Indian stock markets closed with modest gains on Wednesday, extending their winning streak amid mixed global cues and sector-specific movements. The benchmark BSE Sensex ended 73.80 points or 0.09% higher at 81,785.56, while the Nifty 50 rose 34.60 points or 0.14% to close at 25,052.35, marking its longest gaining streak since October 2020.

The day’s trading session was characterized by volatility, with the Nifty touching a new all-time high of 25,129 before retreating due to profit-taking in the final hour. IT stocks led the gains, while banking and realty sectors underperformed.

Among the top gainers on the NSE, LTIMindtree surged 6.31%, followed by Wipro (3.71%), Divi’s Lab (2.71%), Bharti Airtel (2.05%), and Infosys (1.99%). On the flip side, Maruti (-1.34%), Asian Paints (-1.33%), Adani Enterprises (-1.27%), Shriram Finance (-1.17%), and Britannia (-1.13%) were the top losers.

Ajit Mishra, SVP of Research at Religare Broking Ltd, commented on the market performance, saying, “Currently, we observe a balancing act, as the ongoing underperformance of major banking stocks weighs on market sentiment, while the strength in select heavyweights from IT, FMCG, metals, and energy on a rotational basis helps maintain a positive tone.”

In the Sensex pack, Bharti Airtel gained 2.20% to close at ₹1,556.00, while Infosys rose 1.95% to ₹1,937.15. IndusInd Bank and Sun Pharma also ended in the green, with gains of 1.95% and 1.16%, respectively. Among the laggards, Maruti Suzuki fell 1.11% to ₹12,358.00, and Asian Paints declined by 1.24% to ₹3,124.00. State Bank of India and Kotak Mahindra Bank both saw declines of 0.91%, while Nestle India dropped by 1.02%.

The broader market reflected the benchmark indices, with 1,837 stocks advancing and 2,129 declining on the BSE. A total of 354 stocks hit their 52-week highs, while 17 touched their 52-week lows.

Global factors continued to influence market sentiment, with oil prices retracing recent gains due to Middle East tensions and concerns about Chinese demand. Brent crude futures hovered just below $80 per barrel. Investors also awaited Nvidia’s earnings report and a crucial US inflation update.

In the commodities market, gold prices remained supported above $2,550 per ounce, buoyed by geopolitical tensions and expectations of a potential rate cut by the Federal Reserve. WTI crude oil stabilized above $75.60 per barrel, supported by forecasts of declining US inventories and supply risks in Libya.

Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, noted, “The Nifty50 index trended to new life highs of 25129. However, it failed to sustain at the day’s high and succumbed to mild profit booking, pushing the price to close near the day’s opening range and closing on an indecision note.”

As the markets continue to navigate through mixed signals and sector rotations, analysts suggest that traders should focus on stock selection while maintaining a cautious approach in the near term.

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