Indian equity benchmarks extended their upward momentum for the fourth consecutive session on Tuesday, with the Nifty index surpassing the 24,000 mark and closing at 24,031.70, up 312.40 points or 1.32%. The BSE Sensex surged 1,073.61 points or 1.42% to settle at 76,488.96. According to Goodreturns, the rally was supported by strong buying in heavyweight sectors including banking, financials, energy, and automobiles. Technical analysts indicate the Nifty has finally crossed the key resistance at 24,000 and may gradually inch toward the 24,400-24,600 zone in the near term. The earlier resistance zone around 23,800 is likely to act as immediate support in case of any market correction. As per Bajaj Broking Research, the index has confirmed a bullish breakout after forming a strong candlestick structure with higher highs and higher lows, sustaining above key short-term exponential moving averages.
Premier Energies experienced a significant promoter stake transaction as members of the promoter family sold shares worth ₹2,289 crore in a large block deal. According to NSE bulk deal data reported by The Economic Times, promoter group entities together sold 2.39 crore shares at ₹955 apiece. Multiple institutional investors participated in the stake acquisition, with the transaction involving a substantial portion of the company's promoter holdings.
Technical analysts are expressing optimism about the market's sustained recovery momentum. Rupak De from LKP Securities noted that Nifty has reclaimed both the 20EMA and 50EMA after spending several days below the 20EMA, indicating a strong sign of sustained recovery in market sentiment. The bullish crossover in the RSI is further supporting positive momentum, with the trend likely to remain strong in the short term. According to Bajaj Broking Research, the index has generated a breakout above the last 9 sessions broad trading range of 23,200-23,900, signaling strength. On the downside, immediate support is placed near 23,600, while stronger support exists in the 23,200-23,000 zone. The broader market breadth, lower volatility, and strong participation across sectors supported the rally, with the Midcap index gaining 0.94% and Smallcap index advancing 1.37%.
Banking stocks continued to outperform, with Bank Nifty breaking out of a falling supply trendline and maintaining strong bullish structure on the charts. According to Bajaj Broking Research, the index closed above important moving averages, signaling sustained strength in the banking space. The index formed a strong bullish candlestick pattern with a higher high and higher low and a bullish gap below its base 54055-54590. The index has generated a breakout above the falling supply line joining the recent highs, with immediate support at 54,000 levels and major support placed at 53,000-52,500. The daily stochastic is in uptrend, supporting the positive bias in the index.
Wind energy player Suzlon Energy reported mixed financial results for the fourth quarter, with consolidated net profit declining 6% year-on-year to ₹1,114 crore compared with ₹1,182 crore in the previous year quarter. However, revenue from operations showed strong growth of 45% YoY to ₹5,468 crore, as reported by The Economic Times. The company's performance reflects the challenging market conditions in the renewable energy sector despite revenue expansion.
Pine Labs returned to profitability in Q4FY26 with a consolidated net profit of ₹59 crore versus a net loss of ₹29 crore in the previous year, while revenue from operations grew 17% to ₹701 crore. Indian Railway Finance Corporation (IRFC) entered metro rail financing by signing a term loan agreement to refinance ₹13,527 crore of Hyderabad Metro Rail project debt obligations. Colgate-Palmolive India announced increased investments in premium products and advertising while prioritizing volume-driven growth over margin expansion.
