Nifty crossed 24,200 led by Tech Mahindra and TCS, but midcaps and smallcaps fell. Hindalco led losses. Reliance earnings and bank results due next.
Alpha Score of 43 reflects weak overall profile with moderate momentum, weak value, weak quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
The Nifty 50 pushed past the 24,200 resistance level during Thursday afternoon trade, closing the session at 24,219.60, up 146.85 points or 0.61%. The Sensex rose 630.15 points to 77,817.02. Tech Mahindra led the gainers, climbing 4.10% to ₹1,572.20. TCS added 3.17% to ₹2,270.80, while Jio Financial Services gained 3.11% on heavy volume of 8.23 crore shares.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the frontline indices "surged past their 100-day EMA" after three days of sideways consolidation. IT stocks rose more than 1.5% in early trade and extended those gains through the session. Kotak Mahindra Bank rose 2.01% to ₹384.05, providing support from the banking sector.
Broader markets did not join the rally. The Nifty Midcap 100 fell 0.72% and the Nifty SmallCap 100 dropped 0.91%. Shah noted that buying remained concentrated in large-cap technology names. On the BSE, 1,286 stocks advanced while 2,025 declined – a negative breadth even as headline indices hit fresh highs.
Hindalco fell the most among Nifty 50 constituents, dropping 2.04% to ₹939.70, continuing pressure on metals. Cipla declined 1.33% to ₹1,410.50 and Max Health slipped 1.29% to ₹1,084. Wipro shed 1.27% to ₹175.49, diverging from its IT peers. Dr. Reddy’s fell 1.18% to ₹1,210.
On commodities, MCX Crude Oil opened with a gap near ₹7,650–₹7,700, with US oil consolidating near $79 a barrel. 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.
The rupee continued to trade under pressure near ₹96.3 against the dollar. Ponmudi R, CEO of Enrich Money, said elevated crude oil prices and sustained demand for the greenback were weighing on the domestic currency. The USD/INR pair is close to its immediate resistance of ₹96.35–₹96.4.
Markets now await Reliance Industries’ earnings after market hours and results from seven large private sector banks over the weekend. 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.
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