Indian benchmark indices traded higher during mid-day trading on Wednesday, with the Sensex rising 214.58 points or 0.27 per cent to 80,435.30 and the Nifty gaining 66.95 points or 0.27 per cent to 24,539.05, recovering from a lower opening.

Bajaj Finance emerged as the top gainer, surging 5.69 per cent, followed by Bajaj Finserv at 2.70 per cent. Other significant gainers included Bajaj Auto (2.50 per cent), Tech Mahindra (2.41 per cent), and TCS (1.74 per cent), indicating strong performance in the financial services and technology sectors.

However, banking stocks showed weakness, with the Nifty Bank index declining 57.90 points or 0.11 per cent to 51,199.25. ICICI Bank dropped 1.66 per cent, contributing to the sectoral decline. NTPC led the losers’ list, falling 2.20 per cent, while Adani Ports declined 1.59 per cent. Eicher Motors and Mahindra & Mahindra also faced selling pressure, dropping 1.31 per cent and 1.20 per cent respectively.

The broader market showed positive momentum, with advances outnumbering declines. Out of 3,914 stocks traded on the BSE, 2,178 stocks advanced while 1,606 declined, and 130 remained unchanged. The market witnessed 103 stocks hitting 52-week highs, while 154 touched their 52-week lows.

The Nifty Midcap Select index demonstrated strength, rising 143.00 points or 1.15 per cent to 12,585.25, outperforming the benchmark indices. The Nifty Financial Services index gained 68.30 points or 0.29 per cent to 23,768.65, despite mixed performance among banking stocks.

Circuit filters were triggered for multiple stocks, with 193 hitting the upper circuit and 309 touching the lower circuit during the trading session.

The market showed resilience despite ongoing challenges from foreign institutional investor (FII) selling and elevated U.S. Treasury yields. The recovery from the day’s opening levels, where Sensex started at 79,921.13 and Nifty at 24,378.15, suggests buying interest at lower levels.

Market participants continue to monitor global cues and upcoming quarterly results for further direction.

Published on October 23, 2024