Indian equity benchmarks, the Sensex and Nifty, concluded Wednesday's trading session on a positive note, marking their fourth straight day of gains. Strong global sentiment and sustained buying activity across various sectors fueled the upward momentum.
Nifty Crosses 24,000 Mark
The Nifty 50 index advanced by 97 points, or 0.40%, to close at 24,085.40, successfully breaching the psychological 24,000 level during the session. The BSE Sensex also saw a notable rise, adding 347 points to settle at 77,156.
Top Performers and Laggards
Among the Sensex constituents, Trent led the gains with a 7% increase, followed by BEL (3%), Eternal (1.95%), and Tata Steel (1.53%). Conversely, Bajaj Finserv (1.16%), Axis Bank (1.09%), Kotak Bank (0.88%), M&M (0.51%), and Maruti (0.45%) were among the top losers.
Broader markets also participated in the rally, with the Nifty midcap index climbing 321 points to 62,123, and the Nifty small cap index gaining 145 points to reach 18,623.
Sectoral Performance
Sector-wise, the BSE capital goods index surged by 2207 points to 82,328. The BSE metal and BSE consumer durables indices also recorded healthy gains, rising by 477 points and 836 points, respectively.
Overall market breadth was positive on the BSE, with 2404 stocks ending in the green against 1876 in the red out of 4,443 traded shares. A total of 133 stocks hit their 52-week highs, while 56 shares touched their 52-week lows.
Analyst Outlook: What Lies Ahead?
Market experts provided insights into the potential trajectory of the indices.
Ajit Mishra, SVP, Research at Religare Broking, noted, "Technically, Nifty has reclaimed the psychological 24,000 mark, reinforcing the ongoing recovery, and is now approaching the 100-day EMA near the 24,150 level. A sustained move above this zone could pave the way for an extension towards the 24,500 mark in the near term." He identified the 23,800–23,900 region as immediate support, followed by 23,650, and recommended a stock-specific approach with disciplined risk management.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed a "small bullish candle" on the daily chart, signaling "range bound movement with positive bias around the crucial hurdle of 24,100 levels." Shetti added, "A decisive move above 24,100 could open more upside towards 24,500 levels (200-day EMA) in the near term. Immediate support is placed at 23,900."
Investors will be closely watching global cues and corporate earnings for further direction in the coming sessions.