Mumbai, July 1: The Indian stock market staged a strong rebound today as the Sensex surged 444 points to close at 76,923, while the Nifty climbed 140 points to finish above the 24,000 mark at 24,006. The rally was led by banking, auto, and Reliance Industries, snapping a two-day losing streak.
Banking stocks including Kotak Mahindra Bank, SBI, and IndusInd Bank posted sharp gains, while auto majors Mahindra & Mahindra and Maruti Suzuki rose on the back of robust June sales. Reliance Industries and Hindustan Unilever also contributed positively to the benchmarks.
On the other hand, IT stocks remained under pressure, with KPIT Technologies plunging 17 percent after a weak outlook and downgrade. The Nifty IT index extended its losing streak, though L&T Technology Services managed to stay in the green.
Midcap and smallcap indices also advanced, reflecting broad-based buying. Analysts noted that financials and autos are expected to remain strong drivers, while IT may continue to face headwinds. Technical charts suggest Nifty support near 23,950–23,800 and resistance around 24,150–24,350.
