Indian Equity Indices Surge Amid Crude Oil Price Jump

The Indian equity indices continued their upward trend on Wednesday, July 29, despite a jump in crude oil prices. The Sensex jumped over 800 points to trade at 77,606.67, up 1.10%, while the Nifty 50 climbed to 24,238.90, gaining 1.06%. The top gainers on the Nifty were Hindustan Unilever, which surged 4.48%, followed by Infosys (4.44%), Tata Steel (2.76%), Larsen & Toubro (2.62%), and HCL Technologies (2.19%).

The market bias remains constructive as long as the Nifty sustains above the 23,880 support zone, according to Rajesh Palviya, Head of Research at Axis Direct. A decisive move above the 24,100-24,150 resistance band could pave the way towards 24,400. On the downside, a breach below 23,880 may trigger profit booking towards 23,725.

The global markets are trading higher despite the US-Iran resuming strikes after a brief lull. Brent Crude jumped 4% as a result, and it is now trading close to the $90 a barrel mark. The GIFT Nifty is indicating a positive start for Indian markets, up 165 points or 0.68%. Foreign institutional investors (FIIs) were net buyers of shares worth Rs 755.33 crore on July 28.