Nifty Climbs on IT Surge; Bulls Eye 24,300 Resistance - Paper by Pocketful
Market Recap: 02nd July, 2026
Stock News Highlights
Coal India Ltd. (+0.95%): Shares advanced after securing a ₹2,831 crore order to develop a 600 MW solar power project for Bundelkhand Saur Urja.
Hero MotoCorp (+0.67%): Shares rose after announcing a ₹750 crore investment in a new global parts centre in Tirupati, boosting its Andhra Pradesh presence.
Tata Technologies (+6.30%): Shares surged after expanding its global partnership with Tenneco, which plans to invest over $100 million during the next five years.
Srivasavi Adhesive Tapes (+14.07%): Shares surged after its Bengaluru-based polymer division signed a supply agreement with a global multinational company for PP, HDPE, fabrics, and related products.
Sectoral Performance
Nifty IT (+4.64%): The index surged after four consecutive sessions of losses, with all constituents ending in the green. Broad-based bargain buying following the recent correction and renewed investor optimism despite mixed global technology cues fueled the strong rebound across the sector.
Nifty Realty (+1.45%): The index surged for the third consecutive session, led by gains in Prestige Estates, Oberoi Realty, and DLF. Optimism over strong housing demand, healthy project launches, easing interest-rate concerns, and improving investor confidence in organised real estate developers supported the rally.
Nifty PSU Bank (-0.43%): The index ended lower with an equal split of 6 gainers and 6 losers. Profit booking in select heavyweight lenders, cautious positioning ahead of quarterly earnings, and mixed sentiment across the banking space weighed on the sector despite a broader market rally.
Nifty Energy (-0.15%): The index edged lower, led by losses in Reliance Industries, BHEL, and CG Power. Profit booking in heavyweight stocks, subdued sentiment in the power and energy space, and cautious investor positioning ahead of quarterly earnings weighed on the sector.
Market Insights
Technical Level: Nifty opened with a gap-up start and established immediate support near 24,060 in early trade. The index witnessed a steady upward rally, saw a brief intraday pullback, and then resumed its gains till the close, forming resistance around 24,190, reflecting sustained buying momentum throughout the session.
Advance-Decline Ratio: Market breadth stayed strong, with 2,225 advances against 1,145 declines, indicating broad-based buying participation.
The Big Picture: OpenAI has reportedly proposed giving the U.S. government a 5% stake, valued at about $42.6 billion, to ease political pressure and share AI gains with the public. CEO Sam Altman also suggested a similar model for other leading AI firms, though the proposal remains in early discussions and lacks official confirmation.
FII/DII Activity (July 01, 2026): DIIs bought ₹3,159 crore, while FIIs sold ₹1,140 crore, reflecting sustained domestic participation amid continued foreign selling.
Watch Out For Tomorrow
IPO Corner: Knack Packaging IPO closes for subscription tomorrow after receiving a healthy response from investors. The company manufactures printed and laminated woven polypropylene packaging solutions.
Macro: AUS Balance of Trade (May) & USA Unemployment Rate (Jun) data scheduled for release tomorrow.
Market Watch: Thursday’s rally was powered by a sharp rebound in IT stocks, with the Nifty IT index surging 4.6% after four consecutive losing sessions. The recovery came despite weak global tech cues, suggesting investors viewed Indian IT companies as attractive on valuations. Broad-based buying and strong domestic participation supported sentiment, while Nifty now faces resistance at 24,300 with immediate support near 24,000.
Word of the day
Broad-Based Rally
Meaning: A market rally where gains are spread across multiple sectors and a large number of stocks rather than being driven by a few heavyweight companies.
Example: Thursday’s advance was a broad-based rally, with 2,225 stocks rising against 1,145 declining on the NSE.