Stock Market Ends Higher; Sensex Gains 220 Points, Nifty Tops 24,600 Mark
The broader markets also mirrored the upbeat mood, as both BSE Midcap and Smallcap indices recorded gains of 0.5 percent each, indicating buying interest beyond frontline stocks
Indian stock markets wrapped up the trading session on Wednesday with modest gains. The BSE Sensex climbed 260.74 points, or 0.32 per cent, to settle at 80,998.25, while the NSE Nifty rose 77.70 points, also 0.32 per cent, to finish at 24,620.20. Market breadth tilted slightly positive as 2,017 stocks ended in the green, 1,835 declined, and 141 remained unchanged.
Among the top performers on the Nifty were Eternal, Jio Financial, Bharti Airtel, IndusInd Bank, and Reliance Industries. On the flip side, Trent, Bajaj Finserv, Shriram Finance, TCS, and Axis Bank were the notable laggards.
Broader Market Performance
The BSE Midcap and Smallcap indices both saw a 0.5 per cent uptick, reflecting steady investor interest beyond the large-cap space.
Sectorial Update
Sectoral trends were mixed. The BSE Realty index slipped 0.7 per cent, making it the worst-performing sector of the day. Meanwhile, gains of 0.5 per cent to 1 per cent were observed in telecom, metal, and oil & gas stocks.
Expert Comment
Bajaj Broking Research noted, "Benchmark indices rebounded sharply on June 4, snapping a three-day losing streak, buoyed by positive global cues and renewed risk appetite. The Nifty opened on a flat note but gradually built-up traction through the session, ultimately settling 77 points higher or 0.32 per cent at 24,620. Investor focus shifted to the broader market, with strong outperformance seen in mid-cap and small-cap counters. The Nifty Midcap 100 advanced 0.7 per cent, while the Nifty Smallcap 100 surged 0.8 per cent intraday, reflecting heightened participation and rotational flows. On the sectoral front, buying was broad-based with media, PSU banks, IT, and auto stocks witnessing significant traction. However, realty sector remained under pressure amid selective profit booking. Volatility cooled off substantially as the India VIX dropped 4.9 per cent signaling easing nervousness and improved market sentiment."
"Nifty formed a small bull candle which remain enclosed inside previous session price range signaling consolidation amid stock specific action ahead of the weekly expiry session on Thursday. Buying demand is seen emerging around the lower band of the last 16 session range 24,400-25,080, we expect the index to extend the consolidation ahead of the RBI monetary policy outcome on Friday. The zone around 24,400–24,500 serves as a crucial support area, aligning with the previous breakout zone, recent swing lows, and key Fibonacci retracement levels of the prior uptrend. A decisive break below this 24,400–24,500 support band could lead to a sharper decline. On the upside, the index faces stiff resistance near 25,050–25,080, where the previous two weekly highs have converged, creating a short-term resistance ceiling," it added.
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