The Indian stock market maintained its upward trajectory for the second consecutive session on Wednesday, with both the Sensex and Nifty closing higher.
The Sensex rose by 631.55 points, or 0.83 per cent, to settle at 76,532.96 after reaching an intra-day high of 76,589.93. The Nifty also ended higher, climbing 205.85 points, or 0.90 per cent, to close at 23,163.10. During the session, it moved between 23,181.35 and 22,976.50. Investor sentiment remained firm, with 42 stocks on the Nifty ending in positive territory.
According to Rupak De from LKP Securities, Nifty managed to recover after two days of weakness. He stated that the 23,000 level is expected to serve as immediate support, and a decline below this mark could lead to panic in the market. Conversely, crossing 23,200 could lend further strength to the index.
Shares of Shriram Finance, Bharat Electronics, Tata Motors, SBI Life, and Trent saw gains of up to 3.98 per cent on the NSE. In contrast, Bharti Airtel, ITC Hotels, Maruti Suzuki, Britannia, and Asian Paints declined, with losses of up to 3.53 per cent.
Among the top performers on the BSE Sensex, Adani Ports recorded gains, while Syrma SGS Technology Limited hit an upper circuit of 20 per cent.
Broader markets outperformed the benchmark indices, led by smallcap stocks. The Nifty Smallcap100 index advanced by 3.32 per cent, while the Nifty Midcap100 increased by 2.31 per cent. Sectoral indices largely ended higher, with the exception of FMCG.
The Nifty IT index recorded a gain of 2.62 per cent, supported by stocks such as Persistent Systems and LTIMindtree. Other sectors, including Auto, Healthcare, Financial Services, Realty, and Banking, also recorded gains of up to 2.91 per cent.
The India VIX index, which measures market volatility, rose by 2.44 per cent to 18.64 points. Experts noted that the market structure indicates a cautious but positive outlook, with sustained movement above resistance levels required for further momentum.
Gold prices remained steady, trading around $2,760 in Comex and Rs 80,450 in MCX, as investors awaited the US Federal Reserve’s policy decision.
-IANS
