Weekly Update- 31st July 2026

NIFTY50

NIFTY50 closed at 24,383.60, gaining 616.15 points (2.59%) and extending its sharp recovery with strong follow-through buying after reclaiming the recent consolidation zone. The daily chart shows buyers firmly defending the 24,200–24,250 region and pushing the index towards the immediate resistance band around 24,450–24,600. The weekly structure continues to improve with higher lows forming after the recent correction, indicating that bullish momentum is gradually strengthening and the broader recovery remains on track. Improving market breadth, sustained institutional participation, and strength across key heavyweight sectors continue to support the ongoing uptrend, while the ability to absorb profit booking near higher levels reflects healthy underlying demand. The recent price action suggests that investors remain confident, with buying emerging on every meaningful decline and reinforcing the positive market structure. As long as the index sustains above 24,200, the short-term trend remains positive with potential for an extension towards 24,600–24,800, while a close below this support zone could trigger another phase of consolidation. Until then, the overall outlook remains constructive, with the broader trend continuing to favor the bulls.

BANKNIFTY

BANK NIFTY closed at 57,264.85, gaining 571.35 points (1.01%) and sustaining its recovery despite witnessing some profit booking near higher levels. The daily chart reflects buyers defending the important 56,700–57,000 support zone after the recent bounce, while the weekly chart shows the index continuing to recover after establishing a strong base near 52,000–53,000, suggesting that the medium-term structure remains constructive. Participation from both private sector and PSU banking stocks continues to support the recovery, while improving momentum indicators indicate that buying interest remains intact despite intermittent volatility. The overall technical setup continues to favor the bulls as long as key support levels remain protected, with every meaningful decline attracting fresh accumulation from market participants. Sustaining above 56,700–57,000 keeps the recovery intact and maintains the possibility of a move towards 57,800–58,200 in the coming sessions. Any pullback towards the support zone is likely to attract fresh buying interest as long as the index remains above 56,700. The broader outlook therefore remains positive, with the banking sector expected to continue supporting the overall market trend.

TOP GAINING SECTOR

NIFTY IT was top gainer sector for the week

Major gainers were:-

COFORGE:- up by 15.92%

INFY:- up by 8.57%

PERSISTENT:- up by 6.90%

LTM:- up by 6.61%

TOP LOSING SECTOR

NIFTY CPSE was top losing sector for the week

Major losers were:-

BEL:- down by 4.23%

COAL INDIA:- down by 3.02%

ONGC:- down by 2.50%

POWERGRID:- down by 1.37%

IMPORTANT NEWS

• The Union Cabinet approved a ₹3,030 crore scheme to strengthen India's specialty chemicals ecosystem and reduce dependence on imports. The initiative aims to boost domestic manufacturing, attract fresh investments, encourage innovation, and improve global competitiveness. The scheme is a major positive for specialty chemical manufacturers, intermediates producers, and the broader chemicals supply chain, while supporting India's ambition to become a leading global supplier of high-value chemical products.

• HCL Technologies will invest ₹14,257 crore to establish a large data centre in Odisha, reinforcing India's growing digital infrastructure ecosystem. The project will support expanding demand for artificial intelligence, cloud computing, and enterprise digital services, while generating significant employment and investment opportunities. The development is positive for data centre infrastructure, power utilities, telecom, networking equipment, and technology service providers, strengthening India's position as a global digital hub.
  

• The RBI's FCNR(B) deposit scheme has mobilized $32 billion, surpassing the landmark 2013 program and highlighting strong confidence from overseas depositors. Robust foreign currency inflows strengthen India's forex reserves, support the rupee, and improve overall external financial stability. The success also enhances banks' overseas funding capacity, improves liquidity, and reinforces investor confidence in India's stable macroeconomic and financial environment.

• India's mobile phone exports have surged 165-fold over the past decade to ₹2.59 lakh crore, reflecting the success of Production-Linked Incentive (PLI) schemes and the rapid expansion of domestic electronics manufacturing. The achievement strengthens India's position as a global smartphone manufacturing hub and benefits EMS companies, component suppliers, semiconductor ecosystem players, and export-oriented manufacturers, while enhancing the country's manufacturing competitiveness.

• India added 30.6 GW of renewable energy capacity during the first half of 2026, marking a 25% year-on-year increase and highlighting the country's accelerating clean energy transition. Faster capacity additions strengthen energy security, reduce dependence on fossil fuels, and support India's renewable energy targets. The trend creates long-term opportunities for solar, wind, transmission, EPC companies, renewable equipment manufacturers, and power infrastructure providers, supporting sustained investment across the energy sector.