Nifty Extends Winning Streak to Six Days, Closes at 24,973
The Nifty index gained 104 points (0.42%) to close at 24,973, marking its sixth consecutive positive session. The index briefly crossed 25,000 before profit-booking emerged. FIIs turned net buyers after eleven sessions of selling, with inflows exceeding ₹2,000 crore. BEL, Wipro, and HCL Technologies were top gainers, while M&M, Bajaj Auto, and Maruti lagged. IT, PSU Banks, and Realty sectors outperformed, while Auto, Media, and Consumer Durables declined. Broader markets outperformed the benchmark, with Midcap 100 and Smallcap 100 indices gaining 0.93% and 0.73% respectively. Fitch revised India's FY26 growth forecast upward to 6.90% from 6.50%.
*this image is generated using AI for illustrative purposes only.
The Indian equity market continued its upward trajectory for the sixth consecutive session, with the Nifty index gaining 104 points (0.42%) to close at 24,973. The day's trading saw the benchmark index display both strength and volatility, reflecting the current market sentiment.
Market Movements
The Nifty opened with a robust gap of 123 points and quickly surpassed the psychologically important 25,000 mark, reaching an intraday high of 25,035. However, profit-booking emerged, leading to a correction of 120 points that pushed the index down to 24,915. Demonstrating resilience, the market recovered over 70 points by the closing bell.
Foreign Institutional Investors Turn Net Buyers
In a significant shift, foreign institutional investors (FIIs) became net buyers after eleven consecutive sessions of selling. The inflows exceeded ₹2,000 crore, potentially signaling a change in sentiment among international investors.
Sector and Stock Performance
The day's trading saw varied performances across different sectors and stocks:
Top Performers
- Gainers: BEL, Wipro, and HCL Technologies led the gains.
- Laggards: M&M, Bajaj Auto, and Maruti faced selling pressure.
Sectoral Performance
- Top Gainers: Nifty IT, PSU Banks, and Realty
- Decliners: Auto, Media, and Consumer Durables sectors
Broader Market Outperformance
The broader markets outpaced the benchmark index:
| Index | Gain (%) |
|---|---|
| Midcap 100 | 0.93 |
| Smallcap 100 | 0.73 |
Economic Outlook
Fitch, a global rating agency, revised India's growth forecast for FY26 upwards to 6.90% from the previous estimate of 6.50%. This positive revision could potentially boost investor confidence in the Indian market's long-term prospects.
Market Technicals
Analysts anticipate a gradual continuation of the uptrend. Key levels to watch:
- Resistance: 25,153-25,200
- Support: Near 24,800
As the market continues its positive momentum, investors and traders will be closely monitoring these technical levels and upcoming economic data for further direction.
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