Stock market today: The Indian stock market benchmarks, the Sensex and the Nifty 50, ended with modest gains on Wednesday, 13 May, snapping their four-day losing streak.
The ended 50 points, or 0.07%, higher at 74,608.98, while the rose by 33 points, or 0.14%, to end at 23,412.60.
The mid and smallcap segments outperformed; the BSE 150 Midcap index rose by 0.71%, while the BSE 250 Smallcap index climbed by 0.27%.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹459 lakh crore from ₹456 lakh crore in the previous session, making investors richer by about ₹3 lakh crore in a single session.
Why did the market rise?
The market ended higher on value buying in select heavyweights after the recent fall, which brought the Sensex and the Nifty 50 down by 4% each. While a decline in crude oil prices supported market sentiment, the rupee’s fall to a fresh record low capped gains.
As per PTI, the Indian rupee fell to an all-time closing low of 95.71, provisionally, against the US dollar on Wednesday.
Crude oil benchmark Brent Crude declined nearly 1% to trade near the $107 per barrel.
“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,” Vinod Nair, Head of Research, Geojit Investments, noted.
The Nifty 50 saw 25 stocks falling and as many rising. Asian Paints, Adani Enterprises, and Tata Steel ended as the top gainers, while Eicher Motors, Mahindra & Mahindra, and Infosys ended as the top losers in the Nifty 50 index.
Among the sectoral indices, Nifty Metal soared by 3.18%, while Consumer Durables and Oil and Gas rose by 1.67% and 1.28%, respectively.
On the other hand, Nifty IT (down 1.13%) and Auto (down 1%) lost the most. Bank Nifty shed 0.18%.
Nifty 50 technical outlook
According to Sudeep Shah, the head of technical and derivatives research at SBI Securities, Nifty has an immediate support in the 23,270-23,250 zone.
Shah believes any sustainable move below this zone could extend the index’s weakness to 23,100 and 22,950 in the short term.
On the upside, the immediate resistance is in the 23,530-23,550 zone, said Shah.
Hariprasad K, a SEBI-registered research analyst and the founder of Livelong Wealth, pointed out that 23,300 continues to remain the immediate support level, followed by 23,100, where significant OI concentration is placed.
“The 23,000 psychological mark remains a crucial demand zone backed by previous swing support, making it an important base for the broader market structure, said Hariprasad. On the upside, 23,500 now acts as the immediate resistance. Beyond this, 23,800 remains a key resistance zone where high Call OI concentration continues to indicate active supply pressure in the market,” Hariprasad said.
“Momentum indicators continue to reflect underlying weakness, with RSI (14) hovering near the 40 mark on the daily timeframe, suggesting that despite today’s recovery attempts, the broader short-term trend still remains bearish unless stronger upside confirmation emerges,” said Hariprasad.
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