Benchmark indices Nifty and Sensex kicked off today's session on robust ground buoyed by a rally in US markets and expectations of a rate cut in September. Indian markets now await Q1FY25 results and the Union Budget on July 23.

The Sensex was up 0.13 percent at 80,028 and the Nifty rose 0.11 percent at 24,351. About 1,957 shares advanced, 849 shares declined, and 109 shares unchanged.

The gains come after the market slipped in the previous session. "The market has rallied strongly in the past 20-25 sessions and minor corrections aren't a worry as the outlook remains positive. This isn't a negative but good for the market's health," Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said in a conversation with Moneycontrol.

He also added that as long as the market is above the 24,000 level, it is in positive territory. "We can see sharp corrections and sharp recovery," he added.

IT stocks are in focus as India's largest company in the sector is scheduled to declare Q1 results later today. According to estimates from 10 brokerage firms compiled by Moneycontrol, TCS's revenue is anticipated to rise 1.6 percent quarter-on-quarter to Rs 62,190 crore in Q1 FY25. The momentum from the BSNL deal is expected to bolster TCS's growth, according to various research reports. TCS shares edged nearly 2 percent higher.

The broader markets or the midcap, and smallcap index rose 0.2 and 0.4 percent, respectively.

"After a run-up of 7 percent in the last month we expect the market to consolidate at a higher zone. We expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will look out for inflation data that will be released by India, the US, and China," Siddhartha Khemka, Head of retail Research at Motilal Oswal, said.

Among indices, healthcare and FMCG indexes were the worst hit, slipping 0.2 percent each. ITC and HUL counters in the FMCG index were the major contributors. As for gainers, the metal and IT index rose to 0.6 percent.

Bathini also added that if foreign institutional investors (FIIs) remain net buyers, the banking and financial sector is likely to lead the rally. He also says that a prime characteristic of this bull market is sector rotation. Oil and Gas, Pharma, and the resilience of IT are crucial for the market. Bank Nifty touched an intraday high of 52,400.

For the year so far, FIIs have net bought shares worth Rs 1.37 lakh crore, while DIIs have bought shares worth Rs 2.41 lakh crore.

"Nifty can find support at 24,300 followed by 24,200 and 24,150. On the higher side, 24,400 can be immediate resistance, followed by 24,450 and 24,500," Deven Mehata of Choice Broking said.

He also said that charts for Bank Nifty indicate that it may get support at 52,000, followed by 51,800 and 51,700. If the index advances further, 52,500 would be the initial key resistance, followed by 52,700 and 52,800.

Tata Steel, Coal India, TCS, Tata Motors, and BPCL were the top Nifty gainers. Sun Pharma, HDFC Bank, UltraTech Cement, HUL, and Tata Consumer Products were the laggards.

VIX or the fear gauge cooled off by over a percent to be just over 14.