Mumbai: The domestic equity markets staged an impressive recovery on Wednesday, reversing early weakness to end sharply higher on the back of robust buying in IT majors and select large-cap stocks. After a shaky start, investor sentiment strengthened through the session, helping both benchmark indices close comfortably in the green.
The Sensex ended at 85,186.47, gaining 513.45 points (0.61 percent). The index opened lower at 84,643.78 following the previous close of 84,673.02. However, value buying across key sectors propelled the index upward, allowing it to rebound more than 700 points from its intraday lows and hit a high of 85,236.77. The Nifty 50 also rose 142.60 points (0.55 percent) to close at 26,052.65, reclaiming the psychologically crucial 26,000 mark.
According to Ashika Institutional Equities, Nifty’s initial dip towards the 25,850 support zone triggered strong buying interest. From that point, bulls dominated market movement, helping the index recover lost ground and test its key resistance levels.
Among the Sensex constituents, top gainers included HCL Tech, Infosys, TCS, Tech Mahindra, and other IT-focused counters, alongside Hindustan Unilever, Sun Pharma, Titan, ICICI Bank, SBI, BEL, Tata Steel, Mahindra & Mahindra, and L&T. On the losing side, Tata Motors (PV), Maruti Suzuki, Bajaj Finance, Asian Paints, and ITC ended in the red.
Analysts attributed the strong rebound to renewed optimism surrounding a possible India-US trade deal, following encouraging signals from the Union Commerce Minister. The positive sentiment boosted investor confidence, particularly in IT stocks that benefit from global trade harmony.
Sectorally, the momentum was broad-based. Nifty IT jumped 1,069 points (2.97 percent), leading the rally. Nifty Auto gained 66 points (0.24 percent), Nifty Bank advanced 316 points (0.54 percent), and Nifty Financial Services added 96 points (0.35 percent). However, action in the broader market remained mixed. Nifty Midcap 100 rose 127 points (0.21 percent), and Nifty 100 climbed 121 points (0.46 percent), while Nifty Smallcap 100 declined 78 points (0.43 percent) amid profit-booking.
Overall, the session showcased strong intraday resilience with IT stocks providing the backbone for the market’s upward momentum.
