The benchmark equity indices ended Wednesday’s trading session in positive territory. The NSE Nifty 50 added 135.85 points or 0.59% to settle at 23,160.50, while the BSE Sensex rose 614.57 points or 0.81% to end the day at 76,452.93.
Underperforming the overall markets, the broader indices closed the counter lower on Wednesday as well, the Nifty Midcap 100 closed the session 1.36% lower at 53,100.60.
Sectoral Index
Among the sectoral index, the Nifty Realty again underperformed other indices, closing over 4.5% lower. However, the NIfty IT index otuperformed other indices and closed more than 2% higher.
The Bank Nifty index ends 153.50 points or 0.32% higher at 48,724.40. In the broader markets, small-cap stocks shed the most. The volatility index India VIX cooled down 1.65% to 16.77 level.
Wipro (3.9%), Infosys (3.02%), TCS (2.88%), Tech Mahindra (2.36%), and HDFC Bank (1.8%) were the top gainers in the Nifty 50. Meanwhile, BEL, Tata Motors, Trent, Power Grid Corp, and Axis Bank were the major losers in the Nifty 50.
“On the daily charts, we can observe that the Nifty witnessed recovery from the psychological support level of 23000. The recovery was led by HDFC Bank, which recovered sharply from intraday lows,” said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan. Going ahead, the expectations of the recovery process are likely to continue towards 23,400, he added.
“The news that the US is considering lower tariffs on China may provide temporary relief, but underlying concerns persist. A moderation in the dollar index could potentially halt rupee depreciation,” said Vinod Nair, Head of Research at Geojit Financial Services.
Key levels to watch
“For day traders, 23,000/75,850 would act as a crucial support zone. If the index stays above this level, the pullback formation is likely to continue. On the higher side, the market could bounce back to the range of 23,250-23,325/76,700-76,900,” said Shrikant Chouhan, Head Equity Research at Kotak Securities. “Conversely, if it falls below 23,000/75,850 the sentiment could change below the same it could decline to 22,900-22,880/75,600-75,500.”
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