Sensex rebounds 238 points, Nifty closes above 23,960 led by realty and PSU bank stocks
Mumbai, July 9
Benchmark equity indices rebounded on Thursday, with the Sensex gaining over 238 points and the Nifty closing above the 23,960 mark as buying in realty, consumer durables and PSU bank stocks lifted investor sentiment.
The Sensex rose 238.22 points, or 0.31 per cent, to settle at 76,741.82, while the Nifty advanced 80.75 points, or 0.34 per cent, to close at 23,962.80.
Commenting on Nifty technical outlook, experts said that the 24,100-24,200 range remains an immediate resistance zone.
"A decisive close above this band is essential to confirm a bullish breakout and pave the way for a potential recovery towards the 24,400 level," an analyst said.
"On the downside, 23,900 continues to act as a crucial near-term support. A sustained break below this level could intensify selling pressure, exposing the index to further downside towards the 23,800-23,600 zone," a market expert mentioned.
Among the Nifty constituents, Sun Pharmaceutical Industries, Bajaj Finserv and Bharti Airtel emerged as the top gainers, supporting the market's recovery.
The broader market outperformed the benchmark indices, with the Nifty MidCap index ending 1.38 per cent higher and the Nifty SmallCap index rising 1.80 per cent.
On the sectoral front, the Nifty Realty index led the gains, followed by the Nifty Media, Nifty Consumer Durables and Nifty PSU Bank indices, which also ended the session in positive territory. In contrast, the Nifty IT index was the biggest laggard, limiting the overall gains in the market.
Experts said that the day's performance reflected renewed investor interest in domestic-facing sectors, while broader market strength outweighed weakness in information technology stocks.
"Domestically, sentiment remains relatively resilient, underpinned by an improved outlook for H2, a recovery in rainfall conditions, and better valuation levels. That said, the latest US Fed minutes flagged renewed inflation concerns, which could weigh on the performance of the global market," a market expert noted.
— IANS
Reader Comments
As a retail investor, I'm happy but also worried. The volatility is real. One day up 238 points, next day could be down 300. Wish the experts would give clearer guidance for common people like us. Still, Nifty MidCap and SmallCap showing strength gives some hope. 🤔
Interesting to see domestic-facing sectors outperforming IT. The monsoon recovery and H2 outlook seem to be driving confidence. But I wonder how long this resilience will last if global inflation concerns intensify. The 24,100-24,200 range will be crucial to watch.
PSU banks finally showing some life! About time too. The broader market outperformance is encouraging for those holding mid and small caps. But I do wish the experts would stop talking in ranges and give us simpler advice. Beta hai, market hai 😅
The Nifty close above 23,960 is nice, but let's not get too excited. The IT sector dragging is concerning - that's usually a sign of global demand weakness. Also, the US Fed inflation worry is real. Stay cautious, folks. Don't FOMO into this rally.
Realty and consumer durables doing well - that's good for the economy at the ground level. But I'm a bit skeptical about PSU banks, their NPA problems aren't fully behind us. Let's hope the broader market strength continues. Small investors like me need this positivity! 🌟
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