The stock markets concluded a volatile trading session on Wednesday, with benchmark indices showing a muted performance despite strong sectoral movements. The Sensex closed at 80,956.33, up marginally by 110.58 points or 0.14 per cent, while the Nifty 50 ended almost flat at 24,467.45, gaining 10.30 points or 0.04 per cent.

The day’s trading was characterized by mixed sectoral performance, with banking and realty stocks emerging as key performers.

HDFC Life led the gainers with a 2.52 per cent increase, followed by HDFC Bank at 1.67 per cent, Bajaj Finserv at 1.42 per cent, Apollo Hospitals at 1.38 per cent, and NTPC at 1.37 per cent.

In contrast, the market saw notable declines in telecom and auto sectors, with Bharti Airtel dropping 2.28 per cent, Cipla falling 2.21 per cent, Bajaj Auto down 1.77 per cent, Tata Motors declining 1.63 per cent, and Adani Ports losing 1.62 per cent.

Market breadth remained positive, with the Bombay Stock Exchange (BSE) reporting 3,978 stocks traded, of which 2,251 advanced, 1,590 declined, and 137 remained unchanged. Notably, 227 stocks hit 52-week highs, while only 10 touched 52-week lows. The market saw 352 stocks in the upper circuit and 182 in the lower circuit.

Sectoral indices showed diverse performance. The Nifty Bank index rose 1.08 per cent to 53,266.90, while the Nifty Financial Services index gained 1.10 per cent to 24,562.60. The Nifty Midcap Select index increased by 0.89 per cent to 12,927.50.

Vinod Nair, Head of Research at Geojit Financial Services, commented on the market dynamics: “The domestic market maintained a positive trajectory, despite some volatility stemming from mixed sentiments in Asian markets due to the situation in South Korea. Broader indices showed strong performance, with the banking and financial sectors continuing to excel.”

Ajit Mishra, SVP of Research at Religare Broking, provided additional insight: “The markets experienced a volatile session and ended nearly flat, taking a breather after three consecutive days of gains. While the tone remained positive for part of the session, profit-booking in select heavyweights limited the upside.”

Gaurav Garg, Research Analyst at Lemonn Markets Desk highlighted that, “Indian equity indices extended their gains for the fourth consecutive session, driven by strength in banking and realty stocks.” His analysis suggested that while auto and FMCG sectors dipped 0.5 per cent each, realty and PSU Banks posted robust gains of 2 per cent each.

Technical analysts offered varying perspectives on the market’s near-term outlook. Nagaraj Shetti from HDFC Securities noted: “After showing a sustainable upmove in the last three sessions, Nifty shifted into a consolidation... Technically, this market action indicates a formation of high wave type candle pattern at the highs, and this reflects ongoing volatility in the market.”

Hrishikesh Yedve from Asit C. Mehta Investment Intermediates provided a technical view, stating that the Nifty has formed a spinning top candle near the supply zone of 24,550-24,575. “If the index sustains above 24,575, then an up move could extend towards 24,700-24,800 levels,” he added.

Investors are now closely monitoring upcoming events, including the potential Federal Reserve policy statement and the RBI Monetary Policy Committee meeting, which could influence market sentiments in the coming sessions.

Related Topics