Indian stock markets saw a slight increase on Wednesday, although they retreated from their early gains. Heavyweights like Reliance Industries and State Bank of India exerted pressure on the indices, while the purchase of metal and IT stocks helped mitigate the losses.
The Nifty concluded 0.23% higher at 25,482.50, while the Sensex finished up 0.06% at 82,276.07. Analysts noted that the 25,400 level is currently a key support, with the 25,600–25,650 range posing as a robust resistance cluster.
Experts mentioned that breaching below 25,300 could intensify selling towards 25,250–25,150, while surpassing 25,650 would trigger short covering and potentially extend gains to 25,800–26,000.
On the Sensex, Reliance Industries experienced a significant decline of 2.23%, with other major losers including State Bank of India, Eternal, Bharti Airtel, ITC, HDFC Bank, and Bajaj Finance. Conversely, HCL Tech led the gainers with a 2.8% rise, supported by Tata Steel, TCS, Indigo, Sun Pharma, and Mahindra & Mahindra.
The broader markets outperformed the main indices, with the Nifty MidCap 100 rising by 0.58% and the Nifty Smallcap 100 by 0.96%. Notably, the Nifty Metal index emerged as the top performer, followed by gains in the Nifty Pharma and Nifty IT indices.
While there was volatility and selling pressure in select heavyweights, the positive momentum in metals and IT stocks aided the indices in closing the day in positive territory. Profit booking at higher levels impacted sentiment despite a positive start.
