Stock Market Highlights Today: Nifty gained 235 pts, is the uptrend back on track – 24th June 2026

Indian equities rebounded sharply on Wednesday, with the Nifty 50 reclaiming the 24,050 mark after gaining about 235 points intraday and the Sensex rising more than 900 points, as buying in banking and IT stocks combined with softer crude prices and easing rate-hike fears.

Traders cited short covering in index heavyweights, expectations that the Reserve Bank of India may not rush into further rate increases, and optimism around a potential India US trade deal as key drivers of the recovery from Tuesday’s selloff.

Market overview

Index	24 Jun 2026 Close (approx.)	Move & % Change	Comments
Sensex	77,100	+900 pts (approx. +1.2%)	Rebounded after prior session drop, led by banks and IT.
Nifty 50	24,059	+235 pts (+1.0%)	Reclaimed 24,050 after testing support near 23,800.
Nifty Midcap 100	approx. flat to slightly lower	around -0.1% to -0.3%	Broader markets muted, underperformed large caps.
Nifty Smallcap 100	approx. flat to slightly lower	around -0.1% to -0.3%	Slipped into red despite headline index gains.
India VIX	13.6–13.7	about -2% to -3%	Volatility eased as indices stabilised above key supports.

Note: figures are approximate; final exchange data not available at time of publication.

• BSE market capitalisation rose to about ₹477 lakh crore, adding roughly ₹2 lakh crore in a day.
• Intraday, Sensex hit around 77,190, while Nifty 50 tested 24,090.
• Earlier in the day, Nifty briefly traded near 23,900, then extended gains through the session.

Key movers

Top gainers

Stock	Sector	Notable Factor
Tech Mahindra	IT	Rose around 3%, part of broad IT rebound.
ICICI Bank	Private bank	Gained about 3%, supported Bank Nifty recovery.
IndiGo	Aviation	Advanced around 2%, aided by softer crude prices.
HDFC Bank	Private bank	Climbed about 2%, key contributor to index gains.
Infosys	IT	Added around 2%, helped lift Nifty IT index.
TCS	IT	Gained about 2%, participated in IT-led pullback.
Trent	Retail	Jumped more than 4% in early trade, led Sensex gainers.

• Nifty IT index rose up to 1.5%, reversing part of recent underperformance.
• Nifty Private Bank index also gained up to 1.5%, driven by large private lenders.

Top losers

Stock	Sector	Notable Factor
Maruti Suzuki	Auto	Fell nearly 1%, bucked broader index uptrend.
NTPC	Power	Declined around 1%, weighed on Sensex.
Titan	Consumer durables	Dropped nearly 1%, among key laggards.
Power Grid	Power	Slipped close to 1%, capped index gains.
Bharti Airtel	Telecom	Eased about 1%, early-session underperformer.
Tata Steel	Metals	Lost nearly 1%, in line with weak Nifty Metal index.

• Nifty Metal index traded lower, down about 0.6%, extending pressure from the previous session.
• Market breadth on NSE was mixed, with advances roughly matching declines through the day.

Sectoral action

Sector / Index	Direction (approx.)	Key Drivers
Nifty IT	up 1.0% to 1.5%	Short covering, attractive valuations, stronger dollar.
Nifty Private Bank	up around 1.5%	Healthy credit growth, easing funding concerns.
Nifty Pharma	up about 0.5%	Defensive buying amid monsoon concerns.
Nifty Metal	down about 0.6%	Followed global risk-off in commodities.
Nifty Consumer Durables	mildly down	Stock-specific profit taking in names like Titan.

Note: figures are approximate; final exchange data not available at time of publication.

• Banking and financial indices, including Bank Nifty, gained nearly 2% intraday.
• Analysts highlighted strong credit growth and RBI measures on FCNR deposits and ECBs as sector supports.
• IT stocks benefited from expectations that AI-related disruption could create new opportunities over time.

• “The banking sector continues to benefit from healthy credit growth” said Pankaj Pandey, head of research at ICICI Securities.

Technical outlook on Nifty and key indices

Statistic / Level	Value / Range	Context
Nifty immediate support	23,780–23,800	Key gap support; repeated tests without breakdown.
Nifty resistance zone	23,950–24,150	Sustained move above may extend relief rally.
Bank Nifty support	around 59,956	Watch level for next leg towards 61,000.
Bank Nifty upside target	about 61,000	Seen as next move if support holds.
Nifty Defence target	10,700–10,800	Analyst expects continuation of uptrend after pullback.

Note: figures are approximate; final exchange data not available at time of publication.

• Rohit Srivastava pegs 23,800 as critical Nifty support, with potential to reach 25,000 if it holds.
• He sees Bank Nifty heading towards 61,000 once the current support band is respected.
• On sector indices, he views recent weakness in defence as a pullback within a broader uptrend.

• “As long as this support holds and we close positive today, the next target for the market is to cross the 25,000 mark” said Rohit Srivastava, Founder, Strike Money Analytics & Indiacharts.

