The Indian equity markets displayed significant gains on Wednesday, driven by a strong performance in IT stocks following a rebound in tech stocks on Wall Street. By 9:30 am, Sensex rose by 559 points, or 0.69%, reaching 82,785, while Nifty climbed 157 points, or 0.62%, to 25,582. Broad-cap indices, including Nifty Midcap 100 and Nifty Smallcap 100, also saw positive movements, with gains of 0.27% and 0.46%, respectively.
All major sectoral indices were in the green zone, with Nifty IT leading the way with a 1.91% increase, followed by a 1.43% surge in Nifty metal. Analysts noted a cautious sentiment prevailing due to ongoing US–Iran tensions and stable crude oil prices. Additionally, concerns over AI-related disruptions in global tech stocks were impacting overall risk appetite.
Following a significant drop on Tuesday during the monthly derivatives expiry, Nifty closed lower by 259 points at 25,459, resulting in a substantial erosion of about Rs 2.85 lakh crore in investor wealth among BSE-listed companies. Looking ahead, market experts highlighted the 200-day exponential moving average (DEMA) around 25,240 as a crucial support level, with the 25,640–25,770 range acting as immediate resistance.
For Nifty, immediate support was identified at the 25,300 level, while resistance was seen in the 25,600-25,700 range. Similarly, Bank Nifty’s immediate support was placed in the 60,900–60,600 zone, with resistance around 61,500–61,700. In Asian markets, positive movements were observed, with China’s Shanghai index and Shenzhen gaining, Japan’s Nikkei rising, and South Korea’s Kospi adding value.
Overnight, the US markets closed on a positive note, with Nasdaq, S&P 500, and Dow Jones all recording gains. Foreign institutional investors (FIIs) were net sellers of equities worth Rs 103 crore on February 24, while domestic institutional investors (DIIs) net bought equities worth Rs 3,161 crore.
