Indian equity markets extended their winning streak for the fourth consecutive session on August 3, with the Nifty closing above the 24,700 mark for the first time since March 6, 2026. According to market reports, the Sensex gained 544.39 points or 0.70% to close at 78,639.03, while the Nifty advanced 390.70 points or 1.60% to end at 24,774.30. The broader market indices also participated in the rally, with the Nifty Midcap 100 and Smallcap 100 index gaining 1.2% each. Latest market analysis suggests the Nifty 50 extended its upward momentum for a third consecutive session on Friday, closing 66.45 points higher at 24,383.60, up 0.27%, registering its strongest weekly performance since April. The rally was led by robust June-quarter earnings from Bajaj Finance, Bajaj Finserv, and Mahindra & Mahindra, which propelled the financial and auto sectors higher, more than offsetting profit booking in IT and FMCG stocks.
The market rally was characterized by broad-based buying across sectors, with the exception of media stocks. As reported by market sources, more than 180 stocks touched their 52-week highs during the session. Notable companies reaching new highs included Aditya Birla Capital, One 97 Communications (Paytm), Divi's Laboratories, Craftsman Automation, Schloss Bangalore (The Leela Palaces), Minda Corporation, Cholamandalam Investment and Finance Company, Redington, and others. This widespread participation across market segments contributed to the overall positive sentiment, with the latest data showing sustained buying could lead to a breakout above the immediate resistance as momentum remains with the bulls.
Market sentiment remained upbeat throughout the session, supported by sharp decline in crude oil prices following easing geopolitical tensions. According to market reports, the positive momentum was further reinforced by continued buying by foreign institutional investors (FIIs). The combination of these factors created a favorable environment for sustained buying interest across various market segments, contributing to the extended rally that began the week and month of August on a strong footing. Latest analysis indicates that crude oil prices crashed 7% on US-Iran peace talks, with Brent crude below $84 per barrel as concerns over supply disruptions through the Strait of Hormuz eased. This decline in oil prices is a constructive development for India, as it helps ease inflationary pressure, supports the rupee, and improves the macro outlook.
Technical analysis suggests the market structure remains bullish, with traders considering a buy-on-dips strategy as long as Nifty continues to hold above the 24,300-24,400 support zone. The Nifty is expected to open sharply higher around 24,550, up nearly 170 points, supported by easing geopolitical tensions and declining crude oil prices. Technically, the index remains in a strong uptrend with 24,400-24,300 acting as the immediate support zone, while 24,700-24,800 is the next key resistance area. A decisive move above 24,800 could trigger fresh momentum and extend the rally towards higher levels. The 24,250 support zone remains crucial for maintaining the positive bias, while immediate resistance is placed near 24,550, followed by the 200-day moving average around 24,780. Market experts note that a decisive break below 24,250 could trigger a pullback towards 24,100, while sustained buying could lead to a breakout above immediate resistance levels.
Crypto markets remain under pressure with Bitcoin near $63,000 and Ethereum lagging following recent developments. According to market reports, Bitcoin ended July with a gain of more than 7.3%, reversing two consecutive months of losses and signalling renewed resilience. However, US spot Bitcoin ETFs recorded $265.4 million in outflows on July 31, contributing to short-term caution. Ethereum ETFs attracted $365 million during July, reflecting sustained institutional interest despite daily price fluctuations. XRP funds drew $27.29 million in July, extending their inflow streak to four months and taking cumulative inflows to approximately $1.5 billion. Tokenized stock and ETF trading reached a record $11.3 billion, highlighting the expanding use of blockchain-based market infrastructure. Bitcoin must reclaim $65,000 to strengthen sentiment, while the 200-week moving average near $62,800 remains critical support.
