MUMBAI — Indian equity benchmark indices opened on a positive note on Friday, July 31, buoyed by a sharp post-earnings rally in Bajaj Finance, robust foreign institutional investment, and declining international crude oil prices. However, early profit-booking across major IT counters capped broader gains.

The 30-share BSE Sensex climbed 49.91 points to trade at 77,970.95 during early deals, while the broader 50-share NSE Nifty advanced 28.00 points to touch 24,343.65.

Bajaj Finance Leads High-Flyers After Strong Q1 Earnings

Bajaj Finance emerged as the top performer among Sensex constituents, surging over 6% in early trade. The non-banking financial company (NBFC) reported a 28% year-on-year increase in consolidated profit after tax (PAT) to ₹6,081 crore for the first quarter of FY27, driven by robust core income growth and steady improvements in asset quality.

Other prominent gainers in early trade included:

  • Financials & Auto: Bajaj Finserv, Mahindra & Mahindra, Maruti Suzuki, and InterGlobe Aviation.

  • Defense & Ports: Bharat Electronics and Adani Ports.

  • Pharma: Sun Pharma.

Conversely, selling pressure in frontline IT stocks restricted the market's momentum. Tech heavyweights including Infosys, Tata Consultancy Services (TCS), HCL Technologies, and Tech Mahindra were among the leading drag factors, alongside FMCG major ITC and HDFC Bank.

Institutional Cash Inflows & Global Signals

Market sentiment received a firm boost from institutional buying trends and easing commodity pressures:

  • FII Activity: Foreign Institutional Investors (FIIs) remained net buyers in the domestic capital market on Thursday, purchasing equities worth ₹3,623.51 crore according to provisional stock exchange data.

  • Crude Oil Trends: Global benchmark Brent crude dropped 0.98% to $88.16 per barrel, easing inflation concerns for import-dependent economies like India.

  • Global Markets: Overnight cues from Wall Street were strongly positive. Asian equities reflected mixed to upbeat sentiment, highlighted by a dramatic rebound in South Korea's KOSPI (up over 14%) along with gains in Japan's Nikkei 225 and China's Shanghai Composite.