Sensex, Nifty End Volatile Session Slightly Higher as Metal Stocks Gain
MUMBAI — Indian benchmark equity indices ended a volatile session marginally higher Wednesday, supported by gains in metal, oil and gas stocks, while weakness in IT, banking and auto shares limited the broader advance.
The 30-share Sensex closed 49.74 points, or 0.07%, higher at 74,608.98 after sharp intraday swings. The index touched a low of 74,134.48 and a high of 75,191.57 during the session.
The Nifty ended at 23,412.60, up 33.05 points, or 0.14%. The index traded between 23,262.55 and 23,582.95 during the day.
“Technically, 23,300 continues to remain the immediate support level, followed by 23,100 where significant OI concentration is placed,” an analyst said.
“On the upside, 23,500 now acts as the immediate resistance after the market failed to sustain above it during the session,” the analyst added.
Asian Paints, Adani Enterprises and Tata Steel were among the top gainers in the Nifty pack, helping support the benchmarks despite choppy trading.
Broader markets also finished higher. The Nifty MidCap index rose 0.77%, while the Nifty SmallCap index gained 0.31%.
Among sectors, Nifty Metal, Nifty Oil and Gas and Nifty Consumer Durable were the top performers. Nifty IT, Nifty Auto, Nifty Bank and Nifty Media saw the steepest declines.
Investors remained cautious ahead of a scheduled meeting later in the day between U.S. President Donald Trump and Chinese President Xi Jinping, where trade-related issues were expected to be discussed.
Markets also tracked geopolitical developments in West Asia after Washington adopted a tougher stance on Iran following Trump’s comments on a fragile ceasefire.
“Markets will now closely monitor the U.S.–China summit for further clarity on trade and geopolitical developments,” the expert said. (Source: IANS)
