Markets opened sharply higher on Wednesday, with the Sensex rising 657.51 points, or 0.86 per cent, to 77,423.43 in early trade, after closing at 76,765.92 on Tuesday.The Nifty 50 opened at 24,176.65 and was trading at 24,180.45, up 195.10 points or 0.81 per cent, recovering from its previous close of 23,985.35.The gains were led by IT, consumer and telecom stocks, even as global investors waited for the U.S. Federal Reserve's interest rate decision later in the day.On the Nifty 50, Larsen & Toubro (L&T) was the top gainer, rising 2.90 per cent to ₹3,943 from its previous close of ₹3,832. Infosys advanced 2.47 per cent to ₹1,133 against its previous close of ₹1,105.70, continuing the IT sector's outperformance for a second straight session.Hindustan Unilever climbed 1.94 per cent to ₹2,062 from ₹2,022.70, while Bharti Airtel rose 1.60 per cent to ₹1,932.20 from ₹1,901.80. Bajaj Finance added 1.46 per cent to ₹1,063.70 against a previous close of ₹1,048.40.On the losing side, IndiGo fell 0.70 per cent to ₹5,233.50 from its previous close of ₹5,270.50. Asian Paints declined 0.46 per cent to ₹2,723.60 from ₹2,736.20, and Coal India slipped 0.38 per cent to ₹408.60 from ₹410.15. Power Grid shed 0.37 per cent to ₹284.25 from ₹285.30, while Titan eased 0.16 per cent to ₹4,842 from its previous close of ₹4,849.70.Both domestic and foreign institutions supported the market in Tuesday's session. Domestic Institutional Investors (DIIs) net bought shares worth ₹1,664.16 crore, while Foreign Institutional Investors (FIIs) turned net buyers, investing ₹755.33 crore in the cash segment.Sachin Gupta, VP – Technical Research at Choice Equity Broking, noted: "...easing volatility and steady domestic institutional buying continue to support sentiment..."Industrial output data added to the positive backdrop. India's Index of Industrial Production (IIP) grew 7.3 per cent in June, taking Q1 FY26 growth to 5.8 per cent, driven by double-digit expansion in electrical equipment, motor vehicles, textiles, food products and non-metallic mineral products.Ms. Rajani Sinha, Chief Economist at CareEdge Ratings, said: "...strong growth of 14 per cent in capital goods in Q1 FY27 could reflect steady investment activity in the economy against an uncertain global economic backdrop..." She cautioned, however, that "...the uncertain global environment and high input prices will continue to pose a risk for the industrial sector..."Global cues were mixed. The Dow Jones Industrial Average gained 537 points on earnings from Coca-Cola and Sherwin-Williams, while the Nasdaq slipped 0.22 per cent for the fourth consecutive session as semiconductor stocks continued to weigh.Apple briefly crossed a $5 trillion market capitalisation to reclaim its position as the world's most valuable company, surpassing Nvidia. South Korea's SK Hynix reported a 557 per cent jump in quarterly profit on AI memory chip demand but missed estimates, with its stock trading 10 per cent lower.The Kospi fell around 6 per cent and Japan's Nikkei dropped around 1 per cent.Brent crude prices surged after Houthi attacks on Saudi-linked tankers in the Bab al-Mandeb strait disrupted Red Sea shipping, reversing a three-day decline and reviving inflation concerns.WTI crude climbed back to around $82 per barrel.Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, said: "...big conviction buys by the FIIs need clarity on the trajectory of the crude price and progress of the monsoon..." He added that "...the Fed's expected policy of holding rates is unlikely to impact the Indian market since it is already discounted by the market..."On the monsoon front, improvement in kharif sowing data in recent weeks was described as a positive development, though analysts said it was too early to assess the full impact on rural demand.Rajesh Palviya, Head of Research at Axis Direct, pointed out that "...a decisive move above the 24,100–24,150 resistance band, which coincides with the 20-day moving average, could pave the way towards 24,400..." On the downside, he noted that "...a breach below 23,880 may trigger profit booking towards 23,725..."Shrikant Chouhan, Head of Equity Research at Kotak Securities, advised: "...fresh buying should be considered selectively on declines toward the 23,800–23,700 support area, where the risk-reward profile appears more favorable..."The Indian rupee appreciated for the third consecutive session, rising 6 paise to close at ₹95.85 on Tuesday, supported by lower imported commodity prices and steady dollar supply from banks.Published on July 29, 2026