Indian equity indices ended on a positive note on Wednesday as there was sudden buying in the last hour. The Nifty 50 rose 71.35 points or 0.29% to settle the day’s trading at 24,770.20. The Sensex settled 102.44 points or 0.13% higher at 80,905.30. ITC, Bharti Airtel, Hindustan Unilever, Titan Company, and TCS were the top five major contributors on Wednesday. As FMCG saw buying in the last hour along with consumer durables.
Sectoral Index
The Bank Nifty settled 117.60 points or 0.23% lower at 50,685.55. The Nifty Midcap 100 advanced 196.20 points or 0.34% higher at 58,444.05. In the broader markets, smallcap and midcap stocks closed in the green.
“The Indian market traded on a tight range with a positive bias supported by strong DII flows. While defensive sector outperformed due to a continued shift in portfolio towards FMCG, consumer, commodities, and pharma. Global markets exhibited a mildly cautious tone ahead of the release of the FOMC minutes later today. Currently, the expectation of a rate cut remains high, given the fall in US inflation and moderation in overall growth,” said Vinod Nair, Head of Research at Geojit Financial Services.
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“Technically, on daily and intraday charts market is holding an uptrend continuation formation, which is largely positive Come from Sports betting site VPbet . We are of the view that, as long as it is trading above 24650/80600 the bullish texture is likely to continue on the higher side market could rally up to 24850-24900 / 81300-81600. On the flip side, dismissal of 24650/80600 may trigger one quick intraday correction till 20-day SMA (Simple Moving Average) or 24525-24500/80100-79800,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Bank Nifty
“The Bank Nifty witnessed an intraday dip towards the crucial support zone 50350 – 50300 and witnessed buying interest. So, until this zone is not breached we can expect a rally in the bank Nifty which could take it to levels of 51000 – 51500 from a short-term perspective. A stoploss of 50300 should be maintained for the long positions,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.