The Indian stock market is back on an upward trajectory, with both the Sensex and Nifty indices reaching close to record highs. On Friday, July 26, 2024, the stock market closed at its highest level, buoyed by significant gains in blue-chip stocks and a recovering Indian rupee against the dollar.
Market Performance on July 26, 2024
The Sensex surged by 1292.92 points, closing at 81,332.72, marking a 1.62% increase. Similarly, the Nifty index rose by 443.80 points, or 1.82%, to close at 24,849.90. This marked a remarkable recovery from the declines witnessed post-Union Budget announcement. The market opened with a slight rise in the morning and gained momentum throughout the session.
Blue-Chip Stocks Leading the Charge
The resurgence in the stock market was significantly driven by gains in shares of prominent blue-chip companies like TCS, Infosys, and Reliance Industries. These companies’ positive performances injected much-needed momentum into the market.
Sector-Wise Performance
All sectors traded in the green on this buoyant trading day. Key sector indices saw impressive gains:
Top Gainers and Losers
Nifty Top Gainers:
Nifty Top Losers:
Sensex Top Performers:
Sensex Top Loser:
Rupee’s Recovery Against the Dollar
The Indian rupee also showed signs of recovery. After opening at 83.72 in the interbank foreign exchange market, it touched an intra-day high of 83.69 and a low of 83.73 against the dollar, finally closing at 83.72. This marked a 6 paise gain from its previous close. On the preceding day, the rupee had fallen 7 paise, closing at an all-time low of 83.78 against the US dollar.
The robust performance of the stock market on July 26, 2024, highlights the resilience and potential of the Indian economy. With blue-chip stocks leading the way and sectoral indices reflecting broad-based growth, investor sentiment has been significantly boosted. The recovery of the rupee against the dollar further adds to the positive outlook. As the market inches closer to record highs, it will be crucial to monitor these trends and the factors driving them for future investment decisions.