Mumbai: Indian stock markets closed on a strong note on Wednesday, though they gave up a significant portion of early gains as optimism over easing US-Iran tensions weakened later in the session.
The benchmark indices Nifty and Sensex both closed higher, snapping their two-day losing streak.
The Nifty settled at 22,679.40, up 348 points or 1.56 per cent, while the Sensex rose 1,186.77 points or 1.65 per cent to end at 73,134.34.
Commenting on Nifty technical outlook, experts said that on the downside, a failure to hold above 22,500 may trigger renewed selling pressure, potentially dragging the index toward 22,300, followed by a stronger demand zone around 21,700.
“On the upside, the 23,000 mark remains a key psychological resistance and a decisive supply zone,” an analyst stated.
Markets had opened on a strong footing amid hopes of a possible de-escalation in the US-Iran conflict.
However, as the session progressed, the initial enthusiasm cooled, leading to a partial pullback from the day’s highs.
Among the top gainers on the Nifty were Trent Limited, InterGlobe Aviation, and Adani Ports and Special Economic Zone, which supported the upward movement in the indices.
The broader markets performed even better than the benchmarks. The Nifty MidCap index gained 2.24 per cent, while the Nifty SmallCap index surged 3.24 per cent.
On the sectoral front, the Nifty PSU Bank index emerged as the top performer, reflecting strong gains in public sector banking stocks.
The Nifty Chemical and Nifty Media indices also saw notable buying interest during the session.
However, not all sectors ended in the green. The Nifty Healthcare and Nifty Pharma indices bucked the overall trend and closed lower, limiting some of the market’s overall gains.
Analysts said that the market managed to end higher despite late-session volatility, supported by broad-based buying across sectors, especially in mid- and small-cap stocks.
“Markets now shift focus to key US data, including Non-Farm Payrolls, ADP employment, and unemployment rate, which could drive sharp volatility,” an analyst stated.
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File Photo/IANS
–IANS
