India’s key equity indices extended their upward movement for the second session, finishing in the green after a day marked by sharp swings. The markets moved between positive and negative territory before closing with moderate gains.
The Nifty advanced 0.74 per cent, adding 172.35 points to settle at 23,581.15. The Sensex also climbed 568 points, or 0.75 per cent, to close at 76,070.84.
According to market analysts, a firm breakout above the 23,600 mark on the Nifty could push the index towards the 23,800–24,000 range, though this band may act as a significant resistance zone.
Experts cautioned that if the index fails to maintain higher levels, it could retreat towards 23,500, with further support expected between 23,300 and 23,350 due to earlier buying interest and positioning.
Stocks such as Tata Steel, Mahindra & Mahindra, and Eternal featured among the leading gainers, helping sustain the market’s positive momentum.
Metal and automobile stocks outperformed the broader market, emerging as the primary drivers of the rally. IT and FMCG sectors lagged behind and ended the session with losses.
Market uncertainty eased during the session, as indicated by a notable drop in the India VIX. The volatility index fell more than 9 per cent during the day and eventually closed 8.39 per cent lower at 19.79.
The broader market followed suit, with both midcap and smallcap stocks registering gains by the close.
Market participants observed that the indices showed resilience despite intra-day instability, supported by selective buying and reduced volatility. They emphasised that the ongoing rebound appears to be a short-term recovery rather than a clear trend reversal.
Easing volatility and support at lower levels are aiding the upside. Global uncertainties and resistance at higher levels could result in a cautious and selective market advance.
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