Sensex Rises 444 Points, Nifty Reclaims 24,000 As FMCG, Realty Offset IT Drag

Indian benchmark indices snapped their two-session losing streak on Wednesday, with the Nifty reclaiming the 24,000 mark as gains in FMCG, realty, media and auto stocks outweighed continued weakness in information technology and metal shares.

The BSE Sensex rose 443.97 points, or 0.58%, to close at 76,922.64, while the NSE Nifty 50 gained 140.10 points, or 0.59%, to settle at 24,005.85.

Market breadth remained positive, with 2,158 stocks advancing, 1,935 declining and 165 remaining unchanged on the NSE.

Eternal, Adani Enterprises, Nestle India, Hindustan Unilever and Asian Paints were among the top gainers on the Nifty, while HCL Technologies, Tech Mahindra, Tata Consultancy Services, Hindalco Industries and Tata Steel ended among the major losers.

Realty, FMCG Lead Market Recovery

Buying was broad-based across sectors, with the Nifty Realty index emerging as the top performer, rising 3.5%. FMCG and media indices gained around 2% each, while auto and PSU Bank indices advanced about 1%.

In contrast, the Nifty IT index declined 2%, extending its recent weakness amid concerns over global technology spending and higher US interest rates. Metal stocks also remained under pressure, with the sectoral index falling 1%, while the pharma index slipped 0.5%.

The broader market also participated in the recovery, with the Nifty Midcap and Nifty Smallcap indices gaining 0.3% each.

Rupee Weakens For Third Straight Session

The Indian rupee declined for the third consecutive session, ending 58 paise lower at 95.24 against the US dollar compared with Tuesday's close of 94.66.

The domestic currency came under pressure due to short covering in the dollar, strength in the US currency against major peers and weakness across Asian currencies. Market participants also noted that sentiment turned cautious after the rupee breached the 95-per-dollar level.

In the near term, analysts expect spot USD/INR to face resistance around 95.80, while support is seen near 94.60.

Markets Eye Trade Deal, Fed Commentary

Global markets began July cautiously as investors awaited comments from US Federal Reserve Chair Kevin Warsh amid growing expectations that the US central bank could keep interest rates elevated for longer.

Vinod Nair, Head of Research at Geojit Investments, said domestic markets entered the second half of calendar year 2026 on a positive note as several macro headwinds began to ease.

He said optimism surrounding a potential US-India trade agreement, easing geopolitical tensions in the Middle East and lower crude oil prices supported investor sentiment. Nair added that large-cap stocks outperformed on attractive valuations and expectations of a gradual reversal in foreign portfolio investor outflows, although markets are likely to remain data-dependent amid evolving global macroeconomic and geopolitical developments.

Technical Outlook Remains Constructive

Riyank Arora, Associate Vice President – HNI & Derivatives at Hedged.in, said Wednesday's recovery reflected improving investor sentiment and reinforced the market's positive undertone despite recent volatility.

According to Arora, the Nifty has strengthened technically after reclaiming the 24,000 mark, with immediate support placed in the 23,900-23,850 zone and stronger support around 23,750. On the upside, resistance is seen between 24,100 and 24,150, followed by 24,250.

For the Sensex, he expects support around 76,700-76,500, while resistance lies in the 77,200-77,500 range. A decisive breakout above these levels could strengthen the bullish outlook further. He added that, as long as benchmark indices hold above key support levels, traders may continue to adopt a buy-on-dips strategy while focusing on fundamentally strong stocks.