Nifty Hits Highest Level Since October 2024, Up Over 200 Points

After opening 106 points higher, Nifty held its bullish trend and extended its rise throughout the session. Nifty ended the session above the crucial resistance of 25200 by rising 200 points or 0.80%, to close at 25244, the highest level since 3rd October 2024.

Leading the charge among the top performers on the Nifty were Titan, M&M, and Grasim. Conversely, BEL, Kotak bank, and Eicher Motor ended the session as major losers. Trading volumes on the NSE cash market were lower by 9% compared to yesterday.

After sharp appreciation yesterday, Indian Rupee gave up some of the gains by depreciating 11 paise against the US Dollar to close at 86.08. This weakness in the rupee was attributed to a stronger Dollar Index and a recovery in crude oil prices.

Highlighting a broad positive sentiment, the Midcap and Smallcap Indices extended their upward journey for the fourth consecutive day. The Nifty Midcap 100 gained 0.44%, and the Nifty Smallcap 100 surged 1.49%. Market breadth remained positive for the second day, with advancing stocks significantly outnumbering declining ones, reflected in a robust BSE advanc edecline ratio of 2.34 – its highest since May 14th.

Sectorally, all Nifty indices barring the Private Sector Bank index ended in positive territory. The Nifty Media, IT, Consumer Durables, and Auto sectors witnessed the most significant gains. Nifty seems to have finally broken out from the consolidation which was held for the last six weeks. Support is now shifted up to 25000, while on the upside 25500 could offer resistance.