Pre-Market 28 July: Sensex Rebounds 776 Points; GIFT Nifty Hints At Cautious Start

Dalal Street snapped its four-session losing streak on Monday as easing crude oil prices lifted sentiment across financial, auto and oil-linked stocks. The BSE Sensex climbed 776 points to close at 76,836, while the Nifty 50 gained 229 points to settle at 23,996.

Global markets also started the week on a stronger footing after the United States and Iran paused hostilities over the weekend.

What Drove Monday's Recovery?

The rally was led by financial stocks, especially NBFCs, as the rupee strengthened and crude oil prices eased. Auto shares also attracted buying after crude prices dropped nearly 10% from Friday's levels.

The fall in oil prices supported sectors that benefit from lower fuel costs. Oil marketing companies and airline stocks moved higher, while upstream oil producers lagged.

The broader market also participated in the rebound. The Nifty Bank index advanced 394 points to 57,087, while the Nifty Midcap 100 index rose 681 points to 62,304. Market breadth remained strong, with advancing stocks outnumbering declining ones by 2:1.

Global Markets

Wall Street opened higher on Monday after the United States and Iran paused hostilities, improving risk appetite ahead of a packed week that includes major corporate earnings, key economic data and the US Federal Reserve's policy decision.

On 27 July, the Dow Jones Industrial Average rose 0.51% to 52,210.8. The S&P 500 gained 1.20 points to 7,413.8. However, the NASDAQ Composite index fell 43.74 points to 24,932.08.

European benchmarks finished higher, with the FTSE 100 closing at 10,781.75 and the CAC 40 at 8,406.06.

Asian markets followed a similar trend. The Nikkei 225 settled at 64,931.19, up 0.50%, while the Hang Seng ended at 25,207.18, up 0.98%.

GIFT Nifty Today

On 28 July, at 7:00 am, GIFT Nifty was trading at 23,990, down 52 points (0.22%). The early indication suggests a flat-to-soft opening for Dalal Street.

Nifty Technical View

Nifty has closed back above its 50-day exponential moving average (EMA), an encouraging sign after Monday's recovery.

• Support: 23,800
• Resistance: 24,000-24,200

The next hurdle remains the 24,000 mark. A sustained move above this level could strengthen the recovery towards 24,100-24,200. Until then, the index may continue to trade within a broad range.

Key Events Before The Opening Bell

The focus overseas remains on the US Federal Reserve meeting. Investors are also awaiting inflation and economic data, besides earnings from large US companies.

For the NSE pre-open market today, the earnings calendar stays busy. Oil prices and headlines from West Asia are expected to remain important after the recent swings in crude.

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