Mumbai: Indian benchmark equity indices ended sharply higher on Wednesday, led by strong buying in information technology, FMCG and metal stocks.
The Sensex surged 889 points, or 1.16 per cent, to close at 77,654.60, while the Nifty advanced 265 points, or 1.10 per cent, to settle at 24,250.20.
Commenting on Nifty technical outlook, experts said that the 24,300–24,400 zone, which also aligns with the 200-day Exponential Moving Average (EMA), remains the immediate resistance band.
“A decisive close above this region would confirm a bullish breakout and could pave the way for an advance towards the 24,400–24,500 zone,” a market expert stated.
“On the upside, the highest Call Open Interest is positioned at 24,300, extending further towards the 24,500–25,600 strikes, making the 24,300–24,400 zone a key breakout hurdle. Overall, the near-term technical outlook has turned bullish,” an analyst mentioned.
The rally extended to the broader markets as well. The Nifty MidCap index ended 0.82 per cent higher, while the Nifty SmallCap index outperformed with a gain of 1.48 per cent.
Among the Nifty constituents, Hindustan Unilever and Infosys emerged as the top gainers, contributing to the benchmark indices’ strong performance.
Among the top gainers on Sensex were Hindustan Unilever, Infosys, Trent and Tata Steel. On the other side, Mahindra and Mahindra, Power Grid and NTPC were among top losers.
Sectorally, the Nifty IT, Nifty Metal and Nifty FMCG indices led the gains, supported by sustained buying interest in technology, consumer goods and metal stocks.
In contrast, the Nifty Realty and Nifty Auto indices underperformed the broader market, ending with relatively muted gains compared with other sectors.
Market experts stated the sharp rebound in frontline indices reflected improved investor sentiment, with gains across heavyweight IT and FMCG stocks helping lift the benchmarks to close the session firmly in positive territory.
“Strong corporate earnings, sustained buying in information technology stocks, and a firmer rupee helped support investor sentiment, even as Asian markets extended their AI-driven technology sell-off and elevated Middle East tensions kept crude oil prices near recent highs,” an analyst stated.
(IANS)
