Indian stock markets ended slightly higher on Wednesday, even though they gave up most of their early gains during the day.
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MUMBAI — Indian stock markets ended slightly higher on Wednesday, even though they gave up most of their early gains during the day.
Heavyweights like Reliance Industries and State Bank of India put pressure on the indices, while buying in metal and IT stocks helped limit the losses.
The Nifty closed 57.85 points, or 0.23 per cent, higher at 25,482.50. The Sensex ended up 50.15 points, or 0.06 per cent, at 82,276.07.
Analysts said that the 25,400 level is acting as immediate structural support, while the 25,600–25,650 zone, aligned with the 50- and 100-day EMAs, remains a strong resistance cluster capping upside attempts.
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“A decisive break below 25,300 may accelerate selling pressure toward 25,250–25,150, which aligns with the 200-day EMA,” an expert stated.
“On the upside, a sustained breakout above 25,650 would be required to trigger short covering and potentially extend gains toward the 25,800–26,000 zone,” analyst added.
On the Sensex, Reliance Industries was the biggest drag, falling 2.23 per cent. Shares of State Bank of India, Eternal, Bharti Airtel, ITC, HDFC Bank and Bajaj Finance were also among the major losers.
On the gaining side, HCL Tech led the rally with a 2.8 per cent rise. Tata Steel, TCS, Indigo, Sun Pharma and Mahindra & Mahindra were also among the top gainers, supporting the overall market.
Broader markets performed better than the main indices. The Nifty MidCap 100 rose 0.58 per cent, while the Nifty Smallcap 100 gained 0.96 per cent.
Among sectoral indices, the Nifty Metal was the top performer of the day. It was followed by gains in the Nifty Pharma and the Nifty IT indices.
On the other hand, the Nifty PSU Bank index declined the most during the session.
Experts said that despite volatility and selling pressure in select heavyweights, positive momentum in metals and IT stocks helped the indices end the day in the green.
“Despite a positive start, benchmark indices gradually pared early gains as profit booking at higher levels weighed on sentiment,” an analyst mentioned.