Domestic equity markets showed gains on Wednesday morning despite geopolitical tensions and increasing crude oil prices. Sensex rose by 0.59%, reaching an intraday high of 74,356 points, while Nifty increased by 0.46% to 23,351 points. FMCG stocks led the positive sectoral performance, with Nifty FMCG rising by 1.5%.
Metal stocks faced pressure, with Nifty Metal declining by over 1%. Nifty MidSmall IT & Telecom dropped by 0.62%, and Auto, Media, and PSU Bank indices traded slightly lower. Among the Nifty 50 constituents, Hindalco Industries was the top loser, falling by nearly 3%.
Analysts noted that while global cues and geopolitical tensions may cause volatility, technical indicators suggest market stabilization. Nifty’s strong support is around 23,000-23,100, with an immediate resistance zone of 23,500-23,600. Investor sentiment remained cautious due to escalating tensions in West Asia after US strikes on Iran.
