Benchmark equity indices showed a rebound on Thursday, with the Sensex increasing by more than 238 points and the Nifty closing above 23,960. The Sensex concluded at 76,741.82, up by 238.22 points, while the Nifty rose by 80.75 points to reach 23,962.80.
Experts analyzing the Nifty technical outlook highlighted the 24,100–24,200 range as an immediate resistance zone. They emphasized the importance of a decisive close above this range to confirm a bullish breakout and potentially lead to a recovery towards the 24,400 level.
Market analysts pointed out that 23,900 continues to be a critical near-term support level for the index. They warned that a sustained breach below this level could escalate selling pressure, potentially driving the index lower towards the 23,800–23,600 zone.
Sun Pharmaceutical Industries, Bajaj Finserv, and Bharti Airtel were among the top gainers in the Nifty constituents, contributing to the market’s recovery. The broader market outperformed the benchmark indices, with the Nifty MidCap index closing 1.38% higher and the Nifty SmallCap index rising by 1.80%.
In terms of sectors, the Nifty Realty index led the gains, followed by the Nifty Media, Nifty Consumer Durables, and Nifty PSU Bank indices, all ending the session in positive territory. However, the Nifty IT index lagged behind, limiting the overall market gains.
Market experts observed that the day’s performance reflected a renewed interest from investors in domestic-facing sectors. They noted that while there was strength in the broader market, weakness in information technology stocks held back the overall gains.
The market sentiment remained relatively resilient domestically, supported by an improved outlook for the second half of the year, a recovery in rainfall conditions, and favorable valuation levels. Despite this, concerns over inflation flagged in the latest US Fed minutes could potentially impact global market performance.
