Sensex, Nifty Close Higher After Late Recovery
MUMBAI, India — Indian benchmark equity indices erased intraday losses in the final hour of trading Wednesday, ending the session higher as gains in oil and gas and auto stocks helped lift the market.
The Nifty closed at 23,659, up 41 points, or 0.17%. During the session, the index touched an intraday high of 23,690.90 and a low of 23,397.30.
The Sensex ended near the day’s high at 75,318.39, gaining 117.54 points, or 0.16%. The 30-share index had fallen sharply earlier in the session, touching a low of 74,529.41 before recovering to hit a high of 75,406.18.
Market analysts said fresh selling pressure emerged near higher levels, keeping the 23,700-to-23,800 range as a key near-term resistance zone for the Nifty.
“A sustained breakout above 23,800 could strengthen momentum further toward the psychological 24,000 mark,” an analyst said.
“On the downside, the 23,400 level now acts as an important immediate support zone, while the broader 23,300 region continues to remain a crucial support base for the index,” a market expert said.
Hindalco Industries and Bajaj Auto were among the top gainers on the Nifty, helping support the broader market recovery.
In the broader market, the Nifty MidCap index ended 0.49% higher, while the Nifty SmallCap index rose 0.04%.
Among sectors, Nifty Oil & Gas and Nifty Auto outperformed, supported by buying interest in energy and automobile stocks. Nifty Media and Nifty FMCG were among the top laggards.
Despite weak sentiment during much of the session, strong buying in heavyweight stocks near the close helped benchmark indices finish in positive territory, signaling resilience in domestic equities.
“Markets are now awaiting the US Fed’s April policy minutes for further direction on the interest rate outlook. Overall, the broader trend remains range-bound with a negative bias, with sector and stock specific opportunities likely to dominate,” an analyst said. (Source: IANS)
