Mumbai, Jan 29 (IANS): The Indian stock market on Wednesday continued its upward trend for the second consecutive session, with both the Sensex and Nifty closing in the green.
The Sensex gained 631.55 points, or 0.83 per cent, to settle at 76,532.96 after touching an intra-day high of 76,589.93.
Following a similar trend, the Nifty surged 205.85 points, or 0.90 per cent, to close at 23,163.10. However, during the session, the index moved between 23,181.35 and 22,976.50.
On Nifty, 42 stocks ended in gains as the investors’ sentiment remained strong throughout the trading day.
According to Rupak De from LKP Securities, the Nifty shrugged off two days of weakness. “On the lower end, 23,000 is likely to act as immediate support, and a fall below this level might trigger panic in the market. However, above 23,200, the Nifty could gather more strength,” he noted.
Shriram Finance, Bharat Electronics, Tata Motors, SBI Life, and Trent emerged as the top gainers on the NSE with rising up to 3.98 per cent.
On the other hand, Bharti Airtel, ITC Hotels, Maruti Suzuki, Britannia, and Asian Paints were among the eight stocks that declined, with losses extending up to 3.53 per cent.
Adani Ports was among the top gainers on BSE Sensex. Syrma SGS technology Limited led the gains by touching an upper circuit of 20 per cent.
Broader markets outperformed the benchmark indices, with smallcap stocks leading the rally. The Nifty Smallcap100 index jumped 3.32 per cent, while the Nifty Midcap100 gained 2.31 per cent.
Sectoral performance was largely positive, with all sectoral indices except FMCG closing with gains.
The Nifty IT index saw a strong rise of 2.62 per cent, driven by stocks like Persistent Systems and LTIMindtree.
Other sectors, including Auto, Healthcare, Financial Services, Realty, and Banking, also witnessed gains of up to 2.91 per cent.
India VIX index which indicate volatility in the market was increased slightlyby 2.44 per cent to 18.64 points.
“The overall setup suggests a cautious yet optimistic outlook, with sustained strength above resistance levels required for a decisive breakout,” said experts.
Gold remained flat, trading around $2,760 in Comex and Rs 80,450 in MCX, as market participants awaited the US Federal Reserve’s policy decision.