The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 93.85 points or 0.38% to settle at 24,951.15, while the BSE Sensex jumped 285.95 points or 0.35% to 81,741.35.
The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. Metal and Pharma stocks outperformed among the other sectoral indices while PSU Banks and Realty stocks shed.
Sectoral Index
Bank Nifty index ended higher by 54.10 points or 0.11% to settle at 51,553.40. The Nifty Midcap 100 jumps 367.50 points, or 0.63%, ending the day’s trading at 58,990.90. In the broader markets, small-cap and mid-cap stocks finished in the green.
Top Movers for the day
Maruti Suzuki India, JSW Steel, HDFC Life Insurance, Asian Paints, and NTPC were the top gainers on the NSE Nifty 50, while the laggards includes Britannia Industries, Dr Reddy’s Lab, Apollo Hospitals, Tata Consumers, and Reliance Industries.
The Indian Volatility Index (India VIX) closed up by 3.26 % at 13.30.
Experts on Today’s Market Performance
“The domestic market is attempting to cross above the psychological threshold of 25,000, as subdued Q1FY25 earnings and stretched valuations are curbing the challenge, while positive global trends and sector rotation are supporting the traction,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that Positive global sentiment driven by expectations of an easing interest rate cycle by the FED and RBI in the medium term, owing to benign inflation, ignited the rally today. As expected, the BoJ raised its interest rate while all eyes are on US FED policy. The weakening dollar is showing signs for a rate cut in September.
Commenting on the Nifty Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas said that Nifty opened on a flat note and witnessed a rangebound day of trade today. It closed in the green up ~94 points. On the daily chart we can observe that the Nifty has been consolidating in the range of 24750 – 25000 since the last three trading sessions.
Gedia also added that the hourly momentum indicator has reached the equilibrium line and indicating that the consolidation is complete and the Nifty is now poised for a breakout. Short term target is placed at 25350 – 25530 and crucial support is placed at 24750 – 24700.
Bank Nifty
Commenting on the Bank Nifty today Rupak De, Senior Technical Analyst, LKP Securities said that Bank Nifty remained rangebound ahead of the Fed meeting on the rate decision. So far, the index has stayed below the 21 EMA. On the other hand, the daily RSI has entered a bullish crossover. A sustained trade above 51,600 might induce a rally towards 52,000-52,200. On the lower end, support is placed at 51,200-51,000.