The Nifty 50 index has demonstrated remarkable resilience, marking its longest gaining streak in a year by rising for eight consecutive sessions. The benchmark index closed at 25,114.00, registering a gain of 109.00 points and reclaiming levels above 25,100.00 for the first time in two months.

Market Movers

Leading the gains among Nifty constituents were BEL and Bajaj Finance, while Eternal and Hindustan Unilever faced declines. The broader market also showed strength, with the Nifty Midcap100 advancing 0.30% and the Smallcap100 index climbing 0.60%.

Sector Performance

Financial services and metals sectors emerged as top performers, each advancing by 1.00%. The IT sector also saw modest gains, primarily driven by Infosys following its approval of an ₹18,000.00 crore share buyback program.

Defence Stocks Surge

Defence stocks caught investors' attention, surging over 4.00% on the back of fresh order wins. This sector's performance contributed significantly to the overall market sentiment.

Factors Driving the Rally

The ongoing rally has been supported by expectations of a potential rate cut by the U.S. Federal Reserve. This optimism has encouraged both foreign and domestic institutional investors to maintain their positions as net buyers in the Indian market.

Technical Outlook

Technical analysts are eyeing potential targets of 25,350.00-25,500.00 for the Nifty 50, with immediate support levels identified around 24,900.00-25,000.00. This suggests a cautiously optimistic outlook for the index in the near term.

Banking Sector Performance

The Nifty Bank index also posted gains, closing at 54,809.30, up 0.26% for the day. On a weekly basis, the banking index recorded a notable increase of 1.28%, reflecting the positive sentiment in the financial sector.

Market Breadth

The market breadth remained positive, indicating widespread participation in the rally across various segments of the market. This broad-based advance suggests a healthy underlying trend in the current market scenario.

As the Nifty 50 continues its upward trajectory, investors and analysts will be closely monitoring global cues, particularly any signals from the U.S. Federal Reserve regarding interest rates, as well as domestic economic indicators that could influence the market's direction in the coming sessions.

The Nifty 50 index continued its upward trajectory, marking its fifth consecutive session of gains. The benchmark index closed 95 points higher at 24,869.00, after trading within a narrow 100-point range throughout the day.

Strong Opening and Positive Bias

The index kicked off the session on a strong note, opening with a 90-point upside gap. This positive sentiment persisted throughout the trading hours, with the index maintaining an upward bias.

IT Sector Leads the Rally

The information technology sector emerged as the star performer of the day, with the Nifty IT sub-index surging by 2.70%. This rally in IT stocks was primarily driven by growing expectations of a potential interest rate cut by the US Federal Reserve at the upcoming Federal Open Market Committee (FOMC) meeting.

Infosys in the Spotlight

Infosys, a major player in the IT sector, stood out as the top performer among Nifty constituents. The company's shares rose by nearly 3.00% following an announcement that its board will consider a share buyback proposal. This news likely contributed to the positive sentiment surrounding IT stocks.

Technical Levels and Market Outlook

The Nifty successfully reclaimed its 100-day moving average (100-DMA) at 24,820.00, signaling strength in the ongoing uptrend. However, the index is now approaching a critical resistance level around the 25,000.00 mark.

Market analysts anticipate that the Nifty may experience range-bound trading as it nears this key resistance zone. For those looking at support levels, immediate support is expected in the 24,720.00-24,750.00 range.

As the Nifty continues its ascent, investors and traders will be closely watching how it behaves around the psychologically important 25,000.00 level in the coming sessions.