Broader markets continued to outperform the frontline indices, with the smallcap index rising 0.78%. The midcap index also inched higher, gaining 0.27%. | Photo Credit: istock.com

Benchmark indices traded steadily in afternoon trade on Wednesday, supported by optimism surrounding the proposed US-Iran peace framework and a sharp decline in crude oil prices, which eased concerns over inflation and India’s import bill.

The BSE Sensex was up 205.03 points or 0.27 per cent, trading at 77,013.51 at 12.34 pm after touching an intraday high of 77,218.99. The Nifty 50 gained 50.80 points or 0.21 per cent to 24,039.95, having scaled a day’s high of 24,108.20.

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, markets remained rangebound after a positive start, with banking stocks, particularly PSU lenders, continuing to outperform. He expects the Nifty to find immediate support in the 23,940-23,960 zone, while resistance is placed at 24,190-24,210. A breach below 23,940 could drag the index towards 23,800-23,750, whereas a decisive move above 24,210 may extend the rally towards 24,400.

Broader markets outperform

Broader markets continued to outperform the frontline indices, with the smallcap index rising 0.78 per cent. The midcap index also inched higher, gaining 0.27 per cent.

Investor sentiment remained stable, with India VIX largely unchanged at 13.45.

Market breadth remained positive. Of the 4,187 stocks traded on the BSE, 2,322 advanced, 1,676 declined and 189 remained unchanged.

A total of 108 stocks touched their 52-week highs, while 42 hit fresh 52-week lows. Additionally, 173 stocks were locked in the upper circuit and 118 in the lower circuit.

Shah also highlighted that the Nifty advance-decline ratio stood at 30:19, reflecting a positive market breadth. For the Sensex, he pegged support at 76,700 and resistance at 77,500.

Sectoral trends remained mixed during the session. Consumer durables and PSU bank stocks led the gains, advancing 1-2 per cent.

On the other hand, realty, pharma, healthcare and auto stocks witnessed selling pressure and traded lower.

The Nifty IT index briefly crossed the 29,000 mark during the session before turning flat, as investors awaited the outcome of the US Federal Reserve policy meeting later in the day.

Trent, Eternal, BEL among top gainers

Among Nifty 50 constituents, Trent, Eternal, Bharat Electronics (BEL), Tech Mahindra and Tata Steel emerged as the top gainers.

Tata Motors Passenger Vehicles (TMPV), Cipla, Bajaj Finserv, ONGC and Axis Bank were among the major laggards.

All counters traded in positive territory under the PSU banking space, UCO Bank, Central Bank, PSB and IOB led the gainers.

In the midcap space, Yes Bank, Blue Star, KEI Industries, Dixon Technologies and Bharat Dynamics (BDL) surged 4-5 per cent. Meanwhile, BSE Ltd, Colgate-Palmolive India, Fortis Healthcare and MCX declined 2-3 per cent.

Among smallcaps, IDBI Bank, Brigade Enterprises, Wockhardt, Data Patterns and PG Electroplast rallied 3-18 per cent. Aarti Industries, City Union Bank, KEC International and MRPL fell 2-3 per cent.

On the BSE, IDBI Bank, CarTrade Tech and Anup Engineering were among the notable gainers, while Cyient, Man Infraconstruction and Embassy Developments traded lower.

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Published on June 17, 2026