Indian benchmark equity indices, after experiencing intra-day losses, rebounded in the final hour of trade on Wednesday, closing the session positively. The Nifty finished at 23,659, up 41 points or 0.17%, touching a high of 23,690.90 and a low of 23,397.30 during the day. Similarly, the Sensex concluded near the day’s peak at 75,318.39, marking a gain of 117.54 points or 0.16%.
Experts analyzing the Nifty technical outlook noted that there was fresh supply pressure at higher levels, with the 23,700–23,800 range posing as a significant resistance area in the near term. They suggested that a sustained breakout above 23,800 could further boost momentum towards the psychological 24,000 level. Additionally, they highlighted the 23,400 level as a crucial immediate support zone, with the broader 23,300 region serving as a key support base for the index.
Hindalco Industries and Bajaj Auto emerged as top gainers on the Nifty index, contributing to the broader market’s recovery. In the broader market segment, the Nifty MidCap closed 0.49% higher, while the Nifty SmallCap saw a 0.04% increase. Notably, the Nifty Oil & Gas and Nifty Auto sectors outperformed the market, driven by buying interest in energy and automobile stocks. Conversely, the Nifty Media and Nifty FMCG sectors were among the top laggards during the session.
Despite initial weak sentiment during the day, robust buying in heavyweight stocks in the closing hour helped the benchmark indices settle in the green, showcasing resilience in the domestic equities market. Analysts pointed out that the market is now anticipating the US Fed’s April policy minutes for further insights into the interest rate outlook. Overall, the market trend appears range-bound with a negative bias, with opportunities likely to be sector and stock-specific.
