Indian benchmark indices started the session higher on Wednesday, buoyed by encouraging developments in US-India trade discussions and positive global market trends.
US President Donald Trump’s efforts to strengthen relations with India, along with Prime Minister Narendra Modi’s favourable response, provided a positive impetus for domestic investors.
The Sensex rose 334 points, or 0.41 per cent, to 81,435 in early trade, while the Nifty gained 106 points, or 0.43 per cent, to 24,975.
Broad-based indices also recorded strong gains, with the Nifty Midcap 100 climbing 0.73 per cent and the Nifty Smallcap 100 advancing 0.71 per cent.
Among individual stocks, Larsen & Toubro, Kotak Mahindra, Dr Reddy’s Laboratories, and TCS led the gains.
On the other hand, Hero Motocorp, Maruti Suzuki, Tata Steel, and Hindalco were among the laggards.
On the sector front, Nifty IT was the top performer, surging 1.88 per cent, while Nifty PSU Bank and Nifty Realty also recorded notable gains. Nifty Auto (down 0.33 per cent) and Nifty Consumer Durables were the only sectoral indices in negative territory.
Technical Insights
Technical analysts noted that Nifty faced resistance near 24,900 for the second day in a row on Tuesday, forming a small green candle with a long lower shadow, signalling intraday volatility and consolidation.
Devarsh Vakil, Head of Prime Research at HDFC Securities, stated, “Nifty continued its upward journey yesterday, rising for the fifth consecutive session and closing at a two-week high. By closing above 24791, Nifty managed to reclaim its level above 50 DEMA. The index has now decisively surpassed its 5, 10, 20, and 50-day DMAs, which is a bullish signal on short-term charts.”
Market analysts said buying interest remains visible at lower levels, with the 24,900–25,000 zone continuing to act as a strong resistance.
Immediate support is placed at 24,620, and as long as Nifty trades below 25,000, some consolidation or mild weakness may continue.
Global cues were positive overnight, with the Dow Jones Industrial Average rising 0.43 per cent, the Nasdaq advancing 0.37 per cent, and the S&P 500 gaining 0.27 per cent.
The rally was fuelled by expectations of Federal Reserve rate cuts following a downward revision in US jobs data.
Asian markets also saw gains in the morning session.
China’s Shanghai Composite added 0.17 per cent, Shenzhen climbed 0.24 per cent, Japan’s Nikkei rose 0.6 per cent, Hong Kong’s Hang Seng increased 0.98 per cent, and South Korea’s Kospi gained 1.55 per cent.
On the domestic front, foreign institutional investors (FIIs) ended an 11-day selling streak by purchasing equities worth Rs 2,050 crore on Tuesday, while domestic institutional investors (DIIs) net bought shares worth Rs 83 crore.
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