MUMBAI: Benchmark indices ended Wednesday’s session in positive territory, with the Nifty 50 gaining 135.85 points (0.59 per cent) to close at 23160.50 and the Sensex rising 614.57 points (0.81 per cent) to 76452.93.
The rally was driven by strong performance in IT and banking stocks, while broader markets faced selling pressure.
The Nifty Midcap 100 underperformed, sliding 1.36 per cent to 53100.60, and small-cap stocks were the biggest losers in the broader market.
Sectorally, the Nifty IT index led the gains, surging over 2 per cent, while the Nifty Realty index slumped more than 4.5 per cent, continuing its underperformance. The Bank Nifty closed 0.32 per cent higher at 48724.40.
Among the top Nifty 50 performers, Wipro (3.9 per cent), Infosys (3.02 per cent), and HDFC Bank (1.8 per cent) posted significant gains. On the other hand, BEL, Tata Motors, and Axis Bank were among the major laggards. The market sentiment improved as volatility eased, with the India VIX cooling 1.65% to 16.77.
Global cues
Analysts attributed the Nifty’s recovery to support near the psychological level of 23,000. “HDFC Bank led the intraday rebound, helping the index stage a recovery. We anticipate the recovery process could extend towards 23400,” said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan.
Global cues also contributed to the positive sentiment. “The possibility of the US reducing tariffs on China provided a temporary relief to markets. Additionally, moderation in the dollar index could help stabilise the rupee,” noted Vinod Nair, Head of Research at Geojit Financial Services.
Despite broader market weakness, optimism persists for specific sectors like IT, which continues to outperform, providing a cushion to overall market momentum.
