Indian benchmark indices opened sharply higher on Wednesday, with the BSE Sensex surging 820.54 points or 1.07% to 77,586.46 and the NSE Nifty50 jumping 247.20 points or 1.03% to 24,232.95. According to latest reports from Business Standard, the BSE 150 MidCap Index rose 0.60% and the BSE 250 SmallCap Index rallied 1.12%, indicating broad-based market participation. The India VIX fell 3.62% to 12.11, indicating reduced volatility expectations, while market breadth remained robust with 2,514 shares rising and 1,432 shares falling on the BSE, with 229 shares unchanged. The Nifty 25 August 2026 futures were trading at 24,298.60, at a premium of 65.65 points compared to the spot price.
The Nifty Media index rose 1.33% to 1,579.40, marking a strong recovery after shedding 0.53% in the previous trading session. According to Business Standard, Sun TV Network surged 5.05%, PVR Inox gained 2.22%, D B Corp rose 1.45%, Prime Focus climbed 1.13%, and Saregama India jumped 0.97%. Other notable gainers included Nazara Technologies up 0.66% and Network 18 Media & Investments up 0.28%. The media sector's strong performance contributed significantly to the broader market rally, with the Nifty option chain for the 25 August 2026 expiry showing maximum call OI of 67.2 lakh contracts at the 24,000 strike price and maximum put OI of 78.3 lakh contracts at the 24,000 strike price.
Indian IT stocks rallied for a second straight session on Wednesday, with TCS, Infosys, HCLTech, Wipro, Coforge, and Tech Mahindra climbing as much as 5% as an intensifying selloff in semiconductor stocks fueled investor concerns over Big Tech's heavy AI spending and prompted a rotation into software and IT services stocks. The Nifty IT index has rallied 16% so far in July, suggesting that investor pessimism may have peaked just as subdued valuations, reduced positioning and improving technical indicators set the stage for a strong recovery. Foreign institutional investors (FIIs) had trimmed their holdings in seven of the 10 Nifty IT companies during the June quarter, even as the sector staged a sharp turnaround soon after.
Oil prices jumped 5% after three consecutive sessions of losses as renewed fighting in the Middle East brought fresh concerns over possible disruptions to energy supplies. The rally came after the US military said it had intercepted an Iranian "surprise attack" targeting its forces and carried out retaliatory strikes against Iran, escalating tensions in the region. Brent crude for September 2026 settlement jumped $3.62 or 4.30% to $87.71 a barrel, while US equity-index futures declined after renewed fighting broke out in the Middle East, ending a period of relative calm and reviving concerns over potential disruptions to global energy supplies. The U.S. dollar hovered near a one-month high on Wednesday, supported by safe-haven demand as renewed tensions in the Middle East boosted risk aversion.
Several major companies reported strong quarterly results, with Paradeep Phosphates surging 12.53% after reporting a 23.93% jump in consolidated net profit to ₹392.54 crore in Q1 FY27, compared with ₹316.75 crore in Q1 FY26. Gland Pharma rose 2.47% after receiving approval from the U.S. Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Sugammadex Injection. Larsen & Toubro (L&T) gained nearly 4% to ₹3,967 after posting a 14% year-on-year increase in consolidated net profit at ₹4,123 crore for the first quarter of FY27. Varun Beverages climbed nearly 3% to ₹441.80 after the company posted a 15% year-on-year increase in profit after tax (PAT) and a 20% rise in revenue for Q1 FY27. The Manipal Health Enterprises IPO opened for subscription on Wednesday, July 29, looking to raise around ₹9,275 crore through its maiden public issue.
