Equity benchmark indices traded in positive territory on Wednesday’s mid-trading amid easing tensions in West Asia and positive sentiments in the global markets.
Market expert Jaykrishna Gandhi, Head Business Development – Institutional Equities at Emkay Global Financial Services, remains constructive on domestic markets on the back of RBI’s monetary easing and earnings recovery in 2HFY25. Valuation comfort has eroded, although prospects of an earnings recovery keep us positive on overall markets.
Sensex zoomed 684.46 pts or 0.83 per cent to 82,739.57 (close to intraday high) as at 1.15 pm after opening at 82,448.80 against previous close of 82,055.11. Nifty 50 surged 193.85 pts or 0.77 per cent to 25,238.20
Smallcap index outperformed midcap. On the sectoral front, media and IT indexes soared while realty and private bank dipped. Nifty defence index traded over 1 per cent lower.
Pertaining to correction in defence index, Harshal Dasani, Business Head, INVasset PMS, said, “the correction may have come on the heels of geopolitical headlines, but the growth is being driven by strong order flows, Make in India momentum, and decades-in-the-making policy support.”
Top gainers & losers intraday
Among Nifty 50, shares of Titan, Infosys, Tata Consumer Products, Tech Mahindra and Eternal led the gainers, while Bharat Electronics, Kotak Mahindra, Axis Bank, Eicher Motors and ICICI Bank dragged.
Titan shares rose close to 4 per cent at ₹3,653.20, hitting an intraday high of ₹3,661. Infosys, Tata Consumer, Tech Mahindra and Eternal followed with nearly 2 per cent gains.
On the flip side, defence stock BEL traded as the major loser, down by over 2 per cent.
Shares of Vodafone Idea, Aditya Birla Lifestyle Brans, Kalyan Jewellers, Jubilant Foodworks and IREDA surged 3-5 per cent among midcap, while Dixon, Mazagon, Cochin Shipyard and Bharat Dynamics fell little over 2 per cent.
Among smallcap stocks, MCX, IndiaMart, Welspun Living, Tata Teleservices and Sonata Software soared over 5 per cent.
About 2,061 stocks advanced and 648 declined of all the 2,794 stocks that were traded on the National Stock Exchange.
Bharti Airtel, Fotis, GVT&D, AU Small Finance, ITD Cementation and MCX were among the 45 stocks that hit 52-week high. Nearly 19 stocks hit 52-week low.
In addition, 87 stocks including Websol Energy and Sri Adhikari Brothers zoomed to hit the upper circuit and 32 stocks hit the lower circuit.
All IT stocks traded in green, led by Mphasis, LTIMindtree, Infosys. Tech Mahindra and HCL Tech.
Among the defence index, Dynamatic Technologies and Cyient DLM traded with 1-3 per cent gains, while Data Patterns, GRSE, Paras Defence, BEL and Mazagon Dock depreciated 2-4 per cent.
On the BSE, MTNL, Sammaan Capital, Jai Balaji and Bharat Bijlee rallied 13-19 per cent. Meanwhile, GRSE, Data Patterns, Ideaforge, Paras and Dixon declined 3-4 per cent.
Investors would now look forward to US tariff decisions.