BSE Sensex was up by 2.13 per cent, or 1,502 points, to 73,581, while the NSE Nifty was at 22,374.40, up by 2.24 per cent or 489.90 points. A total of 3,828 stocks were actively traded — 2,284 advanced, while 1,429 declined and 115 stocks remained unchanged; 104 stocks hit a 52-week high and 103 stocks hit a 52-week low at 1.30 pm on Wednesday.
Shrey Jain, Founder and CEO, SAS Online, a deep discount broker, said, “The short-term trajectory of the stock market displays heightened volatility with a bearish inclination. For Bank Nifty, 46,500 is expected to act as a key support level today. If it breaks below this level, it could intensify bearish sentiment. In Bank Nifty, the 47,000 call strike has an OI of around 8 lakh shares, while the put side at the same strike has a significant OI of about 10 lakh shares.
“For the Nifty index, the immediate support level rests at 21,800. If it remains below this level, the likelihood of continued weakness is anticipated. Conversely, the 22,200 mark is expected to pose as an immediate resistance zone. Once the volatility triggered by the election results settles, the market could stabilise and define a clearer direction for the near future.”
Top gainers on the NSE include Hindustan Unilever (6.45%), Hero Motocorp (6.26%), Tata Consumers (6.25%), M&M (5.85%), Asian Paints (4.64%). Top losers include BPCL (-3.15%), L&T (-3.11%), Power Grid (-2.15%), Grasim (-1.81%), SBI (-1.38%).
BSE Smallcap was up by 1.25 per cent and Midcap up by 3.72 per cent