NIFTY50 holds 24350, SENSEX jumps 800 points; Grasim, Eicher Motors top gainers

The Indian markets experienced a broad-based rally driven by positive global cues. The NIFTY50 index, after opening higher, briefly surpassed the 24,400 mark for the first time in five sessions. However, both the NIFTY50 and SENSEX indices slightly retreated from their intraday highs but remained in positive territory with gains of around 1% each by mid-day. The Nifty Bank is also traded in green, rising 0.91% above the 50,550 mark.

The level of 24,400 is likely to act as an immediate resistance for the NIFTY50, given the significant addition of open interest at 24,400 CE. Sustained trading above this level could potentially trigger short-covering. On the other hand, the level of 24,330 is likely to act as an immediate support for the index. Meanwhile, the India VIX dropped below the prior day’s low, slipping below the level of 15, but it has since recovered and is now trading above its 20-DMA.

All the sectoral indices were in the green led by Nifty IT and Nifty Realty which gained 1.64% and 1.60%, respectively. The broader markets were also buoyant, with the Nifty Smallcap and the Nifty Midcap 100 indices advancing by 1.02% and 0.92%, respectively. Market breadth remained strong, with 1,617 stocks advancing and only 665 stocks declining.