GIFT NIFTY Slips to 24,634 as Nifty 50 Closes Flat at 24,637, IT Gains Offset Bank Weakness

Indian Markets Close Mixed as Bank Drag Offsets IT Rally

The Nifty 50 closed marginally higher at 24,637.45, up 22.55 points or 0.09%, while the Sensex advanced 410.48 points or 0.52% to settle at 78,839.43. The session saw divergent sectoral trends with IT stocks providing support even as banking stocks weighed on the broader market.

The Nifty 50 opened at 24,669.20 and traded in a range of 24,562.20 to 24,677.60 through the day. Markets consolidated near current levels after snapping a four-day gaining streak in the prior session, when the Nifty had fallen 159 points and Sensex dropped 210 points to close at 78,429.

Sector Performance

Nifty IT surged 134.90 points to close at 31,589.05, emerging as the top sectoral gainer. In contrast, Nifty Bank declined 34.90 points to end at 57,872.30, acting as the primary drag on benchmark indices. The divergence reflected risk-on appetite in technology counters amid broader market caution.

GIFT NIFTY Tracks Domestic Weakness

GIFT NIFTY ended Session I at 24,634.0, down 120.5 points or 0.49% from the previous close of 24,754.5. The contract opened at 24,740.5 and hit an intraday high of 24,798.0 in early trade before sliding to a low of 24,562.0 as domestic markets lost momentum through the afternoon.

The offshore derivative mirrored the cash market's volatile tone, trading in a 236-point range. After holding firm above 24,700 through the morning session, GIFT NIFTY came under pressure post-noon, breaking below 24,650 in the final hour of Indian trading. A late recovery attempt lifted the contract off session lows, but it remained firmly in negative territory.

Domestic Indices Snapshot

GIFT NIFTY heads into Session II at 24,634, positioned below the 24,650 mark as global cues and overnight developments will drive the next leg of trade.