The indices held above the 20-day simple moving average through the session, a technically positive signal, though broader markets lagged, with the midcap and smallcap indices declining 0.35 per cent–0.56 per cent.
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Markets closed higher on Thursday, shrugging off a volatile session marked by escalating West Asia tensions, a hawkish undertone from the US Federal Reserve, and Brent crude inching toward the $90 mark, a combination that kept investors treading carefully even as domestic earnings provided a floor.“The Fed’s decision to maintain the status quo on rates was largely anticipated, but hawkishness remained due to continued emphasis on inflation control... renewed crude oil volatility amid West Asian tensions added to external uncertainty,” said Vinod Nair, Head of Research, Geojit Investments Limited.The Nifty 50 settled at 24,317.15, up 67 points or 0.28 per cent, while the Sensex gained 274 points. The indices held above the 20-day simple moving average through the session, a technically positive signal, though broader markets lagged, with the midcap and smallcap indices declining 0.35 per cent–0.56 per cent.Automobiles were the day’s standout sector, rising over 1.76 per cent, driven in part by Mahindra & Mahindra’s stronger-than-expected Q1FY27 results. IT stocks extended their recent rally, even as Asian semiconductor and AI-related technology stocks remained under pressure. Realty was the biggest drag, losing around 2 per cent, with pharma also under pressure.On the global front, the US launched fresh strikes on Iranian targets, with hostilities spreading to an Egyptian port. The Strait of Hormuz remained largely shut to traffic, sustaining pressure on energy prices. “Brent crude nearing the $90 mark with renewed geopolitical concerns kept markets on edge,” noted Ajit Mishra, SVP Research, Religare Broking.The rupee snapped a four-day winning streak. “Bargain hunters broke the rupee’s four-day winning streak with a late-session demand for the US dollar... escalating geopolitical risks choked off its momentum,” said Dilip Parmar, Senior Research Analyst, HDFC Securities. The spot USD/INR remains ranged between support at 85.50 and resistance at 85.85.In commodities, MCX Gold futures opened at ₹1,41,925, finding support above the 200-DEMA with a bullish hammer formation; key resistance lies at ₹1,43,350–1,45,000. Silver resumed at ₹2,16,389, trading below key moving averages but showing long buildup, with a moderately bullish near-term outlook. Natural gas rebounded 0.92 per cent in the previous session from ₹257 levels and opened flat at ₹263, with Europe’s winter supply risks and regional heatwaves lending support.On the corporate front, Tamil Nadu inked investment agreements with firms from Switzerland, Germany, and South Korea, targeting its position as a manufacturing and GCC hub. NLC India’s subsidiary received a Letter of Intent from GUVNL for a 900 MW solar project, advancing its 10 GW clean energy target.Looking ahead, markets are expected to remain in a consolidation phase near the 24,400 resistance zone, which coincides with the 200-day EMA, before a potential move toward 24,600–24,800. Analysts will watch Q1FY27 earnings, FII flows, management commentary, and crude oil prices closely in the sessions ahead.Published on July 30, 2026
