Indian equity benchmarks showed significant gains on Wednesday, with banking, metal, and FMCG stocks offsetting the downward pressure from the IT sector. The Sensex climbed 283 points, or 0.34%, closing at 83,734, while the Nifty rose by 93 points, or 0.37%, to settle at 25,819.
In line with the main indices, the broader markets also performed well, with the Nifty Midcap 100 index up by 0.50% and the NSE Smallcap 100 advancing by 0.54%. Additionally, the Nifty Next50 saw a surge of 0.67%.
Despite the overall positive trend, the IT sector experienced a decline of 1.23%, while other sectors like FMCG, metal, and PSU banks saw gains of 1.21%, 1.33%, and 1.31%, respectively. Market breadth on the BSE was favorable, with more stocks advancing than declining.
Analysts noted that consistent DII inflows were providing strong support, helping to stabilize market volatility amid mixed global cues. The sentiment remained cautiously optimistic, driven by expectations of domestic growth and improved earnings visibility. The rupee traded slightly weaker at 90.66 against the dollar.
The day saw the Sensex hitting a low of 83,206 before rebounding to 83,749, while the Nifty 50 recovered from morning losses to close at 25,828, extending gains for the third consecutive session. Analysts observed a trend of rotation in broader indices, with investors showing a preference for defensive and value-oriented sectors over growth-focused areas.
The Bank Nifty displayed a bullish session, maintaining a positive trend with higher highs and higher lows. Market participants highlighted the 61,400 level as a crucial support for potential near-term continuation.
