Mumbai, July 1: The Indian stock market closed in the green on Wednesday, buoyed by mixed signals from global markets and a drop in crude oil prices. The Sensex rose by 443.97 points, or 0.58%, ending at 76,922.64. Meanwhile, the Nifty 50 gained 140.10 points, or 0.59%, closing at 24,005.85.
During the trading session, the BSE Sensex opened flat at 76,545.21, slightly above its previous close of 76,478.67. It reached an intraday high of 77,110.08, reflecting a gain of 631.41 points, or 0.82%.
The NSE Nifty opened at 23,897.65, a minor increase of 0.13% from its last close of 23,865.75. It touched a day’s high of 24,049.90, indicating a rise of 0.77%.
In broader market performance, the Nifty Midcap and Nifty Smallcap indices closed up by 0.34% and 0.36%, respectively.
Sector-wise, Nifty Realty led the gains with a rise of 3.58%, followed by Nifty FMCG at 2.08% and Nifty Auto at 1.15%. Conversely, Nifty IT, Nifty Metal, and Nifty Pharma lagged behind.
Among the top gainers in the Nifty 50 index were Eternal, Adani Enterprises, Nestlé India, Asian Paints, HUL, and Adani Ports. On the downside, HCL Technologies, Tech Mahindra, TCS, Hindalco Industries, and Tata Steel faced losses.
The total market capitalization of BSE-listed companies increased from ₹474 lakh crore to over ₹476 lakh crore, providing investors with a gain of over ₹2 lakh crore in a single session.
Meanwhile, Brent crude prices fell by 1% and were trading around $72 per barrel. The Indian rupee depreciated by 67 paise, closing at 95.23 against the dollar.
Market experts noted that the Nifty formed a bullish candle on the daily chart. This marks the 12th consecutive trading session where the Nifty has traded within a limited range of 477 points, indicating ongoing market consolidation. The 50-day exponential moving average (EMA) is acting as strong dynamic support, with buyers becoming active whenever the index approaches this level.
In terms of sectoral performance, Nifty Realty was the top performer, followed by Nifty FMCG. Nifty IT was the weakest sector, while Nifty Metal ranked second.
Additionally, the Nifty Smallcap index formed a candle with a small body and long upper wick, suggesting profit booking at higher levels. Market breadth remained positive, with the advance-decline ratio favoring bulls by the end of the day. Out of the 500 stocks in the Nifty 500 index, 288 closed higher, indicating broad-based buying in the market.
Experts predict that the immediate resistance for the Nifty in upcoming trading sessions will be between 24,130 and 24,150. If the index manages to hold above this range, it could see further gains towards 24,300 and then 24,450. Conversely, in case of a decline, the immediate support level for the Nifty will be between 23,870 and 23,850.
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