Sensex Today | Stock Market Live: Sensex rises 300 points, Nifty above 24,500; IT stocks rally, Trent slumps 11%
Rajesh Palviya, Head of Research, Axis Direct
The Nifty 50 extended its winning streak on Monday, advancing 159 points, or 0.66%, to close at 24,430, supported by broad-based buying across banking, auto, realty and metal stocks, which offset continued weakness in the IT pack. HDFC Bank emerged as the key driver, rallying more than 3.5% following a robust Q1 business update and helping both the Nifty and Bank Nifty register a fourth consecutive session of gains.
Global cues were constructive overnight, with Wall Street scaling fresh record highs. The Dow Jones Industrial Average closed above the 53,000 mark for the first time at 53,056, while the S&P 500 gained 0.72% and the Nasdaq climbed 1.12%, led by renewed strength in semiconductor stocks.
However, optimism moderated across Asian markets this morning as profit booking in technology shares and renewed concerns over Gulf shipping disruptions weighed on sentiment. South Korea’s Kospi declined more than 4%, while Japan’s Nikkei slipped below the 70,000 mark. On the macro front, Brent crude remained below $72 per barrel after OPEC+ approved an additional 188,000 barrels per day production increase for August, a positive development for India as it helps contain imported inflation.
Meanwhile, GIFT Nifty was trading around 24,570, indicating a mildly positive start.
From a technical perspective, the undertone remains cautiously optimistic ahead of the weekly expiry. The 24,500 zone continues to act as an immediate hurdle, while 24,300 remains a crucial support level. A sustained move below 24,300 could trigger profit booking towards 24,150. However, easing crude prices, resilient domestic liquidity and supportive global cues are likely to cushion downside risks, with a decisive breakout above 24,500 opening the path towards the 24,650–24,750 zone in the near term.
