Mumbai, July 29 — Indian equity benchmarks closed sharply higher on Wednesday, driven by sustained buying in information technology, FMCG and metal stocks.

The Sensex rose 889 points, or 1.16 per cent, to settle at 77,654.60. The Nifty advanced 265 points, or 1.10 per cent, to close at 24,250.20, reclaiming the 24,250 level.

Technical analysts identified the 24,300–24,400 zone, which coincides with the 200-day Exponential Moving Average, as the immediate resistance band. “A decisive close above this region would confirm a bullish breakout and could pave the way for an advance towards the 24,400–24,500 zone,” one market expert said.

Options data reinforced the significance of the same zone. The highest Call open interest is concentrated at 24,300 and extends towards the 24,500–25,600 strikes, making the 24,300–24,400 area a key near-term hurdle. Overall, the short-term technical outlook has turned constructive, analysts noted.

The advance was not confined to the frontline indices. The Nifty MidCap index rose 0.82 per cent, while the Nifty SmallCap index outperformed with a gain of 1.48 per cent.

Among Nifty constituents, Hindustan Unilever and Infosys ranked among the top gainers and provided substantial support to the benchmarks. On the Sensex, Hindustan Unilever, Infosys, Trent and Tata Steel were prominent advancers. Mahindra & Mahindra, Power Grid and NTPC featured among the top decliners.

Sectorally, the Nifty IT, Nifty Metal and Nifty FMCG indices led the gains on sustained buying interest. The Nifty Realty and Nifty Auto indices lagged the broader market, posting relatively muted advances.

Market participants attributed the rebound to improved investor sentiment, supported by strong corporate earnings, continued interest in technology stocks and a firmer rupee. These domestic positives helped offset a technology-led sell-off in several Asian markets and elevated crude oil prices linked to ongoing Middle East tensions.

“Strong corporate earnings, sustained buying in information technology stocks, and a firmer rupee helped support investor sentiment,” one analyst observed.

The session left the Nifty positioned just below a clearly defined resistance band. A sustained move above 24,300–24,400 would, according to technical observers, open the possibility of further upside towards 24,400–24,500. Until that level is cleared, the zone remains the critical near-term test for the ongoing recovery.