Indian benchmark indices ended higher on July 2, extending gains for another session as broad-based buying across sectors, barring capital goods, power and PSU banks.

After a firm start, the benchmark indices extended their gains through the session, with the Nifty 50 inched closer to 24,200, led by sustained buying in IT, auto and realty stocks. The rally was further supported by strength in the broader markets, with smallcap index outperformed.

At close, the Sensex was up 579.48 points or 0.75 percent at 77,502.12, and the Nifty was up 169.85 points or 0.71 percent at 24,175.70.

The broader indices also ended in the green, with the Nifty Midcap 100 advancing 0.5 percent and the Nifty Smallcap 100 climbing 1.2 percent.

Biggest Nifty gainers were Infosys, TCS, Tech Mahindra, HCL Technologies, Bajaj Finserv, while losers included Max Healthcare , L&T, Nestle, Axis Bank, Tata Motors Passenger Vehicles.

Among sectors, IT index surged nearly 5%, snapping 4-day losing streak, while Auto, Realty, Consumer Durables, Metal up 1% each. On the other hand, Capital Goods, Power, Telecom, PSU Bank down 0.4-0.7%

Around 160 stocks touched their 52-week high on the BSE, including Cemindia Projects, Oracle Financial Services Software, Sona BLW Precision Forgings, Aegis Logistics, Inventurus Knowledge Solutions, Krishna Institute of Medical Sciences (KIMS), Acutaas Chemicals, Adani Enterprises, Nippon Life India Asset Management, Marico, Delhivery, Federal Bank, CG Power & Industrial Solutions, Zydus Wellness, and Piramal Finance., among others. Click to View More

Among individual stocks, Zee Entertainment share price fell 1.2% after board warrants issue of upto ₹ 3143 crore, Force Motors share added more than 5 percent after reporting 23.5 percent year-on-year increase in total sales to 3,568 units in June.

Shares of Dhanlaxmi Bank added more than 5% on reporting robust business growth for the June quarter, and shares of Punjab & Sind Bank jumped 1.5% after company reported a healthy operational performance for the June quarter.

The Indian rupee erased all its opening gains and ended lower by 15 paise at 95.39 against the US dollar on Thursday, compared with the previous close of 95.24.

New Listing

CSM Technologies shares ended 5 percent lower at ₹107.35 on their market debut on July 2, after listing flat at ₹113, the upper end of the IPO price band of ₹107–113 per share.

Outlook for July 3

Rupak De, Senior Technical Analyst at LKP Securities

Nifty has broken out of its recent consolidation, indicating improving market sentiment. Additionally, the index is sustaining above its critical moving averages, reinforcing the positive trend. The momentum oscillator RSI has also broken above its falling trendline, signalling strengthening momentum.

In the near term, the trend is likely to remain positive, with the index having the potential to advance towards 24,300–24,500. On the downside, immediate support is placed at 24,000. A breach below this level could drag the index back into a phase of consolidation.

Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices continued their positive momentum, with the Nifty ending 170 points higher and the Sensex up by 580 points. Among sectors, the IT index gained 4.78 percent, whereas the PSU Bank index shed 0.55 percent. Technically, after a gap-up open, the market held positive momentum throughout the day. On daily charts, it has formed a bullish candle, and on intraday charts, it is maintaining an uptrend continuation pattern, which is largely positive.

For day traders, 24,075/77,200 would act as key support zones. Above these levels, the market could continue its positive momentum towards 24,250-24,375 / 77,800-78,200. Conversely, below 24,075/77,200, sentiment could turn negative. In that case, the market could retest levels of 23,980-23,900 / 76,900-76,500.

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