Markets closed higher on Wednesday, with the benchmark Nifty 50 index gaining 71.35 points or 0.29 per cent to end at 24,770.20. The BSE Sensex also closed 102.44 points or 0.13 per cent higher at 80,905.30.
The market saw a gradual increase in gains throughout the trading session, as Aditya Gaggar, Director of Progressive Shares, noted, “After a knee-jerk reaction in opening trade, the Index gradually compounded its gains to end the trade at 24,770.20 with gains of 71.35 points.”
The top gainers on the NSE were Divi’s Lab (3.70%), Titan (2.42%), SBI Life (2.24%), Grasim (2.02%), and Cipla (1.99%), while the top losers were Tech Mahindra (-1.26%), Tata Steel (-1.25%), Ultratech (-1.14%), Power Grid (-0.95%), and HDFC Bank (-0.59%).
Defensive sectors such as FMCG, Media, and Pharma were the top performers, soaring over 1.30%, 1.20%, and 0.91%, respectively. Realty, on the other hand, was the major loser, declining by 1.31%.
“Rotational buying in heavyweights across sectors is aiding the index’s gradual climb, though inconsistency in the banking majors is keeping participants cautious. On the index front, Nifty may pause around 24,850, before moving towards the 25,000+ level. In the event of a dip, we expect the index to find support in the 24,450-24,600 zone. In addition to domestic factors, we recommend closely monitoring the US markets for further cues,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.
The broader market performance was also strong, with midcaps performing in line with the frontline index, while Smallcaps outperformed with gains of 1.20%. Gaggar added, “The view for the index remains the same i.e. heading towards 24,870 (range breakout target), while the support level has shifted higher to 24,640.”
The trading session saw a total of 4,038 BSE stocks traded, with 2,611 advances, 1,340 declines, and 87 unchanged. The number of stocks at their 52-week high stood at 325, while 17 stocks were at their 52-week low. Additionally, 429 stocks were in the upper circuit, and 170 were in the lower circuit.
