Indian Market Close
The Nifty 50 closed at 24,022.65 on June 24, recovering sharply from an intraday low of 23,789.25 after opening at 23,795.80. The index traded in a wide range between 23,789.25 and 24,029.65 during the session. The BSE Sensex dropped over 1,000 points at one stage, with Nifty 50 tumbling more than 300 points intraday before paring losses into the close.
| Index | Close | Day's Range |
|---|---|---|
| Nifty 50 | 24,022.65 | 23,789.25 - 24,029.65 |
| Nifty Next 50 | 72,356.65 | -239.30 |
| Nifty Bank | 57,685.75 | -278.05 |
Sector Performance
Banking stocks led the decline, with Nifty Bank shedding 278.05 points to close at 57,685.75. The Nifty Financial Services index fell 150.80 points to 26,431.15. Auto shares emerged as top Nifty losers, falling as much as 2.5% amid reports of a cyberattack involving ransomware affecting the sector.
IT stocks weighed on the benchmark, with Infosys down 3.11% at ₹1,032.30 and TCS falling 2.56% to ₹988.20. Tech Mahindra showed relative strength among IT counters but could not offset the broader sector weakness.
Market Breadth and Volatility
The session witnessed sharp swings, with the Nifty 50 showing a 1-month gain of 1.67% and a 3-month rise of 4.40%, but remained under pressure year-to-date with an 8.16% decline. The 52-week range stands at 22,182.55 to 26,373.20, with the index currently trading in the middle of that band.
GIFT NIFTY Session
GIFT NIFTY closed at 24,037.0, gaining 169.5 points or 0.71% from the previous close of 23,867.5. The contract opened at 23,865.5 and traded between an intraday low of 23,773.5 and a high of 24,109.5, reflecting a 336-point range. The session witnessed significant volatility during mid-morning hours as GIFT NIFTY dipped to the day's low of 23,773.5 around 11:05 IST before staging a sharp recovery rally into the afternoon.
| Parameter | Level |
|---|---|
| Last Traded Price | 24,037.0 |
| Open | 23,865.5 |
| High | 24,109.5 |
| Low | 23,773.5 |
| Change | +169.5 (+0.71%) |
The contract tracked the cash market closely, with both GIFT NIFTY and Nifty 50 recovering from morning lows. GIFT NIFTY surged past 24,100 during the 16:05 IST candle, hitting an intraday peak of 24,109.0, before settling near 24,037 as overseas participation moderated into the close.
Global Cues
The Dow Jones Industrial Average recovered 280 points from the time of Nifty's close, but GIFT NIFTY showed only a modest 20-point uptick in response, suggesting muted follow-through from U.S. markets. Key resistance for Nifty is pegged at 170 points on either side of current levels, with traders watching overnight Dow strength for Session II direction.
GIFT NIFTY heads into the evening session at 24,037, positioned above the psychological 24,000 mark despite sector-specific weakness in IT and banking stocks during Indian trading hours.