Seven-session slump snaps as Nifty finds floor at 24,000

The Nifty 50 stock index ended a seven-day losing streak as global markets rebounded, driven by a US Treasury intervention that lowered long-term bond yields and weakened the dollar. This provided a lifeline for emerging markets, boosting their attractiveness. The Nifty 50 closed at 24,231.85, up 0.64 percent, while the Sensex gained 0.82 percent to 77,537.72.

The recovery came on a weekly expiry day, keeping intraday swings contained. Buying emerged around the psychologically significant 24,000 level, coinciding with the 61.8 percent Fibonacci retracement of the previous upswing. Sectoral participation was broadly positive, with Nifty Media leading the gains at 2 percent. However, PSU Banks were the notable laggard, ending marginally negative.

The Indian rupee also strengthened, gaining 5 paise to 95.70 against the dollar. Gold prices surged, supported by a weaker dollar and lower US Treasury yields. Analysts suggest that for the market to sustain its rebound, Nifty needs to decisively clear the 24,300-24,375 resistance band.