Indian stock markets witnessed fluctuating trends on Wednesday, ultimately closing ber. Strong buying in the IT and Pharma sectors propelled both the Sensex and Nifty indices into positive territory. However, weakness in banking and FMCG stocks limited the market's overall gains.
Stock Market: The Indian stock market concluded Wednesday's trading session on a positive note, recovering from early bearish pressure. Both major indices, the Sensex and Nifty, closed in the green, boosting investor sentiment. The Bombay Stock Exchange (BSE)'s flagship index, Sensex, closed at 82,515, up 123 points or 0.15%. Fifteen of the Sensex's 30 constituent stocks gained, while the remaining 15 closed lower. This indicates a balanced market despite the intraday volatility.
Similarly, the National Stock Exchange (NSE)'s Nifty index ended at 25,141, up 37 points. A total of 2995 stocks were traded on the NSE, with 1608 advancing, 1304 declining, and 83 remaining unchanged.
Sensex and Nifty Performance
The BSE Sensex closed at 82,515, up 123 points or 0.15%. Throughout the day's trading, the Sensex touched a low of 82,300 and a high of 82,725. The NSE Nifty closed at 25,141, up 37 points or 0.15%.
At market close, 15 of the 30 Sensex stocks were in the green, and 15 were in the red. On the NSE, 1,608 stocks advanced, 1,304 declined, and 83 remained unchanged out of a total of 2,995 traded stocks.
IT and Pharma Sectors Show Strength
The IT and Pharma sectors were the primary drivers of the market's upward movement. Significant buying activity was observed in major IT stocks like HCL Tech, Infosys, Tech Mahindra, and TCS. Investor interest remained b in Sun Pharma and other pharmaceutical companies, pushing the Nifty Pharma index up by 0.50%. Analysts attribute the IT sector's performance to the strengthening of tech stocks in global markets and a weakening dollar. The Pharma sector offered investors a safe haven due to a defensive investment approach.
Stocks Showing Gains
Among the Sensex stocks that showed strength were:
- HCL Tech
- Infosys
- Tech Mahindra
- Bajaj Finserv
- Reliance Industries
- ICICI Bank
- Tata Motors
- TCS
- Sun Pharma
- Larsen & Toubro (L&T)
- Mahindra & Mahindra
- Titan
These stocks saw gains ranging from 0.5% to 2%, with HCL Tech and Infosys contributing most significantly.
Stocks Showing Weakness
Conversely, some prominent stocks experienced downward pressure. Major players such as PowerGrid, HDFC Bank, Asian Paints, Bajaj Finance, Nestle India, and ITC closed in negative territory. Profit-booking was observed in banking and FMCG stocks.
Strong Performing Sectors
- Nifty IT: +1.26%
- Nifty Oil & Gas: +1.30%
- Nifty Pharma: +0.50%
- Nifty Healthcare: +0.25%
- Nifty Auto: +0.19%
- Nifty Realty: +0.09%
Weak Performing Sectors
- Nifty FMCG: -0.67%
- Nifty Mid-Small Financial Services: -1.04%
- Nifty Consumer Durables: -0.04%
- Nifty PSU Bank: -0.88%
- Nifty Private Bank: -0.26%
- Nifty Media: -0.07%
According to financial analysts, the market may be influenced in the coming days by the US Federal Reserve's interest rate decision, domestic inflation figures, Foreign Institutional Investment (FII) flows, and dollar movements.
