MUMBAI, India — Indian equity markets rebounded sharply on Wednesday, with the Sensex climbing 513 points as strong buying in major IT stocks and select large-cap names helped the indices recover from early losses.
The Sensex closed at 85,186.47, up 513.45 points or 0.61 percent. The index opened weak at 84,643.78, slipping into negative territory before staging a recovery of more than 700 points to hit an intraday high of 85,236.77 as value buying picked up across sectors. The Nifty 50 also ended higher, closing at 26,052.65 with a gain of 142.60 points or 0.55 percent.
Ashika Institutional Equities noted that the Nifty found strong support near the 25,850 zone, triggering a rebound that allowed the index to reclaim and test the key 26,000 level.
Top performers in the Sensex basket included HCL Tech, Infosys, TCS, Hindustan Unilever, Sun Pharma, Titan, Tech Mahindra, ICICI Bank, SBI, BEL, Tata Steel, Mahindra & Mahindra, and Larsen & Toubro. Among the laggards were Tata Motors PV, Maruti Suzuki, Bajaj Finance, Asian Paints, and ITC.
Analysts said the sharp turnaround in the indices was supported by renewed optimism over an India–U.S. trade deal after encouraging comments from the Union Commerce Minister.
Most sectoral indices traded higher on value buying. Nifty IT surged 1,069 points or 2.97 percent, while Nifty Auto gained 66 points or 0.24 percent. Nifty Bank added 316 points or 0.54 percent, and Nifty Financial Services rose 96 points or 0.35 percent.
The broader market witnessed a mixed trend. The Nifty Midcap 100 inched up 127 points or 0.21 percent, and the Nifty 100 gained 121 points or 0.46 percent, while the Nifty Smallcap 100 slipped 78 points or 0.43 percent amid selling pressure in smaller stocks. (Source: IANS)
