Sensex Gains 889 Points as IT, Consumer and Metal Stocks Rally
Mumbai–Indian stocks closed sharply higher Wednesday as strong buying in information technology, consumer goods and metal shares lifted the benchmark indices.
The Sensex rose 889 points, or 1.16%, to close at 77,654.60. The Nifty gained 265 points, or 1.10%, to finish at 24,250.20.
The rally extended to the broader market, with the Nifty MidCap index advancing 0.82% and the Nifty SmallCap index rising 1.48%.
Hindustan Unilever and Infosys were among the largest contributors to the gains. Trent and Tata Steel were also among the top performers on the Sensex.
Mahindra & Mahindra, Power Grid and NTPC were among the session’s leading decliners.
The Nifty IT, Metal and FMCG indices led the sectoral gains as investors bought technology, consumer products and metal stocks. The Realty and Auto indices posted more modest advances.
Analysts said the Nifty faces immediate resistance between 24,300 and 24,400, a range that also corresponds with its 200-day exponential moving average.
“A decisive close above this region would confirm a bullish breakout and could pave the way for an advance toward the 24,400–24,500 zone,” a market expert said.
Another analyst said the largest concentration of call open interest was at 24,300, with additional positions extending toward higher strike prices, making the 24,300–24,400 range a key hurdle.
The rebound reflected improved investor sentiment, supported by gains in heavyweight IT and consumer stocks.
“Strong corporate earnings, sustained buying in information technology stocks and a firmer rupee helped support investor sentiment, even as Asian markets extended their AI-driven technology sell-off and elevated Middle East tensions kept crude oil prices near recent highs,” an analyst said. (Source: IANS)
