Mumbai–India’s benchmark equity indexes ended higher Wednesday after a volatile trading session, as gains in banking and financial stocks offset weakness in metal, information technology and real estate shares.
The Sensex rose 130.49 points, or 0.17 percent, to close at 77,185.43. The Nifty gained 26.45 points, or 0.11 percent, to settle at 24,074.85.
Market analysts said strong buying near the 24,000 level helped the Nifty recover from its intraday lows, reinforcing that mark as an important support level.
“Technically, this level will be essential to revive bullish momentum and pave the way for further upside,” market experts said.
“On the downside, the 24,000 psychological level remains the crucial support for maintaining the broader recovery structure,” an analyst said.
Broader markets outperformed the benchmark indexes. The Nifty Midcap 150 gained nearly 0.5 percent, while the Nifty Smallcap 250 rose about 0.75 percent.
Among sectoral indexes, public-sector banks led the gains, with the Nifty PSU Bank index rising nearly 1 percent amid renewed buying interest.
The Nifty Metal index fell more than 1 percent, making it the day’s worst-performing sector. Information technology, real estate and fast-moving consumer goods stocks also remained under pressure.
Pharmaceutical stocks advanced for a second consecutive session, while the oil and gas index rebounded after declining during the previous two trading sessions.
Analysts said the session reflected a cautious market mood, with investors selectively buying financial stocks while remaining wary of export-oriented and commodity-linked sectors.
“While elevated crude oil prices and geopolitical risks remain key monitorables, the market’s resilience reflects confidence in India’s macro fundamentals,” an analyst said.
“Going ahead, investors will closely track global cues, corporate earnings, FII flows and commodity prices for further direction,” the analyst added.
The rupee traded largely unchanged near 96.25 against the dollar as the U.S. Dollar Index slipped below 101 following softer-than-expected U.S. consumer inflation data, offering some support to emerging-market currencies.
Analysts expect the rupee to trade between 95.75 and 96.45 in the near term. (Source: IANS)
