Markets reversed early losses to trade in positive territory by mid-day on Wednesday, with metal stocks leading the charge as investors awaited outcomes from the ongoing GST Council meeting.
The gained 139.35 points (0.17 per cent) to 80,297.23 at 12:30 pm, recovering from its opening decline of 105.54 points. The advanced 57.45 points (0.23 per cent) to 24,637.05, after opening marginally higher at 24,616.50 compared to Tuesday’s close of 24,579.60.
Metal stocks emerged as the session’s top performers, with surging ₹7.81 (4.93 per cent) to ₹166.20, climbing ₹34.10 (3.27 per cent) to ₹1,078.10, and advancing ₹17.95 (2.49 per cent) to ₹738.90. added ₹55.50 (1.53 per cent) to ₹3,676.10, while rose ₹10.40 (1.38 per cent) to ₹761.60.
Information technology stocks weighed on the indices, with declining ₹19.30 (1.29 per cent) to ₹1,479.40 and TCS falling ₹13.00 (0.42 per cent) to ₹3,098.50. Insurance major dropped ₹9.05 (1.16 per cent) to ₹773.70. Consumer stocks also faced pressure, with Trent slipping ₹19.00 (0.35 per cent) to ₹5,393.00 and down ₹3.80 (0.32 per cent) to ₹1,197.10.
Market breadth remained positive with 2,517 stocks advancing against 1,431 declines on the BSE, while 156 remained unchanged. A total of 105 stocks hit 52-week highs compared to 57 touching new lows. Some 208 stocks were locked in upper circuits while 130 hit lower circuits.
Sectoral performance showed mixed trends, with Nifty Next 50 gaining 409.50 points (0.61 per cent) to 67,426.95 and Nifty Midcap 100 rising 202.05 points (0.35 per cent) to 57,178.70. Banking stocks showed modest gains with Nifty Bank up 125.95 points (0.23 per cent) to 53,790.40, while Nifty Financial Services edged higher by 21.65 points (0.08 per cent) to 25,594.05.
The market’s recovery from morning lows reflected renewed buying interest in beaten-down metal stocks and cautious optimism surrounding potential GST reforms. Investors remained focused on the GST Council’s deliberations on the proposed two-slab structure, which could benefit consumption-driven sectors if implemented.
Trading volumes remained robust across key counters, with Tata Steel recording the highest turnover of ₹65,826.63 lakhs on volumes of 4.02 crore shares. Global factors including higher US bond yields and trade tensions continued to influence sentiment, though domestic fundamentals provided underlying support to the market.