Nifty Eyes 24,300 Breakout, IT & Auto Stocks Lead Rally

Indian equity markets extended gains for the second straight session as the Nifty 50 closed above 24,150 while Sensex surged nearly 579 points. Strong buying in IT, auto, and select financial stocks supported market sentiment amid easing crude oil prices and positive global cues.

Market Snapshot

• Sensex rallied 579 points
• Nifty 50 closed above 24,150
• Nifty IT Index rebounded 4.6% after a four-day decline
• Bank Nifty showed signs of recovery
• GIFT Nifty hinted at a positive opening for the next session

Analysts believe the market may attempt a breakout above the crucial 24,300 resistance level in the coming sessions.

Top Market Highlights

IT Stocks Lead the Rally

Technology shares emerged as the biggest gainers after weakness in recent sessions.

Major gainers included:

• Infosys
• Tech Mahindra
• TCS

The rally was supported by easing concerns around US interest rate hikes after weaker-than-expected US jobs data.

Auto Stocks Continue Strong Momentum

Auto stocks extended gains for the third consecutive day as falling crude oil prices boosted sentiment.

Key performers:

• Maruti Suzuki
• TVS Motor
• Mahindra & Mahindra
• Tata Motors

The EV segment remained in focus after Delhi’s EV policy and rising fuel prices accelerated electric vehicle adoption trends in India.

Stocks in Focus Today

1. Adani Enterprises

• Opened its Qualified Institutional Placement (QIP) issue
• Floor price fixed at ₹3,034
• Market participants closely tracking institutional demand

2. Marico

• Expected Q1 revenue growth in the early 20% range
• Falling copra prices likely to support operating margins

3. Exide Industries

• Shares surged 7%
• Lead prices hit 2025 lows
• Stock has gained nearly 40% in the last three months

4. Tata Technologies

• Shares jumped 7%
• Expanded partnership with Tenneco in a $100 million deal

5. Bank of Baroda

• Shares fell 4%
• Investors reacted negatively to the ₹5,700 crore NMC Health litigation settlement

IPO Market Remains Active

The primary market continued to attract strong investor participation.

Key IPO Updates

• Six IPOs closed today
• Kratikal Tech witnessed the highest subscription
• Kusumgar’s ₹650 crore IPO to open on July 8
• Knack Packaging IPO subscribed over 7 times
• Swara Baby Products filed a ₹1,000 crore IPO

The IPO momentum indicates strong retail and institutional participation despite global uncertainty.

FII & DII Activity

Domestic institutional investors remained aggressive buyers.

Investment Flow Data

• DIIs bought shares worth ₹1,784 crore
• FIIs remained marginal net sellers

Strong domestic liquidity continues to provide support to Indian equities.

Banking & Financial Sector Updates

Key Developments

• PB Fintech and Bajaj Finance remained on traders’ radar
• Jana Small Finance Bank gained on merger buzz and promoter stake sale
• Bernstein reportedly reduced private bank exposure in its India portfolio

Commodity & Currency Market

Gold Prices Rebound

• Gold prices rebounded by ₹3,000
• Prices reached ₹1.47 lakh per 10 grams

Dollar Weakness Supports Markets

• Weak US dollar improved global risk sentiment
• HDFC Bank expects USD/INR to trade in the 94–95 range

India Economy & Policy Updates

GST Completes Nine Years

India’s GST regime completed nine years with:

• Improved compliance
• Stronger revenue collections
• Faster supply chain integration

Fiscal Deficit Update

• Fiscal deficit reached 9.6% of FY27 target during April-May
• Higher subsidies and geopolitical tensions impacted spending

RBI Crypto Warning

Reserve Bank of India warned that cryptocurrencies could pose risks to India’s financial stability and macroeconomic environment.

Global Market Cues

Global markets remained mixed but supportive for equities.

International Highlights

• Wall Street gained after softer US jobs data
• Dow Jones hit record highs
• Japanese and Chinese markets traded lower
• Strait of Hormuz tensions kept energy markets volatile

Technical View: Nifty Outlook

Market experts believe:

• Nifty must decisively cross 24,200–24,300
• A breakout could push the index toward April highs
• Bank Nifty recovery may strengthen broader market momentum

Key Levels to Watch

Top Buzzing Stocks

Stocks attracting strong trader interest:

• HFCL
• Balaji Amines
• CreditAccess Grameen
• Blue Star
• Oberoi Realty
• Jubilant Ingrevia

Conclusion

Indian stock markets remain resilient despite global uncertainties and geopolitical tensions. Strong domestic liquidity, improving corporate earnings expectations, and momentum in IT and auto sectors continue to support bullish sentiment.

Investors will closely monitor:

• Nifty’s 24,300 breakout attempt
• Q1 earnings updates
• IPO subscription trends
• Global interest rate signals
• Crude oil price movement

The broader market tone remains positive as long as Nifty holds above the 24,000 mark.