Benchmark equity indices traded firmly higher in Wednesday’s afternoon session, defying weakness across global markets, led by strong buying in FMCG and private banking stocks. Gains in heavyweights such as Hindustan Unilever, ICICI Bank, Axis Bank and Kotak Mahindra Bank lifted investor sentiment despite persistent foreign institutional investor selling and concerns around elevated valuations.
The BSE Sensex surged 615 points, while the Nifty 50 advanced 168 points from the previous close during the session. The India VIX declined to 15.55, indicating easing market volatility.
Sensex traded 510.49 points or 0.69 per cent positive at 74,429.25 at 12.33 pm, and Nifty 50 gained 131.65 points or 0.57 per cent to 23,373.75.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the frontline indices surged past the previous two trading sessions’ highs following the formation of an Inverted Hammer candlestick pattern.
Domestic equities opened on a muted note tracking weak global cues after Asian markets retreated following a sharp sell-off in technology shares on Wall Street. Investor sentiment globally also remained cautious after the US launched fresh airstrikes against Iran, pushing crude oil prices higher.
Broader markets, however, underperformed the benchmarks. The Nifty Midcap index slipped 0.08 per cent, while the Smallcap index declined 0.36 per cent.
Sectorally, FMCG, private bank and chemical stocks gained between 1 per cent and 2 per cent. On the other hand, media stocks emerged as the worst performers, declining over 1 per cent. Metal, PSU bank, oil & gas and auto indices also traded lower.
Among the Nifty 50 constituents, Hindustan Unilever, ICICI Bank, Axis Bank, Kotak Mahindra Bank and JSW Steel were the top gainers. Meanwhile, Hindalco Industries, Coal India, Tata Steel, Jio Financial Services and ONGC featured among the key laggards.
Market breadth remained negative despite the headline indices trading in the green. Of the 3,229 stocks traded on the NSE, 1,361 advanced, while 1,768 declined and 100 remained unchanged.
Investor interest remained stock-specific across broader markets. A total of 81 stocks touched their 52-week highs, while 32 hit fresh 52-week lows. Additionally, 78 stocks were locked in the upper circuit, whereas 65 stocks hit the lower circuit.
In the midcap pack, Coromandel International, Colgate-Palmolive India, SRF, PB Fintech and Phoenix Mills gained between 1.5 per cent and 4 per cent. In contrast, Oil India, Kalyan Jewellers, BHEL, Hitachi Energy India and Oberoi Realty declined between 2 per cent and 3 per cent.
Among smallcap stocks, Chambal Fertilisers, Afcons Infrastructure, MRPL and Aster DM Healthcare advanced between 4 per cent and 5.5 per cent. Meanwhile, Welspun Corp, Data Patterns, GE Shipbuilding and Manappuram Finance fell nearly 4 per cent each.
Analysts said domestic markets continue to remain resilient amid strong institutional support and selective sectoral buying. However, they cautioned that premium valuations and continued foreign investor outflows could limit further upside in the near term.
Published on June 10, 2026
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