Stock Market Today: Sensex Jumps 432 Points; Nifty Above 22,100

Stock Update: Reliance Industries, Maruti, Titan, Axis Bank, and  Ultratech were major gainers on the BSE Sensex. Wipro, Nestle India, Infosys, Tech M, and JSW Steel were among the notable losers

Indian indices commenced trading on a positive trajectory on Wednesday. The two primary equity indices, Sensex and Nifty, started the day in the green zone. At 10 am, the Sensex surged by 432.33 points or 0.60 per cent, reaching 72,902.63, while the Nifty climbed by 130.20 points or 0.59 per cent, settling at 22,134.90. Among listed stocks, 1,897 recorded gains, 1,141 experienced declines, and 104 remained unchanged.

Reliance Industries, Maruti Suzuki, Titan, Axis Bank, and  Ultratech were major gainers on the BSE Sensex. Wipro, Nestle India, Infosys, Tech M, and JSW Steel were among the notable losers.

“Market is likely to continue in the consolidation mode for a couple of days more and then take a new directional trend starting April. The undertone of the market continues to be bullish supported by strong economic fundamentals. A significant structural trend in the market is the sustained flows into equity mutual funds which are gathering momentum. This will ensure resilience of the market with dips getting bought,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Midcaps have again become the segment of activity, particularly by retail investors. This is because there is no institutional selling pressure in midcaps unlike in largecaps where institutions including FIIs have large holdings. Financials are likely to lead the rally along with capital goods and automobiles in early April. Credit growth in the economy is impressive at around 20 per cent and this will help boost banks’ profitability. Q4 results of banks will be good,” added Vijayakumar.

In the previous session on Tuesday, Sensex and Nifty concluded their three-day streak of gains by ending in negative territory, primarily influenced by continuous selling pressure on certain major index heavyweights. The S&P BSE Sensex, after reaching a nadir of 72,363, ultimately concluded 362 points below at 72,470. Conversely, the NSE Nifty 50 witnessed a descent to a low of 21,948 before eventually settling at 22,005, marking a decline of 92 points.

In the broader market scope, the BSE Midcap index rose 0.7 per cent, whereas the SmallCap index ended unchanged, registering a slight decline of 0.1 per cent. Regarding sectors, the IT and Bank indices closed lower, whereas the oil and gas index advanced.