Sensex Nifty Recover Sharply To End Higher On Late Buying

Indian benchmark indices reversed their intra-day losses in the final phase of trading on Wednesday, ultimately settling in positive territory. Buying in oil & gas and automobile counters largely fuelled the recovery.

The Nifty concluded the session at 23,659, registering a gain of 41 points or 0.17 per cent. Over the course of the day, the index recorded a high of 23,690.90 and slipped to a low of 23,397.30.

The Sensex also closed close to its peak level at 75,318.39, advancing by 117.54 points or 0.16 per cent.

Earlier in the day, the index had dropped sharply to 74,529.41 before rebounding strongly to touch 75,406.18.

Market experts observed that selling pressure at elevated levels continues to cap gains, with the 23,700–23,800 range emerging as a crucial resistance band for the Nifty.

“A decisive move above 23,800 could pave the way for further upside towards the psychological 24,000 level,” an analyst stated.

“On the lower side, 23,400 is now seen as an immediate support level, while the broader 23,300 zone remains a significant base for the index,” another expert said.

Hindalco Industries and Bajaj Auto emerged among the leading gainers on the Nifty. Both stocks played a key role in supporting the broader market recovery.

In the wider market, the Nifty MidCap index advanced by 0.49 per cent, whereas the Nifty SmallCap index posted a modest gain of 0.04 per cent.

From a sectoral perspective, the Nifty Oil & Gas and Nifty Auto indices outperformed due to strong buying interest. The Nifty Media and Nifty FMCG indices lagged during the session.

The market remained under pressure for most of the session. Late buying in heavyweight stocks helped the indices end higher. The recovery reflected underlying strength in domestic equities.

“Investors are now looking ahead to the US Federal Reserve’s April policy minutes for cues on the interest rate trajectory. Overall, the broader trend remains range-bound with a slightly negative bias, with stock-specific opportunities likely to drive market movement,” an analyst remarked.

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