bank of Baroda shares fell 1% after Q1 PAT dropped 48% to Rs 1,783 crore—largely due to a one-time payout related to the NMC Group case.
The broader market was more upbeat, with the Nifty Midcap 100 advancing 1.14% and the Nifty Smallcap 100 up 1.26%. Tata Consumer Products climbed 1.82% to Rs 1,108.45, boosted by higher volumes, while CCL Products India posted its biggest price jump in seven weeks, trading at Rs 1,206.30, up Rs 31.20.
Despite a narrowing rainfall deficit providing some comfort on the inflation front and the rupee strengthening by 68 paise to 95.89 per dollar, global cues remained mixed. Analysts say that for the Nifty to sustain further gains, it must decisively hold above the 24,000 mark. As of now, market participants remain cautiously optimistic, keeping a close watch on upcoming earnings and macro triggers.
