The Nifty 50 reclaimed the 24,000 mark on July 1, closing at 24,056.00, up 190.25 points or 0.80% from the previous session's close of 23,865.75. The index opened at 23,897.65 and traded in a range of 23,895.10 to 24,049.90 during the session. Turnover stood at 5,884.98 lakh shares.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 24,056.00 | +190.25 | +0.80% |
Sectoral Moves and Top Gainers
Auto stocks led the rally, with Mahindra & Mahindra (M&M), Maruti Suzuki, and Tata Motors (Indigo) emerging among the top contributors to the Nifty's advance. Banking heavyweights ICICI Bank and State Bank of India (SBIN) also featured prominently in the gainers' list, supporting the benchmark's climb through the session.
The Nifty Auto index and Nifty Bank both posted gains, with banks and realty stocks showing particular strength. Volume and breadth details remained limited in available market data, though the index's intraday trajectory suggested steady accumulation through the afternoon.
GIFT NIFTY Session Snapshot
GIFT NIFTY tracked the domestic market's strength, closing at 24,053.50, up 50.5 points or 0.21% from its previous close of 24,003.00. The contract opened at 24,034.00 and swung between a low of 23,935.00 and a high of 24,113.00 during the session.
| Metric | Value |
|---|---|
| Open | 24,034.00 |
| High | 24,113.00 |
| Low | 23,935.00 |
| LTP | 24,053.50 |
| Change | +50.50 (+0.21%) |
The offshore derivative witnessed volatile price action through the Indian market hours, dipping to 23,935.00 in late-morning trade before staging a sharp recovery past 24,100 levels around midday. GIFT NIFTY's intraday range of 178 points reflected heightened volatility, though the contract ultimately settled marginally below the cash index close.
Technical Outlook
Elliott wave analysts flagged potential correction levels for the Nifty, projecting a pullback to 50-78% retracement zones in the near term. The index's close above 24,000, however, suggests immediate support held despite intraday weakness.
GIFT NIFTY heads into Session II trading at 24,053.50, positioned just below the day's high and holding above the psychological 24,000 threshold alongside the cash market.