Benchmark indices traded flat, with Nifty 50 at 22,244.20, up by 47.25 pts or 0.21 per cent, and Sensex traded at 73,199.33, up by 141.93 pts or 0.19 per cent as of 9.53 am on Wednesday.
Most of the sectoral indices traded in the green, except nifty IT and media. Nifty realty rose by 2.22 per cent to trade at 906.65, Nifty metal was up by 1.98 per cent at 8,113.25, and Nifty PSU Bank erose by 1.46 per cent at 7,205.20.
Anand James, Chief Market Strategist, Geojit Financial Services, commented, “While pencilling in 22,175-22,250 region at the start of the week as an intermediate challenge, we had expected uptrend to proceed without much drama enroute 22,450-22,550. But this region continues to be stiff, urging us to reconsider downside prospects, even though, yesterday’s downside marker at 22,118, deflated the early weakness.”
“Nevertheless, we continue to see low odds of a collapse, given the number of congestion supports not far below, encouraging us to expect a 22,118-22,250 range to hold for most part of the day,” he added.
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt Ltd, stressed that nifty surged ahead to make a new high once again breaching above the 22,200 zone during the intraday session with the index positioned strongly with further rise anticipated in the coming days. “The near-term target for the index would be 22,400 levels and with strength sustaining, it can march ahead to next target of 22,800 levels with near-term support maintained at 22,000 zone. The support for the day is seen at 22,050 while the resistance is seen at 22,350,” Parekh said.
Stocks that emerged as top gainers on the NSE were Tata Steel (higher by 3.08%), JSW Steel (2.84%), Hindalco (2.23%), IndusInd (1.45%), and ICICI Bank (1.35%). Meanwhile, Infosys (-1.34%), Power Grid (-1.32%), BPCL (-0.87%), HCL Tech (-0.72%), and NTPC (-0.49%) were major laggards. Additionally, ABB India stock jumped 8.19 per cent on the NSE to trade at ₹4,895.10. The company’s board had recommended a final dividend of ₹23.80 a share of face value of ₹2 each for the financial year ended December 31, 2023.
Kilburn Engineering informed the stock exchange that it has completed the acquisition of 100 per cent paid-up capital of ME Energy Pvt Ltd. The stock rose by 1.42 per cent on the BSE, trading at ₹317.80.
The wholly-owned subsidiary of Best Agrolife Ltd, Seedlings India Pvt Ltd, has been granted a patent for an invention entitled “Synergistic Fungicidal Composition comprising Strobilurin and Traizole fungicides with Sulphur” for the term of 20 years.