Indian Markets Bounce Back Amid Stability in Global Oil Prices, Metal Shares Lead Gains Across Dalal Street

Mumbai: Indian equity benchmarks ended higher on Wednesday as stabilising crude oil prices and renewed hopes of diplomatic talks between the US and Iran improved investor sentiment.

The Sensex advanced 299.17 points, or 0.40%, to close at 74,828.25. The Nifty gained 117.80 points, or 0.50%, to settle at 23,446.80 after witnessing volatility in recent trading sessions.

Crude oil prices holding near the $100-per-barrel level helped ease concerns over India’s energy import bill and inflation outlook. Positive trends across several Asian equity markets also encouraged domestic buying.

Metal and Financial Stocks Lead

Metal shares spearheaded the market rebound, with the Nifty Metal index climbing more than 2%. Tata Steel and Hindalco Industries featured among the strongest performers on the Nifty.

Financial stocks also attracted buying interest, with Bajaj Finance emerging as one of the leading index gainers. The Nifty FMCG index registered healthy gains and outperformed several other sectoral benchmarks.

Technology stocks remained under pressure, however, leaving the Nifty IT index as the session’s weakest sectoral performer.

Broader Markets Outperform

Buying momentum extended beyond the benchmark indices. The Nifty MidCap index gained 0.70%, while the Nifty SmallCap index advanced 0.89%, reflecting stronger participation across the broader market.

Analysts said easing concerns over crude oil prices supported risk appetite and encouraged investors to return to select cyclical and financial stocks.

Nifty Technical Outlook

For the Nifty, the 23,450–23,500 range remains the immediate resistance zone. A sustained move above 23,500 could strengthen the recovery and potentially take the index towards 23,600.

Failure to cross this resistance range may keep the benchmark confined to a narrow band with a cautious bias.

On the downside, immediate support is placed at 23,300, followed by stronger support near 23,200. Technical momentum indicators suggest that selling pressure is gradually easing, although a decisive breakout is required to confirm further upside.