The Nifty 50 index opened higher on July 29, 2026, gaining 0.9% to reach 24,200 points. Strong performance in the IT and metal sectors drove the morning gains, while investors monitored key support levels for intraday trends. The index's ability to maintain these levels remains a focal point for market sentiment.
Indian equity markets started the trading session on July 29, 2026, with a strong gap-up. The Nifty 50 index opened at 24,177, significantly higher than its previous close of 23,985. By the morning session, the index was trading near 24,200, representing a gain of approximately 0.9%. This upward movement was supported by broad-based buying activity, with the number of advancing stocks outweighing those that declined.
Sectoral Drivers And Top Performers
The gains were not uniform across all sectors. The Nifty IT index led the momentum with a 2.4% rise, reflecting positive sentiment toward technology stocks. The Nifty Metal index also saw solid gains of 1.9%, likely influenced by global commodity price trends and domestic demand expectations. Among the individual stocks on the Nifty 50, Larsen & Toubro recorded a gain of 3.5%, while Hindustan Unilever climbed 3.1%.
In contrast, some pockets of the market faced selling pressure. Bharat Electronics, Adani Ports, and Axis Bank experienced minor declines during the early hours of trade, highlighting that while the overall trend was positive, specific stocks remained volatile.
Nifty Futures And Market Levels
The August expiry Nifty futures contract opened at 24,228, up from the previous week's close of 24,099. The contract maintained its position around 24,270 in the initial trading hours, indicating a 0.7% increase. For market participants, the 24,200 level is currently being observed as a key support zone. If the index sustains its position above this mark, it may attempt to test immediate resistance levels near 24,370 and potentially 24,450 later in the week.
Conversely, if the Nifty 50 fails to maintain the 24,200 support level, traders may look toward lower levels near 24,000 and 23,800. The movement of the IT and metal sectors, which provided the primary strength to the index today, will be important to watch to see if this bullish sentiment persists throughout the week.