Nifty 50 Reclaims 24,000 Mark; Sensex Surges 791 Points as Banking Stocks Shine

Market Update at 04:00 PM: Indian benchmark indices ended sharply higher on June 24, with the Nifty 50 reclaiming the crucial 24,000 level and the Sensex gaining nearly 800 points. The rally was supported by easing crude oil prices, encouraging comments from Reserve Bank of India Governor Sanjay Malhotra on interest rates and inflation, and strong gains in heavyweight banking stocks.

The Nifty 50 settled at 24,021.65, rising 197.55 points, or 0.83 per cent. The Sensex climbed 790.54 points, or 1.04 per cent, to close at 76,991.22. The Bank Nifty outperformed the broader market, advancing 1.69 per cent to hit a three-month high, while India VIX, the market's fear gauge, declined nearly 4.4 per cent, reflecting improved investor sentiment. The gains came a day after Indian equities had fallen about 1.2 per cent on Tuesday, following a strong seven-session rally that had delivered gains of more than 4 per cent through Monday.

A major trigger for the market rally was the decline in global crude oil prices. Brent crude futures traded near USD 74 per barrel amid signs that oil tankers impacted by the Iran conflict could resume movement through the Strait of Hormuz. Lower crude prices are positive for India, the world's third-largest oil importer, as they help reduce import costs, ease inflationary pressures and support economic growth.

Investor sentiment was further lifted after RBI Governor Sanjay Malhotra stated that discussions on domestic rate hikes were premature, as inflationary pressures have not become broad-based. The comments strengthened expectations that borrowing costs could remain lower for longer, which is generally supportive for corporate earnings, consumer spending and equity valuations.

However, concerns remain over monsoon rainfall, which is currently running around 43 per cent below average and could potentially result in the weakest monsoon in 11 years if the deficit persists.

The Indian rupee pared early losses and traded largely unchanged at around 94.70 against the USD, compared to its previous close of 94.73. Market participants attributed the stability to likely intervention by the central bank and easing concerns over domestic interest rates.

Sector-wise, eight of the 11 major sectoral indices ended in positive territory. The Nifty Realty index emerged as the top performer, gaining 2.17 per cent and closing above its 200-day exponential moving average. The Nifty IT index also advanced 2.05 per cent, despite recent brokerage downgrades, supported by improved risk appetite and expectations of stable global demand.

In contrast, the Nifty Energy index was the biggest laggard, declining 0.89 per cent and extending losses for a second consecutive session. Among broader markets, the Nifty Midcap 100 index gained 0.10 per cent, while the Nifty Smallcap 100 index rose 0.39 per cent.

Among stock-specific movers, Indian Railway Finance Corporation (IRFC) fell 6.25 per cent after the Government of India announced plans to sell a stake through an offer-for-sale (OFS) at a floor price of Rs 91 per share. Meanwhile, Tata Motors gained 2.84 per cent after outlining its FY27 roadmap, electric vehicle strategy, artificial intelligence initiatives and global expansion plans.

The biggest contributors to the Nifty 50's gains were HDFC Bank, which added 61.85 points, ICICI Bank, which contributed 55.07 points, and Infosys, which added 20.85 points. On the other hand, Bharti Airtel dragged the index by 16.11 points, while NTPC and Bajaj Auto weighed on the benchmark by 7.82 points and 6.44 points, respectively.

Market breadth remained firmly in favour of advancing stocks. Of the 3,396 stocks traded on the NSE, 1,735 advanced, 1,566 declined and 95 remained unchanged. A total of 108 stocks touched their 52-week highs, while 36 stocks hit their 52-week lows. Additionally, 48 stocks were locked in Upper Circuits, whereas 92 stocks were locked in Lower Circuits.

Market Update at 2:18 PM: The benchmark indices traded near their day’s high levels on strong buying in IT, private banking and pharmaceutical stocks.

As of 2:00 PM, the Nifty50 was up 222.6 points, or 0.93 per cent, at 24,046.70, while the Sensex gained 819.68 points, or 1.08 per cent, to trade at 77,020.36.

Among the Nifty50 constituents, Trent, InterGlobe Aviation and ICICI Bank emerged as the Top Gainers.

In the broader market, the Nifty MidCap index advanced 0.32 per cent, while the Nifty SmallCap index rose 0.19 per cent.

On the sectoral front, the Nifty Cement index led the gains, rising 1 per cent. The Nifty Pharma and Nifty IT indices also outperformed the broader market. Meanwhile, the Nifty Metal, Nifty Consumer Durables and Nifty Auto indices lagged behind and underperformed compared to other sectoral indices.

Market Update at 12:19 PM: The benchmark indices traded near their Intraday highs on Tuesday, supported by strong buying in IT, private banking and pharmaceutical stocks.

At around 12:00 PM, the Nifty50 was up 181.95 points, or 0.76 per cent, at 24,002.75, while the Sensex gained 716.32 points, or 0.94 per cent, to trade at 76,917.00.

Among the Nifty50 constituents, Trent, InterGlobe Aviation and ICICI Bank emerged as the top gainers.

In the broader market, however, sentiment remained subdued, with both the Nifty MidCap and Nifty SmallCap indices slipping 0.06 per cent each.

On the sectoral front, the Nifty Cement index led the gains, rising 1 per cent. The Nifty Pharma and Nifty IT indices also outperformed the broader market. Meanwhile, the Nifty Metal, Nifty Consumer Durables and Nifty Auto indices lagged, making them the weakest-performing sectors during the session.

Market Update at 09:32 AM: The Nifty50 and the Sensex rose after muted open as IT and pharma stocks led. 

As of 9:20 AM, the Nifty50 was up 0.08 per cent or 18.95 points at 23,843.05, and the Sensex rose 102.08 points or 013 per cent to 76,302.76.

