Sensex Jumps 791 Points as IT and Banking Stocks Lead Rally
Mumbai — Indian benchmark stock indexes closed sharply higher Wednesday as strong buying in information technology, banking, financial services and real estate shares lifted the broader market.
The Sensex climbed 790.54 points, or 1.04 percent, to close at 76,991.22. The Nifty gained 197.55 points, or 0.83 percent, to settle at 24,021.65.
Investor sentiment remained positive throughout the session as buyers accumulated shares in several major sectors, particularly technology and financial services.
InterGlobe Aviation, Adani Enterprises and Trent were among the strongest performers on the Nifty, emerging as the session’s biggest gainers.
The broader market also ended higher, although its gains were more modest. The Nifty MidCap index rose 0.10 percent, while the Nifty SmallCap index advanced 0.39 percent.
Most sectoral indexes reflected the positive market sentiment. The Nifty IT and Nifty Realty indexes each gained more than 2 percent, outperforming the broader market.
Banking shares also posted strong gains, with the Nifty Bank and Nifty Private Bank indexes ending firmly higher.
Automobile and metal stocks missed the rally. The Nifty Auto and Nifty Metal indexes ended lower amid profit-taking and weaker investor interest.
Analysts said the Nifty faces immediate resistance near 24,100.
“A sustained breakout above this level would reinforce bullish momentum and could pave the way for a move towards the 24,200 level, followed by the 24,400 region, which remains the next significant upside target,” an analyst stated.
The 24,000 mark is expected to provide immediate support, followed by the 23,900-to-23,800 range.
“On the downside, the 24,000 psychological mark now serves as an immediate support level, followed by the 23,900–23,800 support zone,” an analyst mentioned.
The strength in technology, banking and real estate stocks offset losses in selected sectors and allowed the benchmarks to finish with significant gains. (Source: IANS)
