Nifty breaks past 24,200 as IT stocks surge; broader market lags

Markets extended gains through the afternoon session on Thursday, with the Sensex trading at 77,817.02, up 630.15 points or 0.82 per cent, and the Nifty 50 at 24,219.60, up 146.85 points or 0.61 per cent, as of 1.51 pm. The indices broke past the key 24,200 resistance level that analysts had flagged in the morning, driven primarily by a sharp rally in information technology stocks.

On the BSE, of 3,493 stocks traded, 1,286 advanced while 2,025 declined and 182 remained unchanged. Fifty-three stocks hit 52-week highs while 50 touched 52-week lows. Eighty-two stocks were locked in upper circuits against 76 in lower circuits, indicating a mixed breadth despite the headline index gains.

Tech Mahindra led the Nifty 50 gainers, rising 4.10 per cent to ₹1,572.20. TCS surged 3.17 per cent to ₹2,270.80, while Jio Financial Services gained 3.11 per cent to ₹242.97 on heavy volumes of over 8.23 crore shares, the highest among gainers. HCL Technologies advanced 2.54 per cent to ₹1,205.30. Kotak Mahindra Bank rose 2.01 per cent to ₹384.05, providing support from the banking sector and emerging as a standout in an otherwise pressured financial space.

Piramal Finance shares slide 5% despite strong Q1 results

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that “IT stocks led the surge with banking counters providing support,” adding that the frontline indices “surged past their 100-day EMA” following three days of sideways consolidation. The IT sector gained more than 1.5 per cent in early trade and extended those gains through the session.

However, broader markets did not participate in the rally. The Nifty Midcap 100 was down 0.72 per cent and the Nifty SmallCap 100 fell 0.91 per cent, according to Shah, signalling that the buying remained concentrated in large-cap technology names.

Polycab shares drops 3.8% despite Q1 beats; analysts split on outlook

On the losing side, Hindalco fell the most, dropping 2.04 per cent to ₹939.70, continuing pressure on the metals sector. Cipla declined 1.33 per cent to ₹1,410.50 and Max Health slipped 1.29 per cent to ₹1,084, dragging healthcare stocks lower. Wipro shed 1.27 per cent to ₹175.49, diverging sharply from its IT peers. Dr. Reddy’s fell 1.18 per cent to ₹1,210.

On commodities, MCX Crude Oil opened with a gap-up near ₹7,650–₹7,700, with US Oil consolidating near $79 per barrel. The rupee continued to trade under pressure near ₹96.3 against the dollar, with the USD/INR pair close to its immediate resistance of ₹96.35–₹96.4. Ponmudi R, CEO of Enrich Money, noted that “elevated crude oil prices and sustained demand for the greenback” are continuing to weigh on the domestic currency.

BHEL hits 52-week high before retreating; analysts split as Q1 profit ends eight-year wait

COMEX Gold held above the $3,980–$4,000 support zone, while MCX Gold faced resistance near ₹1,40,700–₹1,41,000. MCX Silver opened weak, attempting to hold above ₹2,15,000–₹2,14,000.

Markets now await Reliance Industries’ earnings after market hours and results from seven large private sector banks over the weekend, both of which are expected to set the tone for next week’s trading. On the options front, meaningful call writing was seen at 24,300 and 24,400 strikes, while 24,200 held substantial put open interest. Shah pegged Sensex support at 77,500 and resistance at 78,400, with Nifty needing to hold 24,130–24,150 to sustain the current momentum.