Nifty tops 23,600 at midday as Banks, Telecom lead broad rally

The Nifty 50 closed the trading day at 23,689.85, marking a 1.06 percent increase to reach 1,06,249.05 points. This rally marks the fourth consecutive session of gains, driven by broad-based buying across financials, telecom and consumer stocks, along with a sharp fall in crude oil prices and improving foreign investor sentiment.

The BSE reported 2,580 stocks advancing against 1,587 declining and 228 unchanged out of the 4,395 stocks traded, indicating a strongly positive market breadth. Notably, 85 stocks hit their 52-week highs, while 88 touched their 52-week lows. The Nasdaq composite index lost 1.07 percent, influenced by continued selling in technology and AI-related stocks.

Asian markets, in general, closed in the red, with South Korea's KOSPI falling over 3 percent. A sustained move above the 23,600 resistance level, supported by continued buying participation, could extend the Nifty's upward momentum towards 23,800-24,000. The immediate support is expected around 23,500-23,450. Bank Nifty opened near 55,436 and needs to stay above 55,500 to advance towards the 55,800-56,000 zone, with 55,000 acting as immediate support.