Mumbai — Indian benchmark equity indices rebounded Wednesday as investor sentiment improved after crude oil prices stabilized around $100 a barrel amid hopes of renewed talks between the United States and Iran.
The Sensex rose 299.17 points, or 0.4%, to close at 74,828.25, while the Nifty gained 117.80 points, or 0.5%, to settle at 23,446.80.
Market analysts said the 23,450-23,500 range is likely to serve as the Nifty’s immediate resistance zone.
“A sustained move above 23,500 could strengthen the recovery and open the way toward 23,600, while failure to reclaim this zone could keep the index range-bound with a cautious bias,” market watchers said.
“On the downside, 23,300 remains the immediate support zone, while the next and stronger support is placed around 23,200. Momentum indicators suggest that selling pressure is gradually easing,” analysts added.
Metal and financial stocks led the recovery, with Tata Steel, Bajaj Finance and Hindalco Industries among the top gainers on the Nifty.
Broader markets also advanced. The Nifty MidCap index gained 0.7%, while the Nifty SmallCap index rose 0.89%.
Among sectoral indices, the Nifty Metal index climbed more than 2%, supported by gains in major metal stocks. The Nifty FMCG index also outperformed several other sectors.
Technology stocks remained under pressure, with the Nifty IT index emerging as the day’s worst-performing sector.
Market participants said stabilizing crude oil prices and easing concerns over energy costs improved risk appetite and supported buying across domestic equities.
“This constructive macro backdrop supported buying interest across the market, helping domestic equities track gains in Asian peers,” market experts said. (Source: IANS)
