Indices closed higher on Wednesday, with the Sensex rising 230.02 points to 80,234.08 and the Nifty 50 gaining 80.40 points to 24,274.90, despite a mixed global market sentiment and sector-specific volatility.
Adani Enterprises emerged as the top performer, surging 11.56 per cent, followed by Adani Ports with a 5.90 per cent increase.
Other notable gainers included BEL (3.07 per cent), Trent (2.80 per cent), and NTPC (2.24 per cent). In contrast, Apollo Hospitals (-1.34 per cent), Titan (-1.07 per cent), and Wipro (-0.87 per cent) were among the top losers.
Market breadth showed a positive trend, with 2,593 advances against 1,338 declines. A total of 216 stocks touched their 52-week highs, while 37 hit 52-week lows. Notably, 380 stocks were in the upper circuit, and 210 were in the lower circuit.
Sectoral performance revealed a mixed landscape. The Nifty Energy and Metal indices demonstrated strong performances, while the IT and pharmaceutical sectors lagged.
“Energy, Commodities, and the PSE index outperformed their peers, closing up by more than 1 per cent,” noted Ameya Ranadive, Senior Technical Analyst at StoxBox.
Global market dynamics played a significant role in the day’s trading. Vinod Nair, Head of Research at Geojit Financial Services, commented, “Indian indices continue to exhibit positive upside as a result of healthy consolidation and the likelihood of strong H2FY25 earnings forecasts. The global sentiment is positive as the US FOMC minutes and a truce in the Middle East were optimistic.”
The market showed remarkable stability, with the India VIX decreasing by 4.44 per cent to 14.6250, indicating reduced volatility. Broader indices performed impressively, with the Nifty Midcap 100 rising 0.64 per cent and the Nifty Smallcap 100 surging 1.30 per cent.
Ajit Mishra, SVP of Research at Religare Broking, provided insights into potential market movements. “The Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550,” he said.
Technical analysts offered varied perspectives on market direction. Shrikant Chouhan from Kotak Securities suggested, “As long as the index is trading above 24150/79800, the bullish sentiment is likely to continue. On the higher side, the market could move up to 24400-24500/80500-80900.”
Nagaraj Shetti from HDFC Securities added nuance to the market analysis, noting, “The near-term trend of Nifty remains up with range-bound action. As long as Nifty continues with range-bound movement, there is a higher possibility of a decisive upside breakout occurring in the near term.”
A notable stock market highlight was Ola Electric, which saw its shares surge by 20 per cent, reaching the upper circuit limit of Rs 88.10 following the launch of its most affordable electric scooters—the S1 Z and Gig range.
With the market showing resilience and potential for further growth, investors and traders are advised to remain cautious and focus on strategic stock selection amid the current consolidation phase.