Sensex jumps 566 points, Nifty holds at 23,000 as US tariff fears ease

Mumbai (The Uttam Hindu): The Indian stock market witnessed a roller-coaster ride on Wednesday, as benchmark indices Sensex and Nifty bounced back strongly in the latter half of the day after uncertainties over impending US trade tariff eased. At the closing bell, the BSE Sensex was 566 points or 0.75 per cent higher at 76,404.99, while the Nifty 50 ended at 23,155, climbing 130.7 points or 0.57 per cent. During the day, the Sensex touched an intra-day low of 75,817, and the Nifty fell to 22,981 before recovering. According to market experts, Nifty took support near its previous session low of 22,980 and formed a hammer tweezer bottom candlestick on the daily chart, signalling potential recovery toward 23,350 levels after Tuesday's decline.

The sustained bullish momentum will only emerge if Nifty closes above 23,500, where the 21-day EMA is positioned. Until then, a cautious approach is advised, experts added. Leading the gains on the Sensex were stocks like Infosys, TCS, Tech Mahindra, Maruti Suzuki, Sun Pharma, HCLTech and Nestle India, which rose by up to 2.7 percent. On the other hand, Tata Motors, Zomato, NTPC, SBI, Tata Steel and Power Grid were among the top laggards, with losses of up to 3 per cent. On Nifty 50, 26 traded in green, while 24 were in red and one stock finished the day unchanged.

Broader markets, however, struggled to keep up with the recovery in the benchmark indices. The Nifty SmallCap index declined by 2.7 per cent, while the Nifty MidCap index was down by 2.3 per cent. The sectoral performance showed significant weakness in certain areas, with the Nifty Realty index plunging 5 per cent. The Nifty PSU Bank index and the Nifty Metal index also saw declines of 2 per cent and 1.8 per cent, respectively. On Monday, foreign institutional investors (FIIs) sold equities worth Rs 5,920 crore while domestic institutional investors (DIIs) bought equities worth Rs 3,500 crore on the same day.