Indian and global markets remained in focus on Wednesday, July 29, 2026, as investors tracked easing crude oil prices, movements in US Treasury yields, and a sharp selloff in global semiconductor stocks. Domestically, strong industrial production data and a busy earnings season kept several stocks in the spotlight, including Tata Capital, Varun Beverages, Larsen & Toubro (L&T), Hindustan Unilever (HUL), and Ambuja Cements.
Global market highlights
Crude oil prices declined after tensions in the Middle East showed signs of easing. Brent crude fell 1.5%, a positive development for India as lower oil prices could help reduce the country's import bill while easing inflationary pressures.
Meanwhile, the US 10-year Treasury yield edged lower ahead of the Federal Reserve's policy decision. Investors widely expect the Fed to keep interest rates unchanged, with market participants closely watching the central bank's commentary on future rate cuts.
Indian economy remains strong
India's industrial activity showed encouraging momentum, with June Industrial Production (IIP) expanding 7.3%, marking its strongest growth in six months. The expansion was largely driven by manufacturing, reflecting broad-based growth across multiple sectors and reinforcing confidence in the domestic economy.
Stocks in focus
Tata Capital reported a strong set of quarterly earnings, with profit after tax (PAT) rising 56% year-on-year, supported by improving asset quality and healthy loan growth. However, its Capital Adequacy Ratio (CRAR) declined sequentially.
Varun Beverages posted robust revenue growth during the quarter, although margins remained under pressure. The company also received a major boost after extending its bottling agreement with PepsiCo until 2049, strengthening its long-term business outlook.
Larsen & Toubro (L&T) reported a record order inflow of over ₹1 trillion, improving revenue visibility for the coming quarters. While profit remained healthy, margin pressure continued during the quarter.
Hindustan Unilever (HUL) reported a 9% rise in normalized profit after tax. Although reported profit declined due to a tax base effect, investors remained cautious as volume growth fell short of expectations despite strong revenue growth.
Ambuja Cements delivered a weaker year-on-year performance as the company prioritized profitability over volumes. However, EBITDA per tonne improved sequentially, and management reiterated that its capacity expansion plans remain on track.