Mumbai, May 20: The Indian stock market experienced a slight uptick on Wednesday, closing in the green after fluctuating throughout the trading session. This movement comes amid ongoing conflicts in West Asia and mixed signals from global markets.
During the session, the Sensex rose by 117.54 points, or 0.16%, ending at 75,318.39. Meanwhile, the Nifty 50 gained 41 points, or 0.17%, closing at 23,659.
The BSE Sensex opened at 74,806.49, reaching an intraday high of 75,406.18 and a low of 74,529.41. The NSE Nifty opened at 23,457.25, hitting a daily high of 23,690.90 and a low of 23,397.30.
In broader markets, the Nifty Midcap Index saw a modest increase of 0.49%, while the Nifty Smallcap Index rose by 0.04%.
Sector-wise, the Oil and Gas sector recorded the highest gain of 1.59%. Other sectors like Nifty Auto, Nifty Realty, Nifty PSU Bank, Nifty Private Bank, and Nifty Metal also showed positive movement. Conversely, the Nifty Media sector experienced a decline of 1.45%, along with drops in Nifty FMCG, Nifty IT, and Nifty Pharma.
Among the Nifty 50 stocks, Hindalco, Bajaj Auto, Grasim, Trent, Axis Bank, Wipro, and Indigo saw the most significant gains. In contrast, BEL, Tech Mahindra, Eternal, Tata Steel, SBI Life, and Dr. Reddy’s Laboratories faced the largest declines.
The total market capitalization of BSE-listed companies increased from ₹459 lakh crore in the previous session to ₹461 lakh crore, resulting in a profit of approximately ₹2 lakh crore for investors during this session.
Market experts note that the recent rise in petrol and diesel prices has allowed oil companies to pass on rising costs to consumers, improving their profit outlook. Additionally, Brent crude oil prices, which surged to $111-112 per barrel earlier this week due to tensions in West Asia, have now decreased to around $105-106. This easing in crude oil prices, coupled with rising domestic fuel prices, is expected to enhance refining margins, prompting institutional buying in the energy sector.
One market expert indicated that the Indian rupee has weakened further against the dollar, nearing ₹97. This pressure on the rupee is primarily due to rising global oil prices and tensions between the U.S. and Iran.
From a technical perspective, the Nifty’s nearest resistance levels are now at 23,700 and 23,800, where profit-taking pressure may emerge. Above this, the 24,000 level is considered a significant psychological resistance.
On the downside, the range of 23,500-23,600 has become an important support level. If this level breaks, the next major support will be at 23,300, where strong buying has previously occurred.
Analysts believe that if the Nifty manages to hold above 24,000, a strong bullish trend may return to the market. However, if it fails to maintain above 23,600, selling pressure and volatility could increase.
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DBP
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