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The benchmark indices ended higher on Wednesday, primarily driven by a strong performance in IT heavyweights, even as the broader markets witnessed significant selling pressure. The BSE Sensex closed at 76,404.99, up 566.
63 points or 0.75 per cent, while the Nifty 50 finished at 23,155.35, gaining 130.
70 points or 0.57 per cent. The market showed a clear divergence between large-cap and smaller stocks, with the Nifty Midcap Select falling 0.
79 per cent to 11,918.40 and the Nifty Next 50 declining 0.85 per cent to 62,865.
60. The market breadth remained negative, with 2,802 stocks declining against 1,142 advances on the BSE, while 115 remained unchanged. IT stocks led the day’s gains, with the sector index rising over 2 per cent.
Wipro emerged as the top gainer, surging 3.87 per cent, followed by Infosys (3.02 per cent), TCS (2.
88 per cent), Tech Mahindra (2.36 per cent), and HDFC Bank (1.80 per cent).
On the flip side, Bharat Electronics fell 3.01 per cent, followed by Tata Motors (-2.16 per cent), Trent (-1.
95 per cent), Power Grid (-1.31 per cent), and Axis Bank (-1.09 per cent).
“The benchmark indices rebounded amidst heightened volatility following better-than-expected results from a major private bank. The IT sector led gains, recovering from recent losses, while mid and small-cap stocks continued to underperform due to valuation concerns,” said Vinod Nair, Head of Research, Geojit Financial Services. In the currency market, the Indian rupee showed strength, gaining 0.
30 paise to close at 86.29 against the dollar, supported by weakness in the dollar index, which slipped below 107.75.
The gold market saw significant movement, with domestic MCX gold posting gains of ₹300 or 0.38 per cent, though the appreciation in rupee capped larger gains. The market’s technical outlook suggests continued volatility.
“Though Nifty closed higher on Wednesday, the overall market breadth deteriorated and the broad market indices have closed sharply lower. The negative chart pattern like lower tops and bottoms is still intact,” noted Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. Trading volumes on the NSE cash market decreased by 3 per cent compared to the previous day.
The market witnessed 81 stocks hitting 52-week highs, while 155 stocks touched their 52-week lows. Nine stocks hit the upper circuit, while three reached the lower circuit. Devarsh Vakil, Head - Prime Research, HDFC Securities, observed, “After yesterday’s drubbing, Nifty saw a pullback of 136 points, or 0.
60 per cent, to close at 23160. It was a volatile session that eventually ended in the green, led by gains in heavyweight sectors such as Information Technology (IT) and banking.” Looking ahead, market experts suggest that while news of potential lower US tariffs on China may provide temporary relief, underlying concerns persist.
The Nifty Bank index gained 0.32 per cent to close at 48,724.40, while the Nifty Financial Services index rose 0.
45 per cent to 22,650.40, indicating steady performance in the financial sector despite overall market volatility. Comments.
