Nifty reclaims 24,000 as volatility eases, support at 23,800
Indian equities snapped a two-session losing streak on Wednesday, with the Nifty 50 closing above 24,000 and the Sensex adding 444 points, as easing global risks, trade optimism, and softer crude prices lifted sentiment.
The rebound cut volatility, pulled India VIX down over 3% to 13.19, and added more than ₹2 lakh crore to BSE market capitalisation, with analysts flagging 23,800 on Nifty as the key support for the near term.
Market overview
| Index | 1 Jul Close | Move & % Change | Comments |
|---|---|---|---|
| Sensex | 76,922.64 | +444 pts (approx. +0.6%) | Rebounded after two sessions of losses, supported by positive global cues. |
| Nifty 50 | 24,005.85 | +140 pts (approx. +0.6%) | Reclaimed 24,000, hovered near the mark through the session. |
| India VIX | 13.19 | down over 3% | Volatility gauge eased, reflecting improved risk appetite. |
- Total BSE market capitalisation rose to around ₹476 lakh crore.
- Session gains added over ₹2 lakh crore in investor wealth.
- Recovery was broad based, with large caps outperforming.
- Analysts cited easing Middle East tensions and lower oil as key drivers.
- Anticipated US India trade agreement also supported risk sentiment.
- Market entered H2CY26 with improving domestic and global backdrop.
- “The domestic markets entered H2CY26 on an optimistic footing as multiple headwinds began to abate.” — Vinod Nair, Head of Research, Geojit Investments.
Market breadth and participation
| Statistic | Value/Change | Context |
|---|---|---|
| Advances on NSE | 1,852 stocks | Outnumbered declines, signalling bullish breadth. |
| Declines on NSE | 1,473 stocks | Profit taking persisted in select counters. |
| Unchanged on NSE | 100 stocks | Flat close despite broader positive tone. |
- Total stocks traded on NSE on 1 July: 3,425.
- Sentiment meter favoured bulls given higher advances than declines.
- Activity concentrated in select large caps and high beta names.
Most active stocks
| Category | Stock | Notable Factor |
|---|---|---|
| Turnover | RITES | Highest NSE value turnover at ₹2,228 crore. |
| Turnover | HDFC Bank | High activity with ₹2,082 crore traded. |
| Turnover | Maruti Suzuki | Turnover of ₹2,004 crore on NSE. |
| Turnover | Eternal | Value traded at ₹1,837 crore. |
| Turnover | ICICI Bank | Turnover of ₹1,645 crore. |
| Turnover | MCX India | Value traded at ₹1,554 crore. |
| Turnover | KPIT Tech | Turnover of ₹1,484 crore. |
| Volume | Vodafone Idea | Most active by volume, 42.38 crore shares traded. |
| Volume | Reliance Power | Volume at 34.79 crore shares. |
| Volume | Ola Electric Mobility | Traded 27.40 crore shares. |
| Volume | JP Power | Volume at 10.04 crore shares. |
| Volume | RITES | Also active in volume, 9.67 crore shares. |
| Volume | Yes Bank | Volume at 9.35 crore shares. |
| Volume | Eternal | Traded 6.68 crore shares. |
- High turnover in RITES, HDFC Bank, Maruti Suzuki signalled strong institutional interest.
- Vodafone Idea and Reliance Power led retail heavy volume activity.
