The BSE Sensex closed 117.54 points higher at 75,318.39 on Wednesday, recovering from early losses despite volatile trading conditions. According to ET Now, market experts believe Thursday's session may continue to witness volatile yet range-bound movement unless benchmark indices decisively break above key resistance levels. Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, noted that the index opened gap down by around 395 points and slipped to an intraday low of 74,529.41 during early trade, but buying interest from lower levels led to a gradual recovery throughout the session. As per CNBC TV18, Reliance Industries emerged as the prime contributor to the index recovery, with its 50-plus-point contribution ensuring the Nifty ended in the green despite a 200-point gap down at the start.
As reported by ET Now, the Sensex is technically witnessing range-bound movement with support placed around the 74,100–74,400 zone and immediate resistance positioned near 76,000–76,200 zone. Vipin Dixena, SEBI-registered analyst, stated that the index is showing signs of stabilisation after defending the 74,300 support zone and is gradually moving higher toward the 75,800 resistance band. According to CNBC TV18, the Nifty continues to find support between the 23,250-23,350 range, while 23,700-23,800 remains a barrier where the 50-DMA is placed. Sudeep Shah of SBI Securities noted that the immediate support for Nifty is placed in the 23,500-23,450 zone, with any sustainable move below this zone potentially extending weakness toward 23,300, followed by 23,150 in the short term.
According to ET Now, Capital Goods, Power, Energy, Oil & Gas, Hospitals, and Auto indices witnessed buying interest and outperformed the broader market. Industrials, Realty, Telecommunication, PSU Banks, and Metal sectors also ended in positive territory. However, FMCG, Focused IT, IT, and Consumer Durables remained under pressure. Among broader markets, the BSE MidCap Select index jumped 1.02% and the SmallCap Select index rose by 0.16%. A total of 2,120 stocks advanced while 1,981 declined on the BSE. As per CNBC TV18, IT put its hand up, lending support to the Nifty on Monday and Tuesday, while banks sulked even on Wednesday but recovered from the lows of the day, aiding in the index recovery.
The Nifty Bank gained only for the second time in the last nine trading sessions, with the index closing near the highest point of the day. According to CNBC TV18, the 52,750-53,000 zone continues to remain a key support point for the index, while 54,000 on the upside remains a major hurdle. Dhupesh Dhameja of SAMCO Securities noted that the overall setup suggests the Nifty Bank is currently undergoing a consolidation phase before the next directional move. The rupee continues to make new lows and is closing in now on the mark of 97 against the US Dollar, inching closer to the 97 mark. As reported by CNBC TV18, bond yields crossed the 7.1% mark on Wednesday, with currency moves and bond yields remaining key monitorables for Thursday's session.
Thursday's session will see the market react to results from Ola Electric, Lenskart, Jubilant Foodworks, Sammaan Capital, Whirlpool, Apollo Hospitals, Bosch and others. The penultimate trading session of the week will also see ITC, Aurobindo Pharma, LG Electronics, Bikaji Foods, Sun TV, VA Tech Wabag, Prestige Estates, GAIL, Engineers India report their results. Market analysts suggest that while Wednesday's late recovery is encouraging, it is too early to call it a definitive structural shift, with Thursday's trading session expected to be a playground for nimble stock-pickers rather than aggressive index traders. As per CNBC TV18, the weak sentiments will continue in the market till the Nifty remains below the 23,800 mark, while a decisive move above 23,800 can take the Nifty further higher.
