Domestic equity benchmarks Sensex and Nifty50 on Wednesday continued their upward trend for the second day, triggered by positive signals from technical charts and firm cues from Asian markets. The gains were, however, limited amid delays in the US-India trade deal.
At 9:22 am, the BSE Sensex was trading at 81,413.30, up 75.35 points, or 0.09 per cent. The 30-share index added 281 points earlier in the day. The NSE Nifty50 was quoting 26.45 points, or 0.11 per cent, higher at 24,847.55, after hitting a high of 24,892.05.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said the technical bounce back in Nifty by 140 points yesterday is unlikely to continue in the unfavourable near-term market scenario.
“Such bounce backs happen in an oversold market. The major drag on the market continues to be the negative news on the India-US trade front. President Trump’s comment that ‘India may have to pay 20-25 % tariff’ is very negative from the short-term market perspective,” Vijayakumar said.
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Among Sensex stocks, Larsen & Toubro led the gainers with a 3.80 per cent rise to Rs 3628. NTPC followed, gaining 1 per cent. Other gainers included Bharti Airtel (up 0.78 per cent), Asian Paints (up 0.76 per cent), Sun Pharma (up 0.55 per cent), and Bajaj Finance (up 0.40 per cent).
Larsen & Toubro is in focus after the engineering and infrastructure major posted a 30 per cent year-on-year (YoY) jump in net profit at Rs 3,617 crore, while revenue rose 16 per cent YoY to Rs 63,679 crore for the June 2025 quarter. The stock rose 3.80 per cent to Rs 3628.
Shares of Zydus Lifesciences are also on traders’ radar after the pharma major completed the acquisition of an 85.6 per cent stake in Amplitude Surgical from PAI and two minority shareholders for 256 million euros. At 9:30 am, the stock was trading at Rs 992.80, down Rs 2 or 0.20 per cent.
Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking Private Limited said the Indian benchmark indices are expected to open on a flat to negative note today, as suggested by the GIFT Nifty, which indicates a marginal downtick of around 20 points in the Nifty 50. Market sentiment remains cautiously optimistic amid elevated volatility and mixed global cues.
“On the technical front, the Nifty has taken support at its 100-day EMA and managed to close above the key 24,800 level. The formation of a bullish candlestick pattern, supported by strong volumes, reflects buying interest at lower levels. If the index sustains above 24,800, a further rally toward 25,000 and 25,200 can be anticipated in the near term. However, on the downside, 24,600 serves as immediate support, and a decisive break below this level could trigger a deeper correction toward 24,200–24,160,” Matalia said.
Several companies, including Power Grid Corporation of India, InterGlobe Aviation, Tata Steel, Hyundai Motor India, Punjab National Bank, Indus Towers, Hitachi Energy India, NHPC, KPR Mill, KEI Industries, Kaynes Technology India and KPIT Technologies are in the spotlight on Wednesday as they are scheduled to report their first-quarter earnings.
Wednesday’s start follows a strong rebound on Tuesday. The BSE Sensex settled 446.93 points, or 0.55 per cent, higher at 81,337.95, while the NSE Nifty50 gained 140.20 points, or 0.57 per cent, to close at 24,821.10.
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