Domestic equity benchmarks BSE Sensex and NSE Nifty snapped a four-day losing streak on Wednesday, supported by gains in metals and oil & gas stocks amid easing crude oil prices despite uncertainty around the fragile US-Iran ceasefire.

At close, the Sensex gained 49.74 points, or 0.07 per cent, to settle at 74,608.98, while the Nifty rose 33.05 points, or 0.14 per cent, to close at 23,412.60.

Top gainers & losers

Among Sensex constituents, Asian Paints emerged as the top gainer, rising 4.37% to Rs 2615. Tata Steel followed with a 3.68% jump, while Adani Ports, Bharat Electronics (BEL), Bharti Airtel and L&T advanced 3.02%, 2.93%, 1.78% and 1.56%, respectively.  

While Infosys, Mahindra & Mahindra (M&M) and Sun Pharma were among the losers on the 30-pack index, declining up to 2.07%

“Domestic benchmark indices closed flat with a cautious undertone, while broader markets outperformed on dip buying and short covering in mid- and small-cap stocks. A sharp increase in import tariffs on precious metals was sentimentally positive for INR,” said Vinod Nair, Head of Research, Geojit Investments Ltd.

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Five stocks, namely Bharti Airtel, Larsen & Toubro (L&T), Tata Steel, Asian Paints, and Bharat Electronics (BEL) contributed largely to the Sensex’s rise.  

“Going ahead, the immediate support for Nifty is placed in the 23270-23250 zone. Any sustainable move below this zone could result in Nifty extending its weakness towards 23100, followed by 22950 in the short term. On the upside, the immediate resistance for Nifty is placed in the 23530-23550 zone,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.

Among sectoral indices, the BSE Metal index climbed 3.30% to close at 43,381.70, while the BSE Oil & Gas index advanced 1.77% to settle at 27,348.07.

“Overall, the market structure suggests a cautious recovery bias with stock-specific action likely to dominate in the near term. Sustained strength above immediate resistance levels will be crucial to revive stronger bullish momentum, while failure to hold support zones may invite renewed selling pressure,” said Aakash Shah, Research Analyst, Choice Equity Broking Private Ltd.