Equity benchmarks traded at their highest levels in 11 weeks on Tuesday, with the Sensex touching an intraday high of 78,664.92, nearly 380 points above its previous close, while the Nifty 50 climbed nearly 100 points to 24,530.90 during the session, as reported by The Hindu BusinessLine. At 12:31 pm, the Sensex was up 183.83 points, or 0.23%, at 78,468.90, while the Nifty 50 gained 45.25 points, or 0.19%, to trade at 24,475.60. The gains were supported by upbeat corporate business updates, lower crude oil prices, progress in monsoon rains and a return of foreign inflows. Broader markets underperformed the benchmark indices, with the Nifty Midcap 100 falling 0.4% and the Nifty Smallcap 100 declining 0.59%. Market breadth remained weak despite gains in the headline indices, with 1,142 stocks advancing, 1,978 declining and 105 remaining unchanged among the 3,225 stocks traded on the NSE.
Among the sectoral indices, Nifty IT surged nearly 3%, while consumer durables and banking stocks also showed resilience, though all other sectoral indices traded in the red, according to The Hindu BusinessLine. Realty and metal stocks emerged as the biggest losers, while the defence index witnessed profit-booking during the session. Among the Nifty 50 constituents, Tech Mahindra, Infosys, HCL Technologies, Titan and TCS led the gains, while Trent was the biggest laggard, followed by Coal India, Adani Enterprises, Hindalco and Larsen & Toubro. In the midcap segment, Info Edge, Swiggy, Persistent Systems, Mphasis and Jubilant FoodWorks rallied between 3% and 11%, while Data Patterns, Brigade Enterprises, Angel One and Netweb Technologies declined 3-4%. In the smallcap segment, Natco Pharma, Tata Technologies, PG Electroplast, Urban Company and PWL gained between 3% and 5%, while Data Patterns, Brigade Enterprises, Angel One and Netweb Technologies declined 3-4%.
The Nifty Consumer Durables index emerged as a key performer, rising 0.56% to 37,585 and jumping 1.95% in the two consecutive trading sessions, according to Business Standard. Titan Company led the sector gains with a 2.60% surge after reporting a 41% year-on-year growth in its consumer businesses for Q1 FY27. PG Electroplast jumped 2.56%, Havells India advanced 1.9%, Blue Star rose 0.33%, and Whirlpool of India gained 0.05%. Jubilant FoodWorks rose 2.98% after its consolidated revenue from operations stood at ₹2,569.3 crore in Q1 FY27, registering a 14.1% year-on-year growth. The consumer durables sector's strong performance reflects growing investor confidence in consumption-driven companies.
The Nifty has immediate support in the 24,380-24,400 zone, while resistance is placed at 24,630-24,650, with a move above 24,650 potentially extending the rally towards 24,850, according to SBI Securities. If the index slips below 24,380, the next support is seen at 24,230-24,250. The Nifty's advance-decline ratio stood at 30:20, with meaningful call writing visible at the 24,600 and 24,700 strikes, while the 24,500 strike held substantial put open interest. For the Sensex, support is pegged at 78,200 and resistance at 79,000. The NIFTY50 has successfully broken above the crucial 24,400 resistance level, marking a significant technical milestone according to market experts.
Asian markets were weaker during the session, with South Korea's Kospi falling 7.6% despite a rebound in artificial intelligence-related stocks that had lifted Wall Street overnight, according to The Hindu BusinessLine. Shares of Samsung Electronics and SK Hynix dropped 8.7% each, even after Samsung reported a 19-fold rise in operating income to 89.4 trillion won ($58.7 billion) in the latest quarter, while revenue more than doubled. Oil prices edged higher and US index futures traded mixed. Sudeep Shah of SBI Securities said the frontline indices extended Monday's gains as India VIX remained below the 12 mark for the third consecutive session. Global cues remain mixed as investors look ahead to the release of minutes from the latest US Federal Open Market Committee (FOMC) meeting.
Analysts expect Indian equities to maintain their positive momentum, supported by stable crude oil prices, a steady rupee and encouraging June quarter business updates, particularly from banks and financial companies, according to CNBC TV18. Siddhartha Khemka of Motilal Oswal said attractive valuations, resilient domestic macroeconomic fundamentals and the onset of the earnings season are likely to drive stock- and sector-specific opportunities. From a technical standpoint, Nagaraj Shetti of HDFC Securities said the Nifty's move above the 24,400-24,500 zone could mark a decisive breakout from its prolonged consolidation range. Rupak De of LKP Securities said the benchmark has strengthened its technical setup after closing above the 50-week exponential moving average for the first time in over four months, expecting the uptrend to continue towards 24,800, while placing immediate support at 24,300.
