Indian stock markets saw gains for the second consecutive day on Wednesday, supported by lower oil prices and positive global cues. The Nifty surged by 1.72%, closing at 23,306.45, while the Sensex rose by 1.63% to settle at 75,273.45. Investor sentiment improved following US President Donald Trump’s reassurance on ongoing talks to resolve Middle East conflicts.
Market experts highlighted key levels for the market, with 23300–23350 seen as critical for short-term stability. Failure to sustain above this range could lead to renewed selling pressure. Additionally, 23500–23600 was noted as a strong supply zone, with 23800 as a further resistance level.
In terms of stock performance, Tech Mahindra, Power Grid, and TCS lagged on the Sensex, while Bajaj Finance, Titan, IndiGo, Trent, and Mahindra and Mahindra were among the top gainers. The broader markets outperformed the main indices, with the Nifty MidCap index rising by 2.30% and the SmallCap index by 2.59%.
Consumer-focused stocks led the rally, with the Nifty Consumer Durables index emerging as the top gainer. Real estate and public sector bank stocks also showed strong gains, surpassing most other sectors. However, the IT sector underperformed, with the Nifty IT index closing lower compared to its counterparts.
Analysts attributed the market rally to hopes of easing geopolitical tensions and lower oil prices, which bolstered investor confidence across various sectors. The improved sentiment was primarily driven by signs of a potential de-escalation in the US-Iran conflict.
