Mumbai, June 24: After a decline the previous day, the Indian stock market made a remarkable recovery, closing in the green during Wednesday’s trading session. Both Nifty 50 and Sensex witnessed gains of over 1 percent.
At market close, the Sensex rose by 790.54 points, or 1.04 percent, ending at 76,991.22, while Nifty 50 increased by 197.55 points, or 0.83 percent, reaching 24,021.65.
During the day, the Sensex opened at 76,229.76 and peaked at 77,190.37. Meanwhile, Nifty 50 started at 23,795.80 and hit a high of 24,090.05.
In the broader market, the Nifty Midcap and Nifty Smallcap indices closed up by 0.10 percent and 0.39 percent, respectively.
Sector-wise, Nifty IT and Nifty Realty outperformed with gains exceeding 2 percent. Nifty Bank and Nifty Private Bank also showed strong performance, while Nifty Auto and Nifty Metal recorded the most significant declines.
Among the top gainers in Nifty 50 were InterGlobe Aviation, Adani Enterprises, Tech Mahindra, Trent, and Bajaj Finance. Conversely, Bajaj Auto, NTPC, ONGC, Tata Steel, and Bharat Electronics were among the top losers.
According to a market expert, Nifty 50 maintained its upward momentum throughout the day, closing at 24,022 with an increase of 0.83 percent. This rise is particularly significant as it follows a previous session where Nifty experienced a drop of over 1 percent. The daily chart indicates a strong bullish candle for Nifty, reducing concerns of a short-term correction.
Technically, Nifty has regained its position above the 50-day Exponential Moving Average (EMA). Additionally, the Relative Strength Index (RSI) has shown improvement, signaling a return of buying interest and positive momentum in the market.
The better performance of the Midcap and Smallcap indices compared to Nifty suggests that investor participation is not limited to large-cap stocks, indicating broad-based buying activity.
Experts predict that in upcoming trading sessions, the levels of 24,140 to 24,170 may act as immediate resistance for Nifty, as this range is near the 100-day EMA. If Nifty manages to sustain above this level, it could see further gains towards 24,300 and potentially 24,450.
On the downside, the area between 23,900 and 23,870 is considered immediate support. As long as Nifty remains above this level, the overall market direction is likely to remain positive.
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