Indian equity benchmarks kicked off Wednesday’s session on a positive note, tracking gains from global markets.
As of 9:26 AM, the Sensex rose by 155.81 points or 0.19 per cent to reach 80,893.32, while the Nifty gained 60 points or 0.25 per cent to trade at 24,602.80.
Broad-based buying interest extended to mid and small-cap stocks.
The Nifty Midcap 100 index jumped 309.30 points or 0.54 per cent to 57,826.40, and the Nifty Smallcap 100 index climbed 88.40 points or 0.49 per cent to 18,210.75.
Among Sensex constituents, top performers included Bharti Airtel, Eternal (Zomato), Tata Motors, M&M, IndusInd Bank, Maruti Suzuki, Tech Mahindra, Bajaj Finance, ITC, HUL, and Infosys.
On the downside, TCS, Ultratech Cement, ICICI Bank, Titan, and Sun Pharma were among the laggards.
Mandar Bhojane, Equity Research Analyst at Choice Broking, stated, “After the initial flat opening, Nifty may find support at 24,500, followed by 24,400 and 24,300. On the upside, 24,800 is expected to act as immediate resistance, followed by 24,900 and 25,000.”
Global Markets Sentiment
Major Asian markets, including Tokyo, Shanghai, Hong Kong, Seoul, and Jakarta, showed positive sentiment. US indices also ended in the green on Tuesday.
Commenting on the global cues, Vikram Kasat of PL Capital asserted, “Positive Vibes. For the first time since February, Nasdaq is back in positive territory for the year, as a broader market rally continued to gain steam.”
On the institutional front, foreign institutional investors (FIIs) offloaded equities worth Rs 2,853.83 crore on 3 June, marking their third straight session of selling.
In contrast, domestic institutional investors (DIIs) remained net buyers for the 11th consecutive session, investing Rs 5,907.97 crore.
Looking ahead, analysts noted that with India’s consumer price inflation remaining under control, there’s room for at least two more rate cuts by the RBI in 2025.
While this may impact banking margins, major private sector banks will likely deliver 12–15 per cent returns over the next year.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments, added, “The strong fundamental factors that will support the market are India’s robust and improving macros and sustained flows into mutual funds, particularly the SIP inflows which are steady and growing. This reflects the coming of age of the Indian retail investor.”
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