Pre-Market Brief: Nifty 50 Nears 24,000; Midcaps Lead Strong Market Close | 28 Jul 2026, 08:00 AM IST
By ThePip Desk
Nifty 50 surged +0.96% to 23995.95 on Monday, nearing the significant 24,000 level. The NIFTY Midcap 100 outperformed, indicating broad market strength. Traders will watch for sustained momentum at the 9:15 AM open.
The Indian equity market concluded Monday’s trading session on a strong note, with the Nifty 50 advancing +229 points, or +0.96%, to close at 23995.95. This robust performance brought the benchmark index within striking distance of the 24,000 psychological level. Outperforming the frontline index, the NIFTY Midcap 100 surged by +681 points, a gain of +1.11%, closing at 62303.65, signalling broader market participation.
Market breadth in the Nifty 50 was positive, with 26 advances against 24 declines, indicating a balanced yet upward-biased sentiment across the blue-chip stocks. The Nifty Bank also contributed to the positive momentum, rising +0.69%, or +394 points, to settle at 57087.20.
| Index | Close | Change% |
|---|---|---|
| Nifty Bank | 57087.20 | +0.69% |
| NIFTY Midcap 100 | 62303.65 | +1.11% |
| Nifty 50 | 23995.95 | +0.96% |
Sector Watch
Monday saw several sectors post significant gains. Top performers included a sector gaining +2.34%, followed by another with +2.28%. Other notable increases were +1.60%, +1.56%, +1.04%, +0.83%, and +0.22%, reflecting broad-based buying interest across the market. Among individual stocks, Eternal Ltd. led the gainers with a +5.66% rise, closing at ₹295.85. Interglobe Aviation Ltd. also saw strong buying, up +4.91% to ₹5230. Infosys Ltd. gained +3.68%, while Bajaj Finance Ltd. and Shriram Finance Ltd. advanced +3.51% and +3.29% respectively.
Conversely, Oil & Natural Gas Corporation Ltd. (ONGC) was the largest decliner, falling −4.10% to ₹238.56. Other stocks experiencing minor declines included HDFC Bank Ltd. (−0.44%), HDFC Life Insurance Company Ltd. (−0.40%), Cipla Ltd. (−0.09%), and Dr. Reddy’s Laboratories Ltd. (−0.08%).
FII / DII Flows
Foreign Institutional Investors (FIIs) continued their net selling trend on Monday, offloading equities worth −1688.23 crore. This marks the fourth consecutive session of FII net selling, following outflows of −3892.77 crore on July 24, −2999.23 crore on July 23, and −819.2 crore on July 22. Domestic Institutional Investors (DIIs), however, provided strong support, recording net purchases of +2329.14 crore on Monday. Over the last five sessions, DIIs have largely counterbalanced FII outflows, with significant buying on July 24 (+5453.55 crore) and July 23 (+2947.14 crore), absorbing much of the selling pressure.
What to Watch at 9:15
The market’s strong closing on Monday, particularly the Nifty 50’s proximity to 24,000 and the robust performance of midcap stocks, suggests underlying bullish sentiment. The continued DII support, offsetting FII selling, remains a key factor. Traders should monitor initial movements for signs of follow-through buying or profit-booking, especially around the 24,000 level for the Nifty 50.
The market opens at 9:15 AM IST, with all eyes on whether the positive momentum from Monday’s session will carry forward.