The Indian stock market showed a positive start on Wednesday, snapping a two-session losing streak. The benchmark Sensex rose 171 points to 76,645, while the Nifty 50 gained 50 points, reaching 23,914 in early trading.
Top Performers and Market Movers
Among the Sensex constituents, several stocks registered significant gains. Leading the charge were:
- Mahindra & Mahindra (M&M)
- Titan Company
- Eternal
- Sun Pharma
- Infosys
- Kotak Bank
These top gainers saw their shares rise by up to 2.27% during the morning session.
Conversely, some stocks experienced declines. The top Sensex losers included:
- Bajaj Finserv
- ICICI Bank
- L&T
- Trent
- IndiGo
These shares fell by up to 1.71%, contributing to the cautious sentiment in certain segments of the market.
Geopolitical Concerns and Foreign Investor Activity
Despite the positive opening, market caution remains elevated, largely due to a lack of progress in US-Iran peace negotiations. This ongoing geopolitical tension is keeping global risks high, reflected in Brent crude futures trading near $73 per barrel. While lower oil prices are generally seen as beneficial for inflation, corporate earnings, and a country's fiscal outlook, the broader geopolitical climate continues to influence investor sentiment.
Foreign investors continued their selling spree, offloading shares worth Rs 2,557 crore ($270.12 million) on Tuesday, marking their second consecutive session of net selling.
Analyst Outlook and Key Levels
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the market's current state:
“We believe the market's short-term texture remains non-directional, as traders await a decisive breakout on either side. On the upside, 24,000/77,000 will be the immediate resistance zone. A sustained move above this level could propel the market towards 24,150–24,200/77,500–77,700. On the downside, the immediate support zone is placed at 23,900–23,800, with the 50-day SMA positioned near 23,800/76,300. A decisive breach below this support could intensify selling pressure, dragging the market towards 23,700–23,600/75,800–75,500.”
In the previous session, the Sensex had closed down 249.70 points (0.33%) at 76,478.67, while the NSE Nifty50 index declined 80.50 points (0.34%) to settle at 23,865.75.