Prime End of the Day Summary: View on Market Performance 02 July 2026

Nifty Surges 170 Points to Hit Highest Level Since May 8; IT Index Rebounds Nearly 5%

Nifty advanced for the second consecutive session, gaining 169 points to close at 24,175, its highest closing level since May 8, 2026. After opening 57 points higher, the index witnessed sharp two-way volatility in the first half before turning directional in the latter half, rallying 127 points from the intraday low of 24,067. NSE cash market volumes were higher by 3% compared to the previous trading session.

Within the Nifty pack, Infosys, Tech Mahindra, and HCL Technologies emerged as the top gainers, while Max Healthcare Institute, Larsen & Toubro, and Axis Bank were the key laggards.

Sectoral performance remained broadly positive, with all major indices ending in the green except the Nifty PSU Bank index. IT stocks led the rally, while Realty, Consumer Durables, and Auto also posted strong gains.

Broader markets extended their positive momentum for a third straight session. The Nifty Midcap 100 and Nifty Smallcap 100 gained 0.48% and 1.25%, respectively. The small-cap index continued to outperform, registering a fresh 52-week high. Market breadth remained strong for the third consecutive day, with the BSE advance-decline ratio improving to 1.47, indicating broad-based buying interest.

The Indian rupee weakened for the fourth consecutive session, falling 14 paise to close at 95.39, making it one of the worst-performing Asian currencies. Although the rupee opened stronger, sustained corporate dollar demand erased early gains, dragging the currency close to the day’s low by the close.

From a technical perspective, Nifty has decisively moved above the crucial 100-day DEMA at 24,128, strengthening the near-term bullish outlook. The index is now approaching the 200-day DEMA near 24,422, which could act as the next major resistance. On the downside, immediate support has shifted higher to the 24,000–24,050 zone.