Indian stock markets ended Wednesday’s session with mixed results, as the Nifty 50 index briefly touched a new all-time high before retreating due to profit-taking in the final hour. The BSE Sensex closed down 202.80 points or 0.25 per cent at 82,352.64, while the Nifty 50 fell 81.15 points or 0.32 per cent to 25,198.70, breaking a 14-day winning streak.
The day’s trading was characterized by volatility, with the Nifty opening lower at 25,089.95 but recovering throughout the session. Sector-wise performance was mixed, with pharma, realty, and FMCG sectors seeing gains, while IT and metal sectors faced profit-taking.
Srikant Chouhan, Head of Equity Research at Kotak Securities, commented on the market’s performance, saying, “Today, on the backdrop of weak global sentiment benchmark indices witnessed profit booking at higher levels… Technically, post gap down opening market registered a pullback rally. From the day, lowest point market recover over 130/550 points.”
Among the top gainers on the NSE were Asian Paints (2.50 per cent), Grasim (1.91 per cent), Hindustan Unilever (1.71 per cent), Ultratech (1.23 per cent), and Sun Pharma (1.19 per cent). The top losers included Wipro (-3.06 per cent), Coal India (-2.81 per cent), ONGC (-2.27 per cent), Hindalco (-1.90 per cent), and LTIMindtree (-1.15 per cent).
The broader market showed a mixed trend, with 1,932 stocks advancing and 2,019 declining on the BSE. A total of 254 stocks hit their 52-week highs, while 31 touched their 52-week lows. The India VIX surged by 3.86 per cent to 14.3775, indicating an increase in market volatility and uncertainty among investors.
Hardik Matalia, Derivative Analyst at Choice Broking, noted, “On the daily chart, the Nifty Index opened with a gap down and ended lower, breaking a streak of 14 consecutive days of gains. However, the Index rebounded from lower levels, indicating that the buyers are aggressive near key support zones.”
Ajit Mishra, SVP of Research at Religare Broking Ltd, provided insight into the market’s performance, stating, “This move indicates that the bulls are still holding their ground, though consolidation could occur if global pressures intensify. We recommend maintaining a focus on stock selection and trade management, with the support zone for Nifty remaining strong at 24,850-25,000.”
The market’s performance was influenced by various factors, including weak global cues and sector-specific movements. Analysts suggest that traders should focus on stock selection while maintaining a cautious approach in the near term, as the markets continue to navigate through mixed signals and sector rotations.