Nifty crosses 24,000; FMCG leads rally as IT stocks bleed

Nifty’s Advance-Decline ratio stood at 33:17, reflecting buying across most index heavyweights.

Markets staged a strong intraday recovery by midday on Wednesday, with the Nifty 50 climbing 162.45 points (0.68 per cent) to 24,028.20 and the Sensex surging 546.13 points (0.71 per cent) to 77,024.80 as of 1.45 p.m., breaching the psychologically significant 24,000 mark that analysts had flagged as the key resistance level at the opening bell.The rally was broad-based, with the Nifty's Advance-Decline ratio standing at 33:17, reflecting buying across most index heavyweights. Reliance Industries and Axis Bank emerged as the top contributors to the Nifty's gains through the session, according to SBI Securities.Gainers and losersFMCG and consumer stocks dominated the gainers' list. Eternal surged 4.61 per cent to ₹276.80, the top Nifty gainer, on volumes exceeding 4.44 crore shares worth ₹1,21,112 crore. Nestle India jumped 3.19 per cent to ₹1,450, while Asian Paints rose 3.11 per cent to ₹2,717.60. Adani Enterprises gained 3.00 per cent to ₹3,127, and Hindustan Unilever advanced 2.80 per cent to ₹2,177.50.IT stocks, however, continued to face selling pressure. Tech Mahindra was the worst performer on the Nifty, falling 3.31 per cent to ₹1,358.20 on volumes of nearly 24.88 lakh shares. HCL Technologies shed 2.99 per cent to ₹1,039.80. Tata Consultancy Services declined 1.42 per cent to ₹2,002.60, while Hindalco dropped 1.64 per cent to ₹940.90. Tata Motors fell 1.43 per cent to ₹347.15.On the commodity front, crude oil prices remained range-bound in the $69–$70 per barrel range, with MCX Crude Oil opening with a mild gap-down in the ₹6,650–₹6,600 zone. Geopolitical uncertainty persisted after Tehran stated its negotiators would not resume peace talks with the United States until all provisions in the Memorandum of Understanding are honoured, keeping traders watchful on the energy front.Gold, rupee fallGold extended its losing streak for a third consecutive session. COMEX Gold traded within the $4,000–$3,980 support zone, while MCX Gold held above ₹1,41,000 but faced resistance at ₹1,41,600–₹1,42,000. COMEX Silver held above the $58 mark, while MCX Silver opened with a gap-down near ₹2,24,000 after failing to hold above ₹2,30,000. A stronger US Dollar, driven by expectations of a higher-for-longer interest rate environment, weighed on precious metals demand.The Indian rupee weakened slightly to trade near the ₹94.7–₹94.8 range against the US Dollar, retreating from recent highs near ₹94.3. Analysts noted geopolitical uncertainty and sustained dollar demand as factors behind the pressure on the rupee.SBI Securities flagged 23,880–23,900 as immediate support for the Nifty, with resistance at 24,130–24,150. A move above 24,150 could extend the rally toward 24,350, analysts said. On the options front, meaningful call writing was observed at the 24,100 and 24,200 strikes, while the 24,000 put held substantial open interest. On the Sensex, support was placed at 76,600 with resistance at 77,400. With over two hours left in the session, markets were tracking global cues and domestic institutional activity closely.Published on July 1, 2026