Nifty Holds Above 24,350; IT and Pharma Lead Broad Rally

On the other side, State Bank of India was the biggest loser on the Nifty, falling 1.05% to ₹1,040.60 on heavy volumes of 61.20 lakh shares worth ₹64,016.67 lakh – the highest value traded among all losers. Axis Bank declined 0.64% to ₹1,353.90 on volumes of 18.79 lakh shares worth ₹25,578.68 lakh. Kotak Mahindra Bank slipped 0.63% to ₹396.80 on over 80.12 lakh shares valued at ₹31,881.00 lakh. PSU and private banks continued the selling trend that began at the open, consistent with the morning's narrative of rotation away from rate-sensitive financials.

IndiGo fell 0.69% to ₹5,406.50 with 2.92 lakh shares traded worth ₹15,920.14 lakh. Bajaj Auto shed 0.40% to ₹9,818.00 on volumes of 79,756 shares worth ₹7,859.74 lakh, reflecting continued caution in the auto sector.

BSE market statistics painted an encouraging picture at midday. Of 4,178 stocks traded, 2,217 advanced against 1,721 declines, with 240 unchanged. A total of 164 stocks hit 52-week highs, compared to just 47 at 52-week lows. Stocks in upper circuit numbered 144, while 153 were locked in lower circuit.

With the Nifty trading near the 24,300–24,350 zone that analysts had flagged as a key resistance area in pre-market notes, the second half of trade will be watched closely. A sustained hold and close above 24,350 – and ideally 24,375 – would be technically significant. Kotak Securities' Shrikant Chouhan said earlier that a weekly close above 24,350 "would increase the probabilities of crossing 24,600 soon."