Sensex, Nifty Close Higher as Banking and Financial Stocks Gain

Mumbai–India’s benchmark equity indices ended higher Wednesday after a volatile session, as gains in banking and financial services stocks offset weakness in metal, information technology and real estate shares.

The Sensex rose 130.49 points, or 0.17%, to close at 77,185.43. The Nifty gained 26.45 points, or 0.11%, to settle at 24,074.85.

Market analysts said strong buying near the 24,000 level helped the Nifty recover from its intraday lows, reinforcing the level’s importance as a key support zone.

“Technically, this level will be essential to revive bullish momentum and pave the way for further upside,” market experts said, adding that “on the downside, the 24,000 psychological level remains the crucial support for maintaining the broader recovery structure.”

The broader market outperformed the benchmark indices. The Nifty Midcap 150 gained nearly 0.5%, while the Nifty Smallcap 250 climbed about 0.75%.

Public-sector banks were among the strongest performers, with the Nifty PSU Bank index rising nearly 1% amid renewed buying interest.

The Nifty Metal index fell more than 1%, making it the day’s worst-performing sector. Information technology, real estate and fast-moving consumer goods stocks also remained under pressure, extending their recent declines.

Pharmaceutical stocks ended higher for a second consecutive session, while the oil and gas index rebounded after losses during the previous two trading days.

Analysts said the session reflected a cautious market mood, with investors selectively buying financial stocks while remaining wary of export-oriented and commodity-linked sectors.

“While elevated crude oil prices and geopolitical risks remain key monitorables, the market’s resilience reflects confidence in India’s macro fundamentals,” an analyst said.

“Going ahead, investors will closely track global cues, corporate earnings, FII flows and commodity prices for further direction,” the market expert added.

The rupee traded largely unchanged near 96.25 against the U.S. dollar as the Dollar Index slipped below 101 following softer-than-expected U.S. consumer inflation data, offering some relief to emerging-market currencies.

“Technically, the rupee is expected to trade in the 95.75–96.45 range in the near term,” market experts said. (Source: IANS)