Benchmark indices recovered nearly all of their early losses by Wednesday afternoon, with the Sensex trading at 74,322.32, down just 23.85 points or 0.03 per cent, and the Nifty 50 at 23,403.55, down 2.05 points or 0.01 per cent, as of 12.40 pm — a sharp turnaround from the gap-down open that had pushed the Nifty to 23,282.45 and the Sensex to 73,935.83 at the start of trade.
The recovery marks the third consecutive session in which the market has bounced from the 23,250–23,150 support zone, a pattern analysts at SBI Securities flagged as significant. The Nifty’s Advance-Decline Ratio on the index stood at 25:25, reflecting a broadly balanced market at midday. On the BSE, 2,272 stocks advanced against 1,650 declines, with 214 unchanged. A total of 116 stocks hit 52-week highs against 48 at 52-week lows, while 141 stocks were locked in upper circuits and 134 in lower circuits.
Banking stocks continued to outperform the broader market ahead of the RBI’s monetary policy decision due on Thursday, with Bank Nifty showing relative resilience after opening near 53,978. SBI Securities noted that on the options front, meaningful call writing was seen at the 23,500 and 23,600 strikes, while the 23,400 put carried substantial open interest, with the 23,300 strike also seeing notable activity — suggesting the market is pricing in a near-term trading range. Sensex support is now seen at 74,000 with resistance at 74,800.
Among Nifty 50 gainers, Eternal led with a 3.06 per cent rise to ₹254.55, making it the session’s standout performer with over 2.53 crore shares changing hands. Coal India climbed 1.98 per cent to ₹481.65, Adani Enterprises added 1.36 per cent to ₹2,965.50, Cipla gained 1.16 per cent to ₹1,391.10 and Titan rose 1.11 per cent to ₹4,134.30.
IT stocks faced the sharpest selling pressure at midday. Infosys fell 1.86 per cent to ₹1,199.90 on heavy volumes of over 62 lakh shares worth ₹75,126 lakhs, while HCL Technologies dropped 1.21 per cent to ₹1,164.70. Trent was the biggest loser on the index, down 2.06 per cent to ₹2,779.90. Power Grid shed 0.95 per cent to ₹282.35, and Reliance Industries slipped 0.82 per cent to ₹1,302.40.
On the commodities front, MCX Gold was trading in the ₹1,56,800–₹1,56,900 range with resistance at ₹1,57,300–₹1,57,400, while MCX Silver held above ₹2,63,000 with resistance at ₹2,66,000–₹2,67,000. MCX Crude Oil opened with a gap-down and was trading in the ₹9,150–₹9,200 zone. US Oil was holding in the $94.5–$96 range. The rupee was trading near ₹95.70 against the dollar, with the near-term bias remaining cautiously in favour of the greenback.
FII outflows and elevated crude prices in the $94–$96 per barrel range continue to act as overhangs on sentiment. With the RBI policy decision due Thursday and geopolitical developments in the Middle East still unresolved, the market’s near-term direction hinges on whether the Nifty can hold above 23,300–23,320 and build toward the 23,550–23,570 resistance band in the remaining trading hours.