Indian markets ended higher on Tuesday, with the Nifty 50 rising 115 points to settle at 24,334.55. The late-session recovery was supported by a drop in crude oil prices, even as volatility persisted during the monthly derivatives expiry. Investors are now watching the 24,400–24,500 zone, which acts as the next major hurdle for the index.
The Indian stock market witnessed a recovery on Tuesday, with the benchmark Nifty 50 and Sensex closing in positive territory after trading in the red for much of the session. The Nifty 50 index rose by 115.50 points, or 0.48 percent, to settle at 24,334.55, while the Sensex gained 286.98 points, or 0.37 percent, to close at 77,656.09.
The recovery was largely fueled by late-afternoon buying interest, coinciding with a cooling off in global crude oil prices. Brent crude prices dipped to around $89.32 per barrel, providing some relief to the Indian market, as lower oil prices generally benefit the country’s import bill and can ease inflationary pressure. This sentiment helped the indices overcome the volatility often seen during the monthly derivatives expiry, when traders settle or rollover their monthly contracts.
Technical analysts are closely monitoring the 24,400 to 24,500 level, viewing it as the immediate resistance zone where selling pressure may increase. On the downside, experts point to the 24,100 to 24,200 range as key support. If the index fails to sustain momentum above these levels, some market watchers suggest that the market could see further consolidation or a short-term correction. The Relative Strength Index, a momentum indicator, has shown signs of potential improvement, though traders remain cautious regarding geopolitical developments related to U.S. sanctions on Iran, which continue to influence global energy markets.
Market participants are also preparing for the upcoming MSCI index rebalancing scheduled for August 31, which is expected to trigger portfolio adjustments by institutional investors. This event is likely to keep specific heavy-weight stocks in focus in the coming sessions. As the market moves past the monthly expiry, the primary monitorables for investors include global oil price trends, domestic corporate earnings commentary, and whether the Nifty can decisively cross the 24,500 mark to signal a stronger short-term trend.