Indian equity benchmarks closed higher on Wednesday, with broad-based buying lifting the market as investors assessed signs of a possible de-escalation in West Asia.
The Nifty 50 settled at 23,446.80, gaining 117.80 points, or 0.50%, while the Sensex ended 299.17 points, or 0.40%, lower at 74,828.25.
Broader markets also participated in the rally, with the NSE Nifty Midcap 100 and Nifty Smallcap 100 indices settling 0.70% and 0.89% higher, respectively.
The India VIX, a gauge of market volatility, settled 6.41% lower at 10.29.
Among sectoral indices, metal stocks led the gains, with the Nifty Metal index rising 2.32%. The Nifty IT index, however, ended 0.87% lower.
Market breadth on the NSE remained positive, with 2,344 stocks advancing against 1,232 declining, while 113 stocks remained unchanged.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sense
From the technical point of view, the 23,450–23,500 zone is likely to act as the immediate resistance for the Nifty 50, according to Ponmudi R, CEO of Enrich Money. A sustained move above 23,500, he believes, could strengthen the recovery and open the way toward 23,600, while failure to reclaim this zone could keep the index range-bound with a cautious bias.
"On the downside, 23,300 remains the immediate support zone, while the next and stronger support is placed around 23,200. Momentum indicators suggest that selling pressure is gradually easing.”
Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
