CHENNAI: Indian equity markets started Wednesday’s session on a buoyant note, continuing their upward momentum as frontline bluechip counters witnessed robust buying. The BSE Sensex surged 441.43 points, or 0.54%, to trade at 81,589.65, while the NSE Nifty 50 advanced 152.75 points, or 0.62%, to 24,731.10.
Outperformance across broader markets:
Several small-cap and mid-cap stocks witnessed significant upside. Notably, 10 stocks surged over 10% on the BSE, include Mohit Paper Mills (+14.87%), Stampede Capital (DVR) (+14.28%), Advait Infratech (+14.13%), Duroply Industries (+13.31%), Garden Reach Shipbuilders & Engineers (GRSE) (+12.93%), Generic Engineering (+12.76%), OM Metals Infra (+11.74%), ITD Cementation (+11.28%), Khandwala Securities (+10.82%), and ISL Consulting (+10.12%).
Market Breadth:
Within the Nifty50, 41 stocks traded in the green, while 9 stocks were in the red, reflecting broad-based optimism.
Stocks such as Alfred Herbert, Stampede Capital (DVR), Authum Investment, Kanpur Plastipack, and NDA Securities hit fresh 52-week highs, signaling continued investor appetite.
Conversely, Trinity League, TPI India, Career Point, Chembond Chemicals, and Mahalaxmi Seamless marked new 52-week lows.
Technical Outlook:
The Nifty50’s short-term uptrend remains intact, with analysts eyeing a potential bounce from the 24,400–24,500 support zone. Immediate resistance is placed near 24,800.
The Bank Nifty is also expected to climb towards 56,400 in the short term, with support seen in the 54,000–54,500 range.
Market Sentiment:
After a mild dip on Tuesday, markets appear to be consolidating gains from Monday’s sharp rally. Investor sentiment remains cautiously optimistic, with a close watch on domestic inflation data and the US CPI numbers set to be released this week. Institutional flows and geopolitical cues will also play a pivotal role in steering market direction in the sessions ahead.