Closing Bell: Nifty reclaims 24,000 as Reliance, banks and auto stocks lead rally

Domestic equity benchmarks rebounded on Wednesday, snapping a two-day losing streak as buying in heavyweight financials, Reliance Industries and automobile stocks helped offset continued weakness in the information technology pack.The Sensex advanced 444 points to close at 76,923, while the Nifty 50 gained 140 points to reclaim the 24,000 mark, ending the session at 24,006. The Nifty Bank outperformed the broader market, rising 490 points to 58,033, while the Nifty Midcap index added 211 points to settle at 62,009.

Among the benchmark’s biggest contributors were Reliance Industries, State Bank of India, Axis Bank, Mahindra & Mahindra and Hindustan Unilever. Banking stocks remained in focus, with Kotak Mahindra Bank, State Bank of India and IndusInd Bank emerging as the top gainers on the Nifty Bank index.
Auto stocks also lent support after reporting healthy June sales numbers. Mahindra & Mahindra and Maruti Suzuki climbed around 2% each, while Ashok Leyland gained 3% after reporting a more than 25% year-on-year rise in total vehicle sales to 19,194 units.The IT sector, however, remained under pressure. The Nifty IT index ended lower for the fourth consecutive session, with all constituents closing in the red except LTIMindtree. KPIT Technologies was the worst performer, plunging 17% after issuing a weaker-than-expected business outlook for the June quarter and following a downgrade by JPMorgan.

Among individual movers, RITES surged 13% after securing a ₹175-crore project management consultancy contract, while Glenmark Pharmaceuticals slipped 2% after the US FDA issued six observations for its Goa manufacturing facility.

Also read: June Auto Sales Updates: Maruti Suzuki sales at 2 lakh units; Hyundai sales above estimates

Market breadth remained positive, with the NSE advance-decline ratio ending at 1:1, indicating broadly balanced participation despite the divergence across sectors.