Mumbai— Indian equity markets closed in positive territory on Wednesday, buoyed by strong global cues including robust U.S. jobs data, as investors awaited the outcome of the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting.
The Sensex rose 260.74 points, or 0.32%, to close at 80,998.25, while the Nifty gained 77.70 points, or 0.32%, ending at 24,620.20.
Midcap and smallcap stocks outperformed largecaps. The Nifty Midcap 100 advanced 0.71% to 57,924.65, and the Nifty Smallcap 100 rose 0.79% to 18,257.10.
Sector-wise, most indices closed in the green, with gains in auto, IT, PSU banks, financials, pharma, FMCG, metals, media, energy, and private banks. Realty was the only sector to finish in the red.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty remains range-bound as traders await direction from the RBI’s policy announcement due Friday. “Immediate support is at 24,500. A break below could trigger weakness, while resistance lies at 24,750–24,900,” he said.
Vikram Kasat, Head of Advisory at PL Capital, noted that markets opened strong on the back of global momentum and anticipation around the RBI’s stance. “The MPC meeting has introduced a layer of speculation, especially with mixed expectations around a potential rate cut. Strong U.S. labor data also supported sentiment globally,” he said.
With the Nifty holding above the 24,500 level, short-term sentiment remains optimistic. However, market direction will depend on RBI guidance and global macroeconomic developments.
Meanwhile, the rupee weakened by 25 paise to 85.87 against the U.S. dollar, nearing the 86.00 mark as foreign investor outflows continued ahead of the policy outcome. Analysts expect the rupee to trade in the 85.50–86.40 range in the near term. (Source: IANS)
