Indian equity benchmarks staged a recovery on Wednesday, with the Sensex rising 299.17 points, or 0.4 per cent, to close at 74,828.25 and the Nifty gaining 117.80 points, or 0.5 per cent, to finish at 23,446.80, as investors responded positively to steadier crude oil prices and improved global sentiment.
Strong buying in metal and financial shares supported the benchmark indices.
Tata Steel, Bajaj Finance and Hindalco Industries featured among the prominent Nifty gainers, with metal stocks attracting particular investor interest.
Buying interest extended beyond large-cap stocks during the session.
The Nifty MidCap index climbed 0.7 per cent, while the Nifty SmallCap index gained 0.89 per cent, reflecting broader participation in the market.
The Nifty Metal index gained more than 2 per cent as investors bought major metal counters.
Nifty FMCG index maintained a firm tone and outperformed several other sectoral indices.
Technology shares, however, remained under pressure.
The Nifty IT index recorded the weakest performance among the major sectoral gauges, reflecting continued selling in technology stocks.
Market analysts identified the 23,450–23,500 range as an immediate hurdle for the Nifty.
A decisive move beyond 23,500 could strengthen the recovery and take the index towards 23,600, while failure to cross the zone could keep trading range-bound.
Analysts placed the first support level at 23,300 and the next major support near 23,200. They further observed that momentum indicators pointed to a gradual reduction in selling pressure.
Investors continued to monitor crude oil prices closely as energy costs remained a key market factor.
Brent crude had moved below $99 a barrel during Wednesday’s trading, easing concerns over inflation and India’s import bill.
The improved backdrop encouraged buying across domestic equities and helped Indian benchmarks recover after the previous session’s decline.
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