Benchmark stock indices Sensex and Nifty rose for the fourth consecutive session on Wednesday, propelled by a further decline in crude oil prices and firm buying in metal and IT stocks. The 30-share BSE Sensex jumped 347.14 points or 0.45 per cent at 77,155.62. During the day, it hit a high of 77,218.99 and a low of 76,768.49, gyrating 450.5 points. The 50-share NSE Nifty zoomed 96.55 points or 0.40 per cent to settle at 24,085.70. The broader market performed in tandem with the benchmarks. While the BSE MidCap Select Index surged 1.20 per cent, the BSE SmallCap Select Index gained 0.31 per cent each.
Gains in benchmark indices were led by IT and metals on expectations of a stable US rate cycle and improving global demand.
“The overall market bias remains positive to bullish as the index continues to trade above key support levels and maintains its higher-high higher-low structure. As long as Sensex sustains above the 76,500–76,700 support zone, the positive momentum is likely to continue. On the upside, immediate resistance is placed around 77,500–77,600, where some profit booking may emerge. However, the broader undertone remains constructive, and stock-specific action is expected to remain positive,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
