The stock market closed higher for the fifth consecutive day. Nifty closed at 25,051 and Sensex at 81,858. IT, FMCG, and Realty sectors saw buying interest, while Banking, Pharma, and Oil & Gas shares remained under pressure. Ola Electric closed at the 20% upper circuit, and smallcap stocks Sky Gold and Carborundum Universal witnessed b gains.
Stock Market closing: The stock market closed in the green for the fifth consecutive day on Wednesday, with the Nifty rising 70 points to close at 25,051 and the Sensex climbing 213 points to close at 81,858. IT, FMCG, and Realty shares saw buying interest, while Banking, Pharma, and Oil & Gas experienced pressure. Ola Electric closed at the 20% upper circuit, and Sky Gold and Carborundum Universal in the smallcap segment saw gains of 14-15%, leading to a b close for the midcap and smallcap indices as well.
Gains in Metal and Energy, Decline in Banking
After a day's trading, the Sensex closed 213 points higher at 81,858. Meanwhile, the Nifty closed 70 points higher at 25,051. The Nifty Midcap Index closed 266 points higher at 57,931. However, the Nifty Bank closed 167 points lower at 55,699. Today's trading showed buying interest in the metal, infra, and energy sectors, while banking, pharma, and oil & gas shares remained under pressure.
Which shares performed well
Investors showed considerable confidence in the IT and FMCG sectors. Infosys and TCS performed well today. HUL and Nestle also showed strength in the market. Eternal stock gained momentum after a positive brokerage note and closed at a record high. Ola Electric's turnover crossed ₹100 crore today, and the stock closed at a 20 percent upper circuit. Indian Hotels and other hotel sector shares rose due to increased demand.
Shares that performed poorly
The Defense and NBFC sectors remained under pressure. BEL and Bajaj Finance were among the weakest today. Aurobindo Pharma closed nearly 4 percent lower following news related to the Zentiva acquisition. Profit-taking was seen in gold financing companies. Muthoot Finance closed 2 percent lower. Online gaming sector stocks also experienced pressure. Nazara Technologies closed nearly 12 percent lower. PG Electroplast showed a 7 percent gain during the day, but eventually closed with a slight decline.
Strength in Smallcap and Midcap
Among smallcap shares, Sky Gold and Carborundum Universal were the biggest gainers today. Both stocks closed with gains of 14 to 15 percent. Vedanta showed recovery from lower levels amid news related to the demerger and closed bly at the end of the trading session. Today's buying in midcaps and smallcaps reflects investor enthusiasm.
Sectoral Performance
In today's trading session, IT, FMCG, Realty, and Metal indices saw buying interest. The Infra and Energy sectors also remained in positive territory. Meanwhile, the Pharma, Banking, and Oil & Gas sectors remained under pressure. Investors showed caution in the Defense and NBFC sectors. The Hotel and Tourism sectors saw gains.
Positive cues from the US and European stock markets strengthened the Indian market. Domestic economic data and investor confidence also supported the market. Increasing demand in midcaps and smallcaps, overall, sustained the market's upward momentum.
