Indian equity benchmarks closed Wednesday’s session in the green for the second session. The Nifty 50 closed the day 91 points or 0.36% higher at 25,330, and the Sensex surged 310 points or 0.38% to end at 82,694.
In line with the benchmarks, the Nifty Bank settled 345 points or 0.36% higher at 55,493. The small and midcap stocks underperformed the benchmarks. The BSE Midcap rose 86 points, or 0.19%, at 46,742. On the other hand, the BSE Smallcap finished 277 points or 0.51% higher at 54,537.
Despite the range-bound move, underlying sentiment remains supported by optimism around policy reforms and robust domestic flows. However, persistent FII selling and caution ahead of the U.S. Fed policy outcome capped the momentum. On the index front, the Nifty is now inching towards the 25,500 mark, aided by renewed strength in banking and rotational buying across sectors. We recommend continuing with a “buy on dips” approach, with support placed around the 25,050–25,150 zone, while keeping position sizes moderate given the likelihood of higher volatility due to global events.”
“Despite the range-bound move, underlying sentiment remains supported by optimism around policy reforms and robust domestic flows. However, persistent FII selling and caution ahead of the U.S. Fed policy outcome capped the momentum. On the index front, the Nifty is now inching towards the 25,500 mark, aided by renewed strength in banking and rotational buying across sectors. We recommend continuing with a “buy on dips” approach, with support placed around the 25,050–25,150 zone, while keeping position sizes moderate given the likelihood of higher volatility due to global events,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
5 big highlights from today’s market action-
Indices in intraday trade
The indices closed Wednesday’s session on a positive note. During the session, out of 3,177 trading stocks, 1,761 advanced, while 1,318 declined, and 98 remained unchanged. Today, 84 stocks hit a fresh 52-week high. Meanwhile, 24 stocks touched a new 52-week low.
Top gainers
Tata Consumer Products was the top gainer in the Nifty 50 in Wednesday’s session, closing 3.99% higher. It was followed by SBI, BEL, Kotak Mahindra Bank, and Maruti Suzuki.
Top losers
HDFC Life Insurance’s shares were the biggest losers in today’s trade, declining 1%. It was followed by Bajaj Finserv, Titan, SBI Life Insurance, Hindalco, and many others.
Top sectors in Wednesday’s trade
The Tea and Coffee sector’s stocks rose the most in Wenesday’s strong trade, rising 3.2% in the market capitalisation. Further, Leather stocks were followed by the Beverages-Non Alcoholic sector stocks, which were further followed by the Defence sector stocks. The Textile stocks stood behind the Shipping sector. However, the Plastic sector stocks fell the most.
Best and worst performing business groups
The Nagarjuna Group’s market cap rose the most in today’s session, rising 4.7%. It was followed by the Pennar Group. Apart from that, the DCM Group’s market capitalisation surged the most, rising 3.2%. In the list of DCM Group stocks, DCM Shriram Industries’ share increased 4%.