Market Wrap

Indian equity markets ended the session on a strong note as the Nifty opened 56 points higher at 24,062 and extended gains to an intraday high near 24,190 before witnessing mild profit-booking. Despite the intraday volatility, the index held firmly above the 24,150 level and closed at 24,175.70, reflecting renewed buying interest after recent market weakness. IT stocks led the recovery, while participation across the broader market also improved as investors accumulated quality stocks on declines. Global sentiment remained mixed, with Asian markets trading cautiously ahead of key U.S. economic data and European markets showing a mildly positive trend. Easing inflation concerns and expectations of stable monetary policy also supported investor sentiment.

What's Ahead

Investor focus will now shift to the upcoming corporate earnings season, which is expected to drive stock-specific movements. Market participants will also closely monitor U.S. employment and economic data, crude oil prices, FII activity, and developments in global trade negotiations. Strong earnings from major companies, coupled with sustained foreign inflows, could support the ongoing recovery, although volatility is likely to remain elevated around key domestic and global events.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

NIFTY 50

The Nifty 50 extended its recovery for a second consecutive session, closing 89.80 points higher at 24,102.90 as strength in pharmaceutical, IT, auto, and select financial stocks supported the benchmark. The index remained above the 24,000 mark throughout the session and closed near the day's higher range, indicating sustained buying interest despite intermittent profit-booking. Technically, the RSI continues to hold above 60, reflecting positive momentum and suggesting that the broader uptrend remains intact. A sustained move above the immediate resistance zone of 24,367 could pave the way for an advance towards 24,530, while any corrective decline is likely to find support around 23,839, followed by the stronger support at 23,675.

BANK NIFTY

The Bank Nifty closed 249.85 points higher at 57,935.60, extending its positive momentum as buying in private and public sector banks kept the index firmly in the green. The index traded with a positive bias throughout the session and ended near the 58,000 mark, reflecting continued strength in the banking space. The RSI is hovering near the 70 level, highlighting strong bullish momentum, although it also suggests that traders should remain watchful for short-term consolidation near higher levels. On the upside, immediate resistance is placed at 59,055, followed by 59,784, while support is seen at 56,698 and 55,969, which are expected to cushion any near-term pullback.

FINNIFTY

The Nifty Financial Services index gained 154.40 points to close at 26,585.55, supported by broad-based buying across banks, NBFCs, insurers, and other financial stocks. The positive market breadth and participation from heavyweight financial names indicate improving sector sentiment. Technically, the index continues to trade with a constructive bias and remains well-positioned to extend its gains if buying momentum persists. Immediate resistance is placed at 27,082, followed by 27,389, while support levels are seen at 26,089 and 25,782. Sustaining above the support zone could keep the medium-term bullish structure intact.

SENSEX

The BSE Sensex advanced 291.17 points to settle at 77,094.07, driven by gains in pharma, IT, banking, and heavyweight stocks. The index maintained a positive trajectory throughout the session despite weakness in select consumer and defensive names, reflecting healthy sectoral rotation. From a technical perspective, the benchmark continues to exhibit a positive undertone, with buying interest emerging on minor declines. A decisive move above the immediate resistance at 78,079 could strengthen the ongoing recovery and open the path towards 78,688. On the downside, immediate support is placed at 76,109, followed by a stronger support level at 75,500, which is expected to provide stability in case of profit-booking.