The benchmark BSE Sensex staged a strong recovery on Tuesday, June 9, climbing 394.50 points, or 0.54%, to settle at 73,918.76 after snapping a two-day losing streak. According to ET Now, the index opened with a gap-up of around 511 points at 74,035.41 and reached an intraday high of 74,035.41 before profit booking during the first half dragged it to an intraday low of 73,426.18. The 50-share NSE Nifty ended 119.10 points, or 0.52%, higher at 23,242.10, with an intraday high of 23,279.40. Market breadth remained positive with 2,782 stocks advancing while only 1,423 declined and 193 remained unchanged on the BSE, as reported by ET Now.
Banking and financial stocks led the recovery, providing strong support to the broader market with PSU Banks surging 3.83%, MidSmall Private Banks Quality Tilt jumping 3.06%, Bankex rising 2.18%, Services gaining 2%, and Realty advancing 1.76%. Among Sensex constituents, InterGlobe Aviation, State Bank of India, ICICI Bank, Axis Bank, Bajaj Finance and Asian Paints were among the major winners, while Titan, NTPC, Power Grid and Tech Mahindra were among the laggards. The BSE MidCap Select index jumped 1.50% and the SmallCap Select index went up by 1.33%. Sectorally, PSU Banks, BANKEX, Services, Private Banks, Financial Services, Realty, Top 10 Banks, Auto, Industrials, Consumer Discretionary, Capital Goods, Commodities, Healthcare, FMCG, Metal, Energy, Telecommunication, Consumer Durables, Oil & Gas, and Hospitals witnessed buying interest and outperformed during the session.
According to Vipin Dixena, SEBI-registered analyst, the Sensex is showing signs of short-term recovery after rebounding strongly from the 73,400 support zone. As reported by ET Now, "The index has formed a series of higher lows and is now testing the key resistance area near 74,000, which also coincides with the declining 50 EMA. RSI has moved above 50 and is trending higher, indicating improving bullish momentum and increasing buying interest." Dixena believes a decisive breakout above 74,000 and the 50 EMA could trigger further upside towards 74,400–74,700, while failure to sustain above resistance may lead to another consolidation phase with support at 73,400. Hitesh Tailor from Choice Broking noted that the Sensex successfully defended the 73,000-73,200 support zone and witnessed a healthy rebound from intraday lows, with the 74,500–74,700 zone remaining an immediate resistance area where fresh momentum will be required for a sustained breakout.
Market participants drew comfort from signs of easing tensions in West Asia, softer crude oil prices and a rebound in global equities, according to ET Now. Brent crude, the global oil benchmark, declined 1.66% to USD 92.69 per barrel, providing relief from earlier concerns. However, continued foreign institutional investor (FII) selling remains a key concern, with FIIs offloading equities worth ₹5,555.67 crore on Monday, as reported by ET Now. For Wednesday's trading session, analysts maintain a cautiously positive bias as the index recovered strongly from intraday lows and managed to close well above the day's low despite early profit booking. As long as the Sensex sustains above the 73,000–73,200 support zone, the possibility of further recovery remains intact, with a decisive move above 74,500–74,700 being crucial to strengthen bullish momentum and improve the broader market outlook.