In the broader markets, the Nifty MidCap and the Nifty SmallCap were trading 0.13 per cent and 0.03 per cent higher, respectively

Pre-Market Update at 7:50 AM: The Indian stock market is expected to begin Wednesday's session on a positive note, supported by favourable global and domestic cues. Gift Nifty was trading near the 24,877 level, indicating an opening gain of around 61 points over the previous close of the Nifty 50.

Market sentiment improved after easing tensions between the U.S. and Iran, a decline in crude oil prices, and continued buying by both foreign and domestic institutional investors. The steady progress of the southwest monsoon across India has also strengthened sentiment, as healthy rainfall is expected to support agricultural output, rural consumption, and overall economic growth while helping keep food inflation under control.

Asian markets traded mixed on Wednesday morning, while Wall Street ended lower overnight due to a sharp sell-off in technology stocks.

The Republican-controlled U.S. Senate voted to end the country's military engagement with Iran. U.S. President Donald Trump stated that Iran's released funds would remain under Washington's supervision and could only be used to purchase food and medical supplies from the U.S. The developments have raised hopes of a broader peace agreement, easing geopolitical concerns.

Investors will also closely track progress on the proposed India-U.S. trade agreement. According to reports, both countries are nearing the conclusion of a landmark trade pact announced earlier this year, which could further strengthen bilateral economic ties.

Minutes from the Bank of Japan's June policy meeting showed that several policymakers support further interest rate hikes to gradually move borrowing costs towards a neutral level. Meanwhile, Japan's Services Producer Price Index (PPI) rose 3.3 per cent year-on-year in May, matching the revised growth rate recorded in April, indicating persistent inflationary pressures in the services sector.

Crude oil prices continued to decline as tanker traffic through the Strait of Hormuz normalized. Brent crude fell 0.99 per cent to USD 76.32 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 1.05 per cent to USD 72.44 per barrel.

Precious metals remained under pressure. Spot gold slipped 0.8 per cent to USD 4,083.77 per ounce, while silver prices dropped 1.1 per cent to USD 60.86 per ounce.

Meanwhile, the U.S. dollar strengthened further. The dollar index rose 0.38 per cent to 101.39 after touching 101.42, its highest level since May 2025. The euro weakened 0.41 per cent to USD 1.138, while the British pound fell 0.45 per cent to USD 1.3187. The dollar was marginally higher against the Japanese yen at 161.55.

For the June series expiry, the Put-Call Ratio (PCR) stands at 0.59. On the put side, significant open interest addition and the highest concentration of open interest were observed at the 23,500 strike. On the call side, notable open interest addition was seen at the 24,000 strike, which also holds the highest open interest among nearby out-of-the-money call options.

The Nifty 50 ended Tuesday's session sharply lower amid weakness in IT and metal stocks. For June 24, immediate support is placed in the 23,800-23,750 zone, followed by a stronger support level at 23,550. On the upside, resistance is seen at 23,900, which coincides with the 50-day simple moving average (SMA). The next resistance zone is placed at 24,000-24,050. A sustained move above 23,900 may trigger further gains towards 24,000-24,050, while a break below 23,750 could increase downside pressure towards 23,550.

Among stocks in focus, Infosys expanded its multi-year partnership with GlobalFoundries to provide AI-led managed services across the Semiconductor company's enterprise IT operations. Indian Railway Finance Corporation (IRFC) will see the Government of India sell up to 3 per cent stake, including a greenshoe option, through an Offer for Sale (OFS) on June 24-25 at a floor price of Rs 91 per share.

Honasa Consumer acquired a 58 per cent stake in Fluence Pharma, marking its entry into the nutraceuticals segment. Rashi Peripherals will acquire a 67 per cent stake in VDA Infosolutions for Rs 368.5 crore, with plans to acquire full ownership by August 2029.

City Union Bank approved raising up to Rs 500 crore through a qualified institutional placement (QIP) and fixed July 31 as the record date for Dividend eligibility. Yes Bank's board will meet on June 29 to consider fundraising through equity and debt securities, while SIS will consider a share buyback proposal at its board meeting on the same date.

Imagicaaworld Entertainment announced that its Imagicaa Water Park in Khopoli will resume operations from June 26 after a temporary disruption, which resulted in an estimated revenue loss of Rs 50 lakh.

Kaynes Technologies remains under the futures and options (F&O) ban for the June 24 session.

Foreign Institutional Investors (FIIs) were net buyers of Indian equities worth Rs 17.86 crore on June 23. Domestic Institutional Investors (DIIs) also remained buyers, purchasing equities worth Rs 680.21 crore during the session.

Indian benchmark indices witnessed sharp selling pressure on Tuesday. The Sensex declined 893.39 points, or 1.16 per cent, to close at 76,200.68, while the Nifty 50 fell 278.80 points, or 1.16 per cent, to settle at 23,824.10.

U.S. markets ended lower on Tuesday as a sharp sell-off in semiconductor stocks and concerns over the Federal Reserve's interest rate outlook weighed on sentiment. The Dow Jones Industrial Average fell 47.22 points, or 0.09 per cent, to 51,665.49. The S&P 500 dropped 107.32 points, or 1.44 per cent, to 7,365.47, while the Nasdaq Composite plunged 579.56 points, or 2.21 per cent, to 25,587.04.

Among major stocks, Nvidia declined 4.15 per cent, AMD lost 5.76 per cent, Intel fell 6.14 per cent, Micron Technology plunged 13.18 per cent, and Marvell Technology dropped 9.36 per cent. Microsoft gained 1.80 per cent, while Apple slipped 0.91 per cent, Alphabet fell 0.77 per cent, Tesla declined 5.79 per cent, and SpaceX rose 0.98 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.

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