Indian equity markets opened higher on Wednesday, with the Nifty climbing 162 points, or 0.70%, to an intraday high of 23,281, and the Sensex gaining more than 500 points, or 0.67%, to reach 74,505.
Benchmark indices gained around 0.7% in early trade as investors bought FMCG, banking, cement and auto stocks.
Among sectors, Nifty FMCG, Nifty PSU Bank, Nifty Cement and Nifty Auto emerged as the top gainers, rising up to 1.45%. Nifty Oil & Gas advanced 0.54%, while Nifty Private Bank gained 0.33%.
Some sectors remained under pressure. Nifty MidSmall IT & Telecom fell 0.68%, while Nifty MidSmall Healthcare, Nifty500 Healthcare, Nifty Pharma and Nifty Chemicals declined between 0.18% and 0.51%.
Market experts said elevated US bond yields and higher crude oil prices continued to weigh on overall sentiment.
Foreign institutional investors have remained sellers in recent sessions, adding pressure to the market.
Analysts noted that expectations of a 25-basis-point US Federal Reserve rate hike had largely been factored into market prices. They said the Fed’s commentary on the economic outlook and future rate decisions could therefore influence market sentiment.
Despite broader weakness, experts pointed to stock-specific opportunities, including developments at HDFC Bank and new NPCI norms governing digital transactions.
Technically, analysts said the Nifty’s failure to sustain levels above 23,515 weakened the recent recovery attempt. The index remained within the 23,260-23,000 support zone.
A sustained break below this range could bring the 22,600-21,800 levels into focus, while holding the support zone could support a revival.
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