Nifty 50 is trading at 21,999.25, up by 69.85 points or 0.32 per cent, while BSE Sensex is higher by 200.39 points or 0.28 per cent at 72,386.48 as of 10:33 am on Wednesday. The majority of sectoral indices are in the green, with Nifty Realty up by 2.23 per cent at 885.55 and Nifty PSU Bank up by 2.02 per cent at 6,688.80.

Commenting on Nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “While downsides never sought to challenge the 21,720 region again, upside attempts grew from strength to strength through the day, finally bringing down our upside marker placed at 21,879, convincingly. This paves the way for 22,450-550 objectives that we had started the week with. While we eye 22,200-240 initially, pull back below 21,870 could deflate the upside possibilities, though an outright collapse is less expected.”

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “A significant feature of the ongoing bull market is its ability to bounce back from dips. This makes the buy on dips strategy successful. The bounce back happening now is being led by IT and supported by autos and pharma even while Bank Nifty continues to decline. The fact that new leaders are emerging to take the market forward indicates that the uptrend is intact and new record highs are possible soon.”

However, an area of concern is “the excessive speculation in low-grade stocks where many are doubling in a few days. These excesses of a bull market warrant caution. Investors should stay in the comfort of high quality stocks,” Vijayakumar added.

Noting that the index has got crucial resistance barrier near 22,000 zone while 21,500 has been maintained as the important support zone, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, said, “The support for the day is seen at 21,800 while the resistance is seen at 22,100.”

CRA Analytics noted that the equity markets closed with significant gains, supported by all-around buying across the sectors. Market participants showed reluctance to reduce their positions ahead of the Reserve Bank of India’s monetary policy meeting, anticipating a dovish monetary policy from the central bank. Gains were extended after US Treasury yields slipped from their recent highs.

Of the 3,783 stocks that were traded on the BSE as of 10:45 am, 2,312 stocks advanced, 1,323 declined, and 148 were unchanged. The number of stocks that had hit a 52-week high was 440, while those that had hit a 52-week low were 19.

The top gainers on the NSE included HDFC Life (3.33%), SBI (2.75%), Axis Bank (1.86%), Coal India (1.79%), and Hindalco (1.54%). Meanwhile, the top losers were Infosys (-1.60%), Power Grid (-0.82%), ICICI Bank (-0.79%), Wipro (-0.71%), and Eicher Motors (-0.57%).