Sensex, Nifty Snap Two-day Losing Streak as Broad-based Buying Powers Benchmarks Higher

Mumbai, July 1: Indian benchmark indices snapped a two-session losing streak on Wednesday, with broad-based buying in realty, FMCG, financial and auto stocks helping the Nifty 50 reclaim the psychologically important 24,000 mark despite continued weakness in information technology shares. 

The Sensex rose 443.97 points, or 0.58%, to close at 76,922.64, while the Nifty 50 gained 140.10 points, or 0.59%, to settle at 24,005.85. Market breadth remained positive, with 2,158 stocks advancing, 1,935 declining and 165 remaining unchanged on the BSE. 

Realty, FMCG Lead Sectoral Gains 

The rally was led by real estate stocks, with the Nifty Realty index surging 3.6%. The FMCG and Media indices gained around 2% each, supported by strong buying. The auto and financial services indices also ended about 1% higher as investors accumulated cyclical stocks. 

Sensex rose 0.6% as stocks rallied across most sectors. Source: BSE 

Sensex rose 0.6% as stocks rallied across most sectors. Source: BSE  

On the flip side, the Nifty IT index fell 2%, as investors feared the US central bank raising rates later this year. The tech world also saw a sharp decline in KPIT Technologies after the company warned of weaker June-quarter revenue and operating profit due to reduced spending by European automotive clients. The Metal index slipped 1%, while the Pharma index ended 0.6% lower. 

Blue-Chip Movers 

Nifty 50 bounced back helped by autos, financials and FMCGs. Source: NSE

Among the Nifty constituents, Eternal, Adani Enterprises, Nestle India, Hindustan Unilever and Asian Paints emerged as the top gainers. 

Auto stocks remained in focus after Mahindra & Mahindra reported a 37% year-on-year jump in June vehicle sales, while consumer stocks benefited from buying interest. 

On the downside, HCL Technologies, Tech Mahindra, TCS, Hindalco Industries and Tata Steel were among the biggest losers. Selling in IT stocks intensified after KPIT Technologies issued a subdued business outlook, dragging the sector lower. 

Broader Markets Post Gains 

The broader market also ended in positive territory, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around 0.3% each, indicating buying interest beyond frontline stocks. 

Among individual names, Reliance Power rallied after unveiling plans to expand into artificial intelligence (AI) and allied technologies through its subsidiaries, while RITES advanced after securing a ₹175-crore consultancy contract. Newly listed Vedanta Oil & Gas also hit the 20% upper circuit amid strong investor demand. 

Outlook

Analysts said the market staged a healthy rebound after recent profit booking, with strength in domestic-facing sectors offsetting weakness in IT and metals. Investors will now turn their attention to quarterly business updates, the upcoming earnings season and key global macroeconomic data for fresh market direction. 

Source:

• NSE
• BSE