Markets close marginally higher amid volatility; Sensex rises 144 points, Nifty remains above 24,850

Indian benchmark indices concluded the session on a positive note on Wednesday, July 30, with both the Sensex and Nifty 50 closing higher despite experiencing intraday volatility. The BSE Sensex rose about 144 points, or 0.18%, to settle at 81,482, rebounding from a brief mid-session dip. Earlier in the day, the index had fallen below the 81,300 mark before bouncing back sharply after 11 AM.

Similarly, the NSE Nifty 50 rose by 34 points or 0.14%, finishing the day at 24,855. The session began on a slightly positive note but saw frequent fluctuations, trading within a narrow range throughout most of the afternoon. Even with selling pressure at higher levels, the index stayed above the important 24,850 level.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, "Among sectors, selective buying was seen in capital goods stocks today, whereas the Realty and Media indices continued to experience profit booking at higher levels. Technically, after a muted open, the market hovered between 24,770/81,200 and 24,900/81,600 price ranges. A small candle on the daily charts and the narrow range activity on intraday charts indicate indecisiveness between bulls and bears."

Today, benchmark indices continued their correction for the second straight session after the recent sharp sell-off.

According to the Bajaj Broking Research report, “On the sectoral front, pressure was evident in media, auto, and realty counters, which declined between 0.5% and 1%. Conversely, selective buying interest was observed in IT and FMCG pockets, with both indices ending marginally in the green, up around 0.3%. Broader market performance remained muted — the Nifty Midcap 100 ended flat, while the Nifty Small Cap 100 slipped by 0.5%, reflecting underlying caution among participants.”

On the other hand, Bank Nifty formed a small bear candle signalling consolidation amid stock-specific action ahead of the monthly F&O expiry. The index has recently breached the immediate support zone of 56,200–56,400, which represents a short-term demand base formed by near-identical lows over the past two weeks, according to a research report.

Keeping the overall view in mind, Chouhan suggested that the intraday market structure is non-directional. Therefore, level-based trading would be the ideal strategy for day traders.