Benchmark indices Sensex and Nifty traded higher on Wednesday afternoon, with IT stocks leading the gains. The BSE Sensex was up 257.52 points or 0.32% at 81,969.28, while the Nifty50 rose 81.40 points or 0.33% to 25,099.15 as of 12:56 pm.
The market opened on a muted note, but gained ground as the session progressed. According to Shrey Jain, Founder and CEO of SAS Online, “Nifty index is expected to remain range-bound between 24,950 and 25,100 for the day. A breakout from this range could pave the way for a new directional trend.”
IT stocks were the top performers, with LTIMindtree surging 6.54%, followed by Wipro (3.48%) and Infosys (2.32%). The banking sector showed a mixed performance, with IndusInd Bank rising 2.65%, while Axis Bank declined 0.84%.
Jain noted, “For Bank Nifty, in the previous session, NBFC stocks captured market attention with notable positive momentum, however, select banking stocks lagged in comparison.” He added, “For today’s expiry, it is critical for the Bank Nifty to maintain its position above the 51,300 mark to potentially ignite a short-covering rally.”
Among other gainers, Bajaj Auto rose 1.49%. The top losers included Hero MotoCorp (-1.40%), Asian Paints (-1.03%), Nestle India (-0.77%), and Britannia (-0.73%).
The broader market showed a positive trend, with 2,043 stocks advancing and 1,800 declining on the BSE. 325 stocks hit their 52-week highs, while 14 touched their 52-week lows. 307 stocks were locked in the upper circuit, and 217 in the lower circuit.
Jain observed, “Overall, the market appears to be in a consolidation phase, characterised by low volatility and this trend is likely to continue in the near-term.”
Other notable movements on the Sensex include Bharti Airtel (1.46%), Tech Mahindra (1.40%), and HCL Tech (1.14%) on the upside, while Maruti Suzuki (-0.85%) and Bajaj Finserv (-0.62%) were among the laggards.
As the market heads into the afternoon session, investors will be watching for any breakouts from the current range and monitoring global cues for further direction.