The Indian stock market experienced a roller-coaster ride on Wednesday, with benchmark indices Sensex and Nifty making a strong recovery in the latter half of the day as uncertainties surrounding impending US trade tariffs eased.
At the close of trading, the BSE Sensex was up by 566 points, or 0.75 per cent, at 76,404.99, while the Nifty 50 ended at 23,155, rising 130.7 points, or 0.57 per cent. During the day, the Sensex touched an intra-day low of 75,817, and the Nifty dipped to 22,981 before bouncing back.
Market experts stated that Nifty found support near its previous session's low of 22,980 and formed a hammer tweezer bottom candlestick on the daily chart, indicating a potential recovery towards 23,350 levels after Tuesday's decline. The sustained bullish momentum will only materialise if Nifty closes above 23,500, where the 21-day EMA is located. Until then, experts advise a cautious approach.
Leading the gains on the Sensex were stocks such as Infosys, TCS, Tech Mahindra, Maruti Suzuki, Sun Pharma, HCLTech, and Nestle India, which rose by up to 2.7 per cent. On the other hand, Tata Motors, Zomato, NTPC, SBI, Tata Steel, and Power Grid were among the top laggards, losing up to 3 per cent.
On the Nifty 50, 26 stocks traded in the green, while 24 were in the red, and one stock finished unchanged.
However, the broader markets struggled to keep pace with the recovery in the benchmark indices. The Nifty SmallCap index fell by 2.7 per cent, while the Nifty MidCap index declined by 2.3 per cent.
Sector-wise performance showed significant weakness in certain areas, with the Nifty Realty index plunging 5 per cent. The Nifty PSU Bank index and the Nifty Metal index also saw declines of 2 per cent and 1.8 per cent, respectively.
On Monday, foreign institutional investors (FIIs) sold equities worth Rs 5,920 crore, while domestic institutional investors (DIIs) bought equities worth Rs 3,500 crore on the same day.
Follow us
