Sensex, Nifty end higher as IT, banking stocks lead rally

Mumbai, June 24 (IANS) Indian benchmark equity indices ended sharply higher on Wednesday, supported by strong buying in information technology, banking, financial, and realty stocks.

The Sensex climbed 790.54 points, or 1.04 per cent, to close at 76,991.22, while the Nifty advanced 197.55 points, or 0.83 per cent, to settle at 24,021.65.

Commenting on Nifty technical outlook, experts said that the 24,100 region continues to act as the immediate resistance zone.

“A sustained breakout above this level would reinforce bullish momentum and could pave the way for a move towards the 24,200 level, followed by the 24,400 region, which remains the next significant upside target,” an analyst stated.

“On the downside, the 24,000 psychological mark now serves as an immediate support level, followed by the 23,900–23,800 support zone,” an analyst mentioned.

Market sentiment remained positive throughout the session as investors accumulated shares in key sectors, particularly IT and financial services, helping the benchmarks register solid gains.

Among the top performers in the Nifty pack were InterGlobe Aviation, Adani Enterprises, and Trent, which witnessed strong buying interest and emerged as the session’s biggest gainers.

Broader markets also ended in positive territory, although gains remained relatively modest. The Nifty MidCap index rose 0.10 per cent, while the Nifty SmallCap index added 0.39 per cent by the close of trade.

Sectoral indices largely reflected the upbeat market mood. The Nifty IT and Nifty Realty indices outperformed the broader market, each gaining more than 2 per cent during the session. Banking stocks also remained in focus, with the Nifty Bank and Nifty Private Bank indices posting healthy advances.

However, not all sectors participated in the rally. The Nifty Auto and Nifty Metal indices ended lower, making them the worst-performing sectors of the day amid profit-booking and subdued investor interest.

Experts said that the strong performance in IT, banking, and real estate stocks helped offset weakness in select sectors, allowing the benchmark indices to end the session with significant gains and reinforcing positive sentiment in the domestic equity markets.

–IANS

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