Sensex ends 790 pts higher; Nifty ends over 24,000 mark led by banking, IT stocks
Mumbai, June 24
The Indian benchmark indices closed in the positive territory on Wednesday, led by gains in banking and IT stocks and a further cooling in Brent crude prices. Sensex surged over 800 points while Nifty crossed the 24,000 mark towards the close.
Sensex ended at 76,991.22, up 790.54 points or 1.04 per cent, while Nifty settled at 24,021.65, up 197.55 points or 0.83 per cent.
Nifty IT emerged as the top sectoral gainer, surging over 2 per cent, followed by Nifty Realty, Nifty Private Bank, Nifty Financial Services, Nifty Cement, and Nifty REITS & Realty.
On BSE, Trent, IndiGo, Bajaj Finance, Infosys, ICICI Bank, TCS, HDFC Bank, Adani Ports, Kotak Bank, SBI, among others, emerged as major gainers. Meanwhile, NTPC, Tata Steel, Eternal, Bharti Airtel, and Maruti, among others, were major losers.
Abhishek Kumar, SEBI RIA, Founder, SahajMoney noted "Nifty staged a strong recovery today and reclaimed the 24,000.
The BSE Sensex surged and ended near 77,000. This broad-based rally was primarily triggered by a further cooling in Brent crude prices, which hit multi month lows near USD 76.50/barrel, easing domestic inflation concerns and providing a tailwind for Indian equities.
"Banking and IT sectors were the primary drivers, with Nifty Bank and Nifty IT gaining ~1.7% and 2% respectively. Heavyweights like ICICI Bank and HDFC Bank provided significant support," Kumar said.
Meanwhile, "the Metal, Consumer Durables, and Auto sectors lagged behind the broader market rally," he said.
"The successful reclamation of the 24,000 level has significantly improved market sentiment, erasing the previous session's volatility and setting a constructive tone for the rest of the week," he noted.
Riyank Arora, Associate Vice President - HNI & Derivatives, Hedged.in noted "The broader market trend remains constructive as key indices continue to hold above important support levels. However, the recent consolidation phase suggests that traders should remain cautious and focus on stock-specific opportunities. A sustained breakout above resistance zones could attract fresh buying interest, while a breach of support levels may trigger short-term volatility.
Maintaining disciplined risk management and a selective approach remains advisable in the current market environment."
Market analyst Vipin Dixena noted, "Today's modest recovery feels like a healthy stabilisation, which tells me yesterday's 1.28% selloff was absorbed by buyers without any macro breakdown. What's really reassuring is that India VIX rose only +0.51% to 13.45 after four days of decline, signalling that volatility isn't spiking, and WTI crude at $77 (4-month low) continues to be the biggest structural cushion for long-term conviction. I think we are entering a consolidation phase."
— ANI
Reader Comments
Great recovery but I'm holding my breath. IT stocks up 2% is good for Infosys and TCS holders like me, but why is NTPC and Tata Steel down? Coal and metals are supposed to do well in this economy. Hoping the consolidation phase brings stability next week. 📈
Yahi toh Indian market ka magic hai—ek din lagta hai sab kharab ho gaya, next day phir se upar 😂. The VIX staying low at 13.45 is actually a good sign. Less panic, more rationality. But retailers like us should stay cautious and not blindly chase these rally. Stock selection is key.
I appreciate the data but news like this often makes retail investors overconfident. Yes crude is cooling and IT is doing well, but have we forgotten about the global headwinds? The Fed hasn't cut rates yet, and a lot of this rally is just short covering. Let's not get carried away.
Nice to see the market bounce back. From a macro perspective, Brent below $77 is a huge positive for India's current account deficit. But I wonder if this momentum can sustain through the week. The metal sector lagging is a concern—it often signals global demand weakness. Still, good day for bulls! 🐂
I agree with the caution about stock-specific moves. Banking stocks lifting the index is fine, but what about the broader market participation? If only a few sectors are driving, it's not a healthy rally. Let's hope the consolidation phase brings more balanced gains
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.