Indian stock markets closed in positive territory on Wednesday, though much of the day’s gains were eroded due to a sharp jump in global crude oil prices.
The Nifty 50 ended at 24,177.65, rising 181.95 points or 0.76 per cent, while the BSE Sensex settled at 77,496.36, up 609.45 points or 0.79 per cent.
Analysts noted that the index faces immediate resistance near the 24,200 level. On the lower side, analysts see the 24,000–24,100 range as a key support zone. They expect further weakness if the index breaches this band.
Investor sentiment weakened during the session after Brent crude prices jumped more than 3 per cent to $114.60 per barrel. The surge followed stalled negotiations between the United States and Iran, raising concerns over potential supply disruptions.
Adding to global uncertainty, the United Arab Emirates announced it would exit the Organisation of the Petroleum Exporting Countries from May 1, increasing volatility in energy markets.
Despite the late pullback, gains in select heavyweights such as ITC, Tech Mahindra and Maruti Suzuki helped the benchmarks finish higher.
Broader markets showed mixed trends, with the Nifty MidCap index slipping 0.07 per cent, while the Nifty SmallCap index rose 0.65 per cent.
Among sectors, FMCG and realty stocks led the advances, whereas construction-related and media stocks lagged.
Experts said that while domestic equities remain resilient, elevated oil prices and geopolitical developments could limit further upside in the near term.
Market participants are also likely to watch global cues, including the US Federal Reserve’s policy decision, for direction.
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