Taking Stock: Nifty snaps three-day fall to close above 24,800, Sensex gains 447 points in broad-based rally
Benchmark indices snapped a three-day losing streak to end higher, with Nifty 50 closing above 24,800 on the back of buying in heavyweights and across the sectors.
After a lower opening, Nifty 50 briefly slipped below 24,600, but mid-session buying helped regain losses to end near the day's high. At close, the Sensex was up 446.93 points or 0.55 percent at 81,337.95, and the Nifty was up 140.20 points or 0.57 percent at 24,821.10. The BSE midcap index rose 0.8 percent and smallcap index closed a percent higher.
All the sectoral indices ended in the green with Realty, Pharma, Oil & Gas up 1 percent each.
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The biggest Nifty gainers included Jio Financial, Reliance Industries, L&T, Asian Paints, Eicher Motors, while losers were SBI Life Insurance, TCS, Axis Bank, HDFC Life, Titan.
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In stock-specific action, Deepak Fertilisers' shares rose 5 percent, PNC Infratech shares gained 6% on order win worth Rs 2,957 crore, IndusInd Bank shares rose 1% in reaction to Q1FY26 earnings, Strides Pharma shares gained 2 percent on stronger Q1 earnings, and Hind Rectifiers' shares surged 20 percent as June quarter net profit jumped 81.4% at Rs 12.7 crore.
Shares of Voltamp Transformers rose 7 percent despite a flat profit growth, Jubilant Pharmova shares shed one percent after Q1FY27 profit fell 79% to Rs 103 crore, Gateway Distriparks shares jumped 7 percent after Q1 profit rose 24% at Rs 60 crore, Kolte-Patil Developers share price fell 7 percent on posting a loss of Rs 17 crore in Q1, and Torrent Pharmaceuticals shares rose 4 percent as Q1 consolidated profit jumped 20% on year.
More than 110 stocks touched their 52-week highs on the BSE, including Bosch, Torrent Pharma, Shyam Metalics, EID Parry, Laurus Labs, HDFC AMC, among others. Click to View More
Outlook for July 30
Ajit Mishra – SVP, Research, Religare Broking
Markets edged higher on Tuesday, gaining over half a percent and taking a breather after the recent decline. The Nifty index nearly tested the crucial support zone of its medium-term moving average, the 100-day EMA, in early trade, followed by a gradual recovery that lasted until the close. As a result, it ended near the day’s high at the 24,821.10 level. Notably, all key sectors contributed to the recovery, with realty, pharma, and energy emerging as the top gainers. The broader indices also found some relief, posting gains in the range of 0.81% to 1.05%.
The recovery in the Nifty was driven by oversold positions in heavyweight stocks, coupled with the presence of strong support at the 100-day EMA. However, participants should avoid reading too much into a single-day bounce and remain focused on selective stock picking and disciplined trade management, given the next resistance around the 25,000–25,100 zone. Moreover, the upcoming derivatives expiry and global developments could add to market volatility in the near term.
Rupak De, Senior Technical Analyst at LKP Securities
Nifty formed a bullish engulfing pattern on the daily chart, suggesting the possibility of a meaningful bullish reversal. On the 2-hourly chart, the index has started a recovery supported by a positive divergence.
In addition, a hidden positive divergence is visible on the daily chart, further indicating the potential for a smart recovery in the short term. On the higher side, Nifty may move towards 24,950–25,000. A decisive move above 25,000 could trigger a rally towards 25,200. On the downside, support is placed at 24,750.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.