Sensex gains over 200 points, Nifty settles near 17,400

In the midst of significant volatility on Wednesday, the Indian market ended the day in the black for the sixth straight session.

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In the midst of significant volatility on Wednesday, the Indian market ended the day in the green for the sixth straight session. The main indices rose over 025 percent at Wednesday’s closing, following the lead of the Asian market, which largely traded higher this afternoon. The broader Nifty50 ended above 17,400 after beginning flat, while the Sensex climbed almost 200 points to close above 58,300.

“Amidst the geopolitical storm affecting the global markets, domestic markets moved in-line with its global peers. The global market is also concerned about recessionary risk,” said Vinod Nair, Head of Research at Geojit Financial Services. The conclusion of the RBI’s policy meeting, where the market is broadly anticipating a 25–50 bps rate hike, will be the key event this week on the domestic front, Nair added.

The Nifty Midcap and Smallcap decreased by about 0.6 percent and 0.5 percent, respectively, falling short of the barometer indicators.

On the sectors front, Nifty IT and Oil & Gas saw the biggest gains on Wednesday, while auto, pharma, and real estate were among the worst performers.

Senior Technical Analyst at LKP Securities Kunal Shah discussed Bank Nifty patterns, stating that the Banking index saw sideways movement and concluded on a flat note prior to the RBI decision. “To maintain the upswing toward the level of the 38,500-38,700 zone, the index must close above 38,200. The downside support level is at 37500, and if it is broken, additional selling pressure will be applied toward the 37,000 area. When a new policy is published, the index will provide a clear direction ” he added.

Earlier, the Nifty50 and Sensex rallied under the leadership of Tech Mahindra and Infosys, with the Nifty IT index rising about 1.3 percent on a closing basis. Top index gainers included Titan, Asian Paints, TCS, ICICI Bank, RIL, HDFC, Wipro, and Bharti Airtel.

Sun Pharma, Maruti Suzuki, Kotak Bank, Tata Motors, Coal India, Kotak Bank, IndisInda Bank, and Bajaj Finance were among the biggest losers in an otherwise rosy market.

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