Analysts said the indices reclaimed key technical levels, with support seen around 24,110 on the Nifty and resistance near 24,380. Despite the rally, market breadth remained weak as declining stocks outnumbered gainers
Markets were trading firmly higher at midday on Wednesday, with the Sensex at 77,600.76, up 834.84 points or 1.09 per cent, and the Nifty 50 at 24,234.85, up 249.50 points or 1.04 per cent, as of 1.01 pm. Both indices opened the new derivatives series on a strong footing, decisively reclaiming their 100-day exponential moving averages before settling into a narrow consolidation range through the morning session.The rally was led by heavyweight stocks. Hindustan Unilever was the top Nifty gainer, rising 4.24 per cent to ₹2,108.40 from its previous close of ₹2,022.70. Infosys advanced 4.02 per cent to ₹1,150.10 from ₹1,105.70, extending the IT sector’s outperformance into a second straight session with the Nifty IT index up nearly 3 per cent. Cipla climbed 2.73 per cent to ₹1,484 from ₹1,444.60, while Larsen & Toubro rose 2.63 per cent to ₹3,932.80 from ₹3,832. Hindalco added 2.62 per cent to ₹960.90 from ₹936.40. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that “...HDFC Bank, ICICI Bank, and Reliance Industries are the top contributors to the Nifty’s gains...” alongside the broader IT-led momentum.On the losing side, Adani Ports was the biggest Nifty decliner, falling 2.18 per cent to ₹1,736.10 from its previous close of ₹1,774.70. Mahindra & Mahindra shed 1.35 per cent to ₹3,226.90 from ₹3,271.20, and Power Grid declined 1.24 per cent to ₹281.75 from ₹285.30. Bajaj Finserv slipped 0.75 per cent to ₹1,913.50 from ₹1,927.90, while Eicher Motors eased 0.71 per cent to ₹7,780 from ₹7,836. Among sectors, Nifty IT was the best performer while Nifty Energy was the worst.Technical outlook remains positive despite weak market breadthMarket breadth remained weak despite the index gains. Of 4,424 stocks traded on the exchange, 1,528 advanced while 2,740 declined, with 156 unchanged. The Nifty’s Advance Decline Ratio stood at 37:12. A total of 109 stocks hit 52-week highs against 84 at 52-week lows, while seven stocks were locked in lower circuits.On the technical setup, Shah said the “...zone of 24,110–24,130 will act as a crucial support for the index while the resistance lies in the zone of 24,360–24,380...” He added that a surge above 24,380 could extend the rally to 24,580, while a slip below 24,110 would expose the 23,960–23,980 support band. For the Sensex, support is at 77,200 and resistance at 78,000. On the options front, meaningful call writing was seen at the 24,300 and 24,400 strikes, with substantial put open interest at 24,200 followed by 24,100.Crude, gold and Fed decision remain in focusIn commodities, MCX Crude Oil opened above ₹7,900 after recovering from lows near ₹7,550, with resistance at ₹7,950–₹8,000. US WTI crude was trading above $82 per barrel, with geopolitical developments in the West Asia continuing to drive volatility. MCX Gold opened near ₹1,41,500 with a cautiously weak bias, while COMEX Gold held near the $4,000 support zone. MCX Silver opened with a mild gap-up, with immediate support at ₹2,15,000–₹2,14,000 and resistance at ₹2,18,000–₹2,18,600.The Indian rupee was trading broadly stable around ₹95.75 against the U.S. dollar, extending its recovery from record lows near ₹96.6. The U.S. Federal Reserve’s interest rate decision, due later in the day, remained the primary global event in focus, with consensus pointing to a status quo on rates but markets watching closely for any hawkish signals.Published on July 29, 2026
