Mumbai: After three consecutive days of heavy losses, the stock market finally rebounded on Wednesday. Strong buying by investors lifted the market sharply, with the Sensex closing 1,022.50 points or 1.20 percent higher at 85,609.51, while the Nifty 50 index jumped 320.50 points or 1.23 percent to settle at 26,205.30.
All sectoral indices closed in the green during today’s trading session. Nifty Metal and Nifty IT played a key role in lifting the market, followed by Bank Nifty, Nifty Pharma, and Nifty Auto, which also supported the rally.
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On Wednesday, Bajaj Finserv emerged as the top gainer with a rise of 2.51 percent, while Bajaj Finance followed with a 2.36 percent jump. Reliance Industries gained 2.06 percent, Tata Steel climbed 2.04 percent, and Sun Pharma advanced 1.95 percent.
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Among the 30 Sensex companies, only two stocks ended in the red. Bharti Airtel fell 2.57 percent, impacted by a Rs 7,200 crore block deal by promoters. Asian Paints slipped 0.03 percent, making it the other loser of the session.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said the benchmark indices delivered a powerful rebound, with the Nifty jumping 320 points and the Sensex climbing 1,022 points. All major sectoral indices ended in the green, led by a strong rally in the Metal index, which surged over 2 percent.
He noted that the daily charts show a strong reversal pattern supported by a long bullish candle—an encouraging sign for the markets. For trend-following traders, levels of 26,000/85,000 and 26,100/85,300 will serve as crucial support zones. As long as the market stays above these marks, the positive momentum is expected to sustain.
On the upside, resistance is likely around 26,350–26,400 for the Nifty and 86,000–86,200 for the Sensex. However, a fall below 26,000/85,000 could weaken the current uptrend and make the market vulnerable.