• Rajesh Palviya of Axis Direct notes the undertone stays cautious below 23,950, with support near 23,780.
• He flags 23,600 as a deeper downside level if support breaks, while 24,100–24,150 is the next resistance band.

Global cues and macro drivers

Market / Asset	Movement	Notes
South Korea Kospi	around +3%	Rebounded after prior 10% plunge in semiconductor-led selloff.
Hang Seng	about +0.4%	Helped risk sentiment in Asia.
Nikkei	slightly negative	Continued to digest global tech correction.
Shanghai Composite	slightly negative	Mixed cues from mainland China.
Brent crude	near $75–76	Around four-month low, eased macro headwinds for India.
WTI crude	near $72	Fell more than 1%, supportive for trade deficit and CPI.
USD/INR	around 94.85	Rupee slipped 9 paise in early trade, later stabilised.

Note: figures are approximate; final exchange data not available at time of publication.

• Brent’s decline below $77 per barrel reduced import cost pressures for India.
• Market participants cited ongoing US Iran talks and easing Gulf shipping constraints as oil drivers.
• Expectations of a historic India US trade deal also supported sentiment.

• “This excessive volatility in semiconductor stocks and markets like South Korea and Taiwan is favourable to India, which is growing at a steady pace” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

• RBI Governor Sanjay Malhotra signalled that discussions of rate hikes were “premature” at this stage.
• He said the central bank does not yet see inflation generalising, and stance remains neutral.

Flows, volatility and sector rotation

Statistic	Value / Change	Context
FPI equity flows (Tuesday)	₹17.86 crore net buy	Foreign selling has tapered, occasional buying emerging.
FPI equity flows (recent)	small net buying streak	Third consecutive session of net purchases cited.
India VIX	around 13.6–13.7	Fell nearly 2–3%, signalling calmer near-term expectations.
Nifty IT weight in Nifty 50	below 7.6%	Record low share, reflects prolonged IT underperformance.

Note: figures are approximate; final exchange data not available at time of publication.

• Foreign investors have sold about $29.84 billion of Indian equities so far this year, per recent data.
• Lower crude prices, rupee stabilisation and policy steps to attract inflows have moderated outflows.
• Traders also pointed to a revival in monsoon activity and expectations of better earnings as medium-term supports.

• Technology is now the fifth-largest sector in the Nifty 50 by weight, behind financials, consumer discretionary, energy and industrials.
• The combined weight of five major IT exporters in Nifty has dropped from over 20 percent at their early-2000s peak to below 7.6 percent.

• “As IT stocks lose value, their weightings in major indexes have also shrunk, reducing the amount of money they receive from the growing number of passive funds” according to data compiled by Bloomberg.

Banking and defence in focus

• Srivastava expects banking to be among the best performing sectors over the coming year.
• He cites a catch-up phase after private banks lagged the broader market in the previous cycle.
• He does not anticipate significant weakness in financials in the next leg of growth.

• On defence, he views the recent two-day pullback in the Nifty Defence Index as a pause.
• He projects the index heading towards 10,700–10,800 in the coming weeks.
• He characterises the space as “buy on dips” and highlighted Garden Reach Shipbuilders & Engineers (GRSE) as a preferred pick for his clients.

• “The Nifty Defence Index should be headed towards 10,700–10,800 in the coming weeks, so it would be a buy on dips as of now” said Rohit Srivastava.

FAQs

Q: What key levels should traders watch on the Nifty in the near term?

• Immediate support is around 23,780–23,800, with deeper support near 23,600 if that breaks.
• On the upside, resistance lies in the 24,100–24,150 band, then the 25,000 zone if momentum sustains.

Q: Which sectors are expected to lead the next leg of the market rally?

• Analysts highlight banking and defence as likely leaders, given improving financials momentum and continued defence order visibility.
• IT is seeing selective interest after valuation corrections, but structural concerns around AI remain.

Q: How are global factors influencing Indian equities currently?

• Volatility in global tech and semiconductor stocks is driving risk sentiment, but India has been relatively resilient.
• Lower crude prices, prospects of an India US trade deal and a stable rupee are providing macro support.
• Expectations that the RBI will avoid premature rate hikes are also underpinning domestic risk appetite.

Frequently Asked Questions

What key levels should traders watch on the Nifty in the near term?

Immediate support is around 23,780–23,800, with deeper support near 23,600, while resistance lies in the 24,100–24,150 band and then the 25,000 zone if momentum sustains.

Which sectors are expected to lead the next leg of the market rally?

Analysts highlight banking and defence as likely leaders, given improving financials momentum and continued defence order visibility, while IT is seeing selective interest after valuation corrections.

How are global factors influencing Indian equities currently?

Volatility in global tech and semiconductor stocks is shaping risk sentiment, but lower crude prices, prospects of an India US trade deal, a stable rupee and expectations of no imminent RBI rate hikes are supporting Indian equities.