New Delhi: On Wednesday, the Indian stock market closed in the green, driven by broad-based buying and optimism around artificial intelligence. The BSE Sensex rose 283.29 points (0.34%) to close at 83,734.25, while the NSE Nifty gained 93.95 points (0.37%), ending at 25,819.35.
The market opened flat with minor gains but slipped in early trade, briefly breaking a two-day rally. However, it recovered strongly later, finishing the day on a positive note. Most Nifty indices closed higher, except Nifty IT, which ended in the red.
Sector Performance
- Nifty Midcap 100 Index: +0.50%
- Nifty Smallcap 100 Index: +0.54%
- Nifty Metal Index: +1.33%
- Nifty PSU Bank Index: +1.30%
- Nifty FMCG Index: +1.20%
- Nifty IT Index: -1.23%
Top Gainers and Losers
Shares of Tata Steel, ITC, Axis Bank, M&M, and L&T saw gains of up to 2.90%, while Tech Mahindra, Infosys, Eternal, HCL Tech, and TCS were among the top losers.
Why the Rally?
Vinod Nair, Head of Research at Jiojeet Investments Limited, attributed the rally to broad buying in the final hour of trading. Banking and financial stocks remained strong due to expectations of stable asset quality, while selective FMCG stocks attracted buying interest. The IT sector remained under pressure due to concerns over AI-driven disruption and margin pressures. Strong Q3 results from Nifty 500 companies aligned with estimates, signaling medium-term stability in the domestic economy.
Stocks Showing Strong Buying Interest
Companies attracting investor attention include E2E Networks, Netweb Technologies, Godfrey Phillips India, EaseMyTrip, Universus Photo Imagings, Gokul Refoils & Solvent, and Akash Infra Projects. Additionally, 112 stocks hit their 52-week high, indicating strong momentum.
Stocks Showing Weakness
Stocks showing a downtrend include Eternal, Tech Mahindra, GE Power India, Bharat Seats, Shiv Aum Steels, VL E-Governance & IT Solutions, RACL Geartech, Brainbees Solutions, and Hybrid Financial Services, suggesting a potential start of correction in these shares.
Disclaimer: The stock recommendations mentioned are based on analyses by individual analysts or brokerage firms and not Navbharat Times. Investors are advised to consult certified experts before making any investment decisions, as market conditions can change rapidly.
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