Pre-Market Brief: Nifty 50 Climbs Above 24000 Mark; DIIs Continue Strong Buying Support | 02 Jul 2026, 08:00 AM IST
By ThePip Desk
Nifty 50 closes above 24000, gaining +140 points, while Nifty Bank sees robust +0.85% rise. DIIs provide consistent support amidst FII selling. Watch for continued sector rotation at 9:15 AM.
The Indian equity benchmarks concluded Wednesday’s trading session on a positive note, with the Nifty 50 successfully closing above the psychologically significant 24000 mark. The index gained +140 points, or +0.59%, to settle at 24005.85. The banking sector demonstrated particular strength, as the Nifty Bank index surged +490 points, registering a robust increase of +0.85%. This upward movement was largely supported by consistent buying from Domestic Institutional Investors (DIIs), which effectively absorbed the selling pressure from Foreign Institutional Investors (FIIs).
Market breadth for the Nifty 50 remained balanced, with 26 advances and 24 declines, indicating a selective approach by market participants. The NIFTY Midcap 100 also posted gains, rising +0.34% to 62008.80, reflecting broader market participation.
| Name | Close | Change% |
|---|---|---|
| Nifty 50 | 24005.85 | +0.59% |
| Nifty Bank | 58033.05 | +0.85% |
| NIFTY Midcap 100 | 62008.80 | +0.34% |
Sectoral Trends and Top Movers
Wednesday’s session witnessed distinct trends across various segments. Stocks related to consumer goods and specific conglomerates saw strong buying interest. Eternal Ltd. led the Nifty 50 gainers, surging +5.71% to ₹279.7. Adani Enterprises Ltd. also performed strongly, closing +3.54% higher at ₹3143.6. Other significant advancers included Nestle India Ltd. (+3.46%), Asian Paints Ltd. (+3.06%), and Hindustan Unilever Ltd. (+3.01%). These movements suggest a rotation towards defensive and consumption-oriented stocks.
Conversely, the Information Technology (IT) sector experienced significant selling pressure. HCL Technologies Ltd. was the top loser, declining −3.51% to ₹1034.2. Tech Mahindra Ltd. followed, dropping −3.03% to ₹1362.2, and Tata Consultancy Services Ltd. (TCS) fell −2.41% to ₹1982.6. The metals sector also saw profit booking, with Hindalco Industries Ltd. closing −1.77% lower at ₹939.7 and Tata Steel Ltd. down −1.54% at ₹185.17.
FII and DII Flows
Foreign Institutional Investors (FIIs) were net sellers on July 1, recording outflows of −1140.5 crore. This marks their first consecutive selling session, following June 30’s −2556.75 crore outflow. Over the last five trading sessions, FIIs have been net sellers in four, with total outflows reaching −6806.99 crore during this period, excluding the single positive day. This consistent selling trend from foreign investors bears watching.
In contrast, Domestic Institutional Investors (DIIs) continued to demonstrate strong conviction, acting as net buyers for the fifth consecutive session. On July 1, DIIs infused +3159.24 crore into the market. Their cumulative net buying over the last five sessions stands at a substantial +22288.04 crore, providing a crucial counter-balance to FII selling and underpinning market stability.
What to Watch at 9:15
As markets prepare for Thursday’s open, the Nifty 50’s ability to sustain above the 24000 level will be a key indicator. The ongoing dynamic between FII selling and robust DII buying will likely influence early trading. Traders should observe how the IT and metals sectors react after Wednesday’s declines, and if the momentum in consumer and banking stocks continues.