Mumbai: The Indian stock markets opened on a strong note on Wednesday, driven by the finalisation of the India-European Union Free Trade Agreement (FTA) and positive global cues. The BSE Sensex rose by nearly 35 points to open at 81,892.36, while the Nifty gained 83.45 points to start the day at 25,258.85.
By 9:28 am, the 30-stock Sensex was trading higher by 483.28 points or 0.59 percent at 82,340.76. The Nifty index was up 153.45 points or 0.61 percent at 25,328.85. Nearly all Nifty sub-indices were trading in the green during this period.
Broad market indices also showed significant gains, with the Nifty Smallcap 100 index rising more than 1 percent and the Nifty Midcap 100 index up by 0.6 percent.
Sector-wise, Nifty Private Banks, Realty, and Oil & Gas sectors led the gains, each rising over 1 percent. However, shares in the Auto and Public Sector Banks segments declined.
Among Sensex components, top gainers included Axis Bank, Trent, ITC, PowerGrid, ICICI Bank, NTPC, BEL, TCS, and Adani Ports. On the other hand, Asian Paints, Maruti Suzuki, Indigo, Kotak Mahindra Bank, Sun Pharma, and SBI were among the top losers.
Technical research analyst Akash Shah from Choice Broking noted that the market showed signs of recovery after recent weakness. The Nifty50 maintained its crucial 25,000 level supported by buying at lower levels, while the Sensex closed with modest gains. Banking, metal, and select oil and gas stocks contributed significantly to this uptrend.
Despite the rally, the market sentiment remained mixed, indicating cautious risk appetite among investors. Midcap and smallcap indices underperformed the major indices, reflecting continued caution in the broader market.
From a technical perspective, Nifty is trading in a volatile and narrow range. Immediate resistance is seen between 25,300 and 25,400 points. Sustained strength above this range could trigger short covering. On the downside, 25,000 remains a strong psychological support, followed by 24,800. Falling below these support levels could increase selling pressure and extend the correction phase. Momentum indicators remain weak, though limited recovery is possible in some oversold stocks.
The expert recommended a cautious approach with strict risk management. Traders are advised to focus on company earnings and sector-specific opportunities. Investors may prefer to wait for market stability near key support levels before making fresh investments.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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