Indian equity benchmarks ended higher on the Wednesday but surrendered a large portion of their intra-day gains as a sharp rise in global crude oil prices weighed on investor sentiment.
The Nifty closed at 24,177.65, up 0.76 per cent or 181.95 points, while the Sensex settled at 77,496.36, gaining 0.79 per cent or 609.45 points.
From a technical standpoint, experts said that on the upside, 24,200 remains the first resistance.
Market momentum was tempered after Brent crude prices surged over 3 per cent to $114.60 per barrel on the Intercontinental Exchange.
The spike in oil prices followed stalled talks between the United States and Iran, raising concerns about supply disruptions.
Adding to the uncertainty, the United Arab Emirates announced its decision to exit the Organization of Petroleum Exporting Countries (OPEC) effective May 1, further fuelling volatility in global energy markets.
Despite the late-session pullback, select heavyweights provided support to the indices. ITC, Tech Mahindra and Maruti Suzuki India emerged as the top gainers in the Nifty, helping the benchmarks maintain their positive closing.
The broader markets, however, painted a mixed picture. The Nifty MidCap index ended marginally lower by 0.07 per cent, while the Nifty SmallCap index outperformed, rising 0.65 per cent.
Sectoral performance remained uneven. The Nifty FMCG and Nifty Realty indices led the gains, reflecting buying interest in consumption and real estate stocks.
On the other hand, the Nifty Construction Durable and Nifty Media indices underperformed, dragged down by sector-specific pressures and cautious sentiment.
(IANS)