Stocks in focus
| Bucket | Stock | Notable Factor |
|---|---|---|
| Buying interest | RITES | Witnessed strong buying interest. |
| Buying interest | Reliance Power | Saw sustained accumulation. |
| Buying interest | Delhivery | Attracted buyers, also hit 52 week high. |
| Buying interest | Inventurus Knowledge | Strong demand, also at 52 week high. |
| Buying interest | Hexaware Technologies | Reported strong buying interest. |
| Buying interest | Aegis Logistics | Buying interest, also at 52 week high. |
| Buying interest | TBO Technologies | Saw notable accumulation. |
| 52 week high | Delhivery | Scaled new 52 week high on NSE. |
| 52 week high | Inventurus Knowledge | Hit fresh 52 week high. |
| 52 week high | Aegis Logistics | Touched 52 week high. |
| 52 week high | ITD Cementation | Marked new 52 week high. |
| 52 week high | Phoenix Mills | Hit 52 week high level. |
| 52 week high | Adani Enterprises | Reached new 52 week high. |
| 52 week high | Nippon Life AMC | Also at 52 week high. |
| Selling pressure | KPIT Tech | Faced significant selling pressure. |
| Selling pressure | Apar Industries | Witnessed notable profit booking. |
| Selling pressure | Coforge | Came under selling pressure. |
| Selling pressure | Tata Elxsi | Saw strong selling. |
| Selling pressure | Himadri Speciality | Faced selling interest. |
| Selling pressure | IGL | Witnessed pressure from sellers. |
| Selling pressure | GE Shipping | Under selling pressure. |
| 52 week low | KPIT Tech | Hit 52 week low on NSE. |
| 52 week low | Tata Elxsi | Touched 52 week low. |
| 52 week low | Birlasoft | Marked new 52 week low. |
| 52 week low | HCL Tech | Hit 52 week low. |
| 52 week low | TCS | Slipped to 52 week low. |
| 52 week low | IndiaMART | Reached 52 week low. |
| 52 week low | Infosys | Also at 52 week low. |
- Divergence evident with IT names like TCS, Infosys, HCL Tech at 52 week lows.
- Select logistics, infra, and financial names printed fresh highs.
Technical outlook on Nifty 50
- Nifty remained range bound, failed to break out of recent trading band.
- Index hovered around the 24,000 mark, indicating lack of strong directional momentum.
- Short term trend remains positive, with intraday resilience.
- Momentum described as subdued despite positive bias.
- Key support identified at 23,800 on the downside.
- As long as Nifty holds above 23,800, bullish bias is expected to persist.
- Upside potential seen towards 24,200 and higher in the near term.
- “The bullish bias is likely to remain intact as long as the Nifty holds above the 23,800 support level.” — Rupak De, Senior Technical Analyst, LKP Securities.
Global cues
| Market/Asset | Movement | Notes |
|---|---|---|
| US equities | Mixed to lower | Main indexes fell on unease over US Iran tensions. |
| Middle East talks | Uncertain | Tehran refused high level US meeting, technical talks continued in Doha. |
| European STOXX 600 | Down 0.3% (intraday) | Paused after 10% quarterly rise, best since late 2020. |
| Euro zone inflation | Eased in June | Reduced pressure on ECB for further rate hikes. |
- Falling energy prices supported European sentiment in recent weeks.
- Global risk mood remained cautious despite India specific optimism.
FAQs
Q: What key level should traders watch on Nifty in the near term?
- 23,800 is seen as crucial support, while 24,200 is the immediate upside level on technical charts.
Q: How did market breadth look on the NSE in the latest session?
- Out of 3,425 stocks, 1,852 advanced, 1,473 declined, and 100 were unchanged, indicating positive breadth.
Q: Which stocks were most active by turnover on the NSE?
- RITES, HDFC Bank, Maruti Suzuki, Eternal, ICICI Bank, MCX India, and KPIT Tech led by value traded.
Frequently Asked Questions
What key level should traders watch on Nifty in the near term?
23,800 is seen as crucial support, while 24,200 is the immediate upside level on technical charts.
How did market breadth look on the NSE in the latest session?
Out of 3,425 stocks, 1,852 advanced, 1,473 declined, and 100 were unchanged, indicating positive breadth.
Which stocks were most active by turnover on the NSE?
RITES, HDFC Bank, Maruti Suzuki, Eternal, ICICI Bank, MCX India, and KPIT Tech led by value traded.
Disclaimer
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