New Delhi — Indian equity markets closed modestly higher on Wednesday, supported by buying in consumer, oil & gas and energy stocks, even as heavy selling in IT counters capped gains. Market participants are now watching a fresh set of stocks that analysts say could remain active in Thursday’s session.
The Sensex rose 78.56 points, or 0.09%, to close at 83,817.69, while the Nifty 50 gained 48.45 points, or 0.19%, to settle at 25,776.00.
Sectoral performance
Sectoral indices showed broad-based strength outside IT. Nifty Consumer Durables climbed 2.66%, Nifty Oil & Gas rose 2.08%, and Nifty Energy advanced 2%. Gains were also seen in commodities, public sector enterprises, infrastructure and consumption stocks.
In contrast, Nifty IT fell 5.87%, emerging as the biggest drag on the market. Defense, services and pharma indices also ended slightly lower.
Mid- and small-cap stocks outperformed large caps. The Nifty Midcap 100 index rose 0.63% to 59,683.60, while the Nifty Smallcap 100 gained 1.27% to 17,205.10.
Market movers
Among Sensex constituents, Eternal, Trent, NTPC, Adani Ports, Power Grid, Maruti Suzuki, Titan, UltraTech Cement, Bharti Airtel, ICICI Bank, M&M, L&T, Tata Steel, ITC and HDFC Bank were among the top gainers.
On the losing side were Infosys, TCS, HCLTech, Tech Mahindra, Axis Bank and Kotak Mahindra Bank, reflecting continued weakness in technology shares.
Expert view
Sudip Shah, Head of Technical and Derivatives Research at SBI Securities, said the Nifty opened weak and traded in a narrow range through most of the session before closing with modest gains. He attributed the sharp selloff in IT stocks to concerns triggered by a new legal-focused AI tool launched by US startup Anthropic, which may intensify competition in the software segment.
Stocks seeing buying interest
Analysts noted strong buying momentum in Gokaldas Exports, Emami, Eternal, Valor Estate, Trent, ONGC, NTPC and Adani Ports. More than 89 stocks crossed their 52-week highs, a signal of sustained bullish sentiment in select pockets of the market.
Stocks under pressure
Weakness was observed in Infosys, TCS, HCL Technologies, Tech Mahindra, HAL, eClerx Services, Biofil Chemicals & Pharmaceuticals, JTL Industries, Cartrade Tech, Eureka Forbes and Sai Life Sciences, indicating continued selling pressure in these counters.
Disclaimer
The views and investment suggestions cited above are those of individual analysts and brokerage firms, not the publication. Investors are advised to consult certified financial advisors before making investment decisions, as market conditions can change rapidly.
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