Mumbai’s stock market kicked off Wednesday with a bang, fueled by the finalization of the India-EU Free Trade Agreement and upbeat global cues. The BSE Sensex surged nearly 500 points in early trade, reflecting investor optimism about enhanced trade prospects.
At open, the Sensex climbed 34.88 points to 81,892.36, while the Nifty 50 advanced 83.45 points to 25,258.85. By 9:28 AM, the Sensex was trading at 82,340.76, up 483.28 points or 0.59%. The Nifty followed suit, gaining 153.45 points or 0.61% to reach 25,328.85. Almost all Nifty sectoral indices flashed green, signaling broad-based strength.
Broader markets joined the rally, with the Nifty Smallcap 100 index posting over 1% gains and the Nifty Midcap 100 up 0.6%. Sector-wise, private banks, realty, and oil & gas led the charge, each rising more than 1%. Autos and public sector banks lagged, showing some profit-taking.
Top performers in the Sensex pack included Axis Bank, Trent, ITC, Power Grid, ICICI Bank, NTPC, BEL, TCS, and Adani Ports. On the flip side, Asian Paints, Maruti Suzuki, IndiGo, Kotak Mahindra Bank, Sun Pharma, and SBI were among the notable decliners.
Aakash Shah, Technical Research Analyst at Choice Broking, noted that after recent weakness, the market stabilized with buying at lower levels. The Nifty held above the crucial 25,000 mark, supported by banking, metals, and select oil & gas stocks. However, mixed breadth indicates cautious risk appetite.
Technically, Nifty is range-bound between 25,300-25,400 resistance. A sustainable break above could trigger short-covering. Key supports stand at 25,000 and 24,800. Momentum indicators remain weak, but oversold conditions in some stocks hint at limited recovery.
Overall, expect neutral to mildly positive action with tight ranges. Traders should prioritize risk management, focus on earnings and sector opportunities. Investors may wait for stability near supports before fresh bets.
