The Indian equity indices on Wednesday ended higher after swinging on both sides. The Nifty 50 closed the day’s trading 21.65 points or 0.10% higher at 21,839. At the same time, Sensex ended 90 points higher to finish the session at 72,101.69. The gainers included Eicher Motors, Maruti Suzuki, Nestle India, Power Grid, and SBI. The stocks of Tata Group companies remained key laggards for most of the day. The Indian Volatility Index (India VIX) closed 4.54% lower.
Nifty Bank pulled down 74 points to close the day’s trading at 46,310.90. The Nifty Midcap 100 fell 6.40 points and settled down 0.01% at 45,919.90.
On the sectoral front, auto and energy stocks were trading high throughout the trading session. In the broader indices, midcap stocks closed in the red.
“Lifted by favourable global sentiment and solid direct tax collection, Indian markets rebounded, closing with modest gains. Robust FII & DII inflows sustained the market. As per the latest market consensus, the odds of a rate cut in June have reduced. The US Fed is likely to delay the cut rate to the latter part of the year due to a resilient economy. Domestic mid & small caps are likely to lag large caps driven by premium valuations, in the short-term,” said Vinod Nair, Head of Research at Geojit Financial Services.
“The Bank Nifty encountered another round of volatility, with the ongoing struggle between bulls and bears persisting, particularly ahead of the US Fed meeting. Key support lies within the 46000-45800 zone, and maintaining these levels on a closing basis suggests a continued bullish stance. Immediate resistance is positioned at 47000, coinciding with the 20DMA, and a decisive close above this level could reignite the upward trend, targeting levels around 48000-48500,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.