BT Closing Bell | Sensex settles 609 pts higher, Nifty above 24,150; ITC, Tech Mahindra lead index gainers

Domestic equity benchmarks BSE Sensex and NSE Nifty climbed on Wednesday, supported by gains in FMCG, auto, telecom, and realty stocks amid Q4 earnings, despite uncertainty around the US-Iran conflict.

At close, the Sensex advanced 609.45 points, or 0.79 per cent, to settle at 77,496.36, while the Nifty rose 181.95 points, or 0.76 per cent, to close at 24,177.65.

“Going ahead, the immediate resistance for Nifty is placed in the 24300-24330 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 24500, followed by 24650 in the short term," said Sudeep Shah, head of technical and derivatives research at SBI Securities.

"On the downside, the immediate support for Nifty is placed in the 24000-23970 zone, which coincides with the 20-day EMA,” Shah added.

Top gainers & losers

Among Sensex constituents, ITC emerged as the top gainer, rising 3.86% to Rs 316.20. Tech Mahindra followed with a 3.14% jump, while Maruti Suzuki, Reliance Industries, Bharti Airtel, and Mahindra & Mahindra (M&M) rose 2.82%, 2.68%, 2.30% and 2.04%, respectively.

While InterGlobe Aviation (IndiGo), NTPC and Bajaj Finserv were among the laggards on the 30-pack index, which declined up to 2.36%.

Five stocks, namely, Reliance Industries, Bharti Airtel, ITC, M&M and Larsen & Toubro (L&T), contributed largely to the Sensex’s rise.

Among sectoral indices, the BSE FMCG index surged 1.57% to end at 19,105.76, while the BSE Auto index climbed 1.02% to settle at 57,553.38. The telecommunication and realty indices closed 1.28% and 1.42% higher, respectively.

“Overall, while the market demonstrated resilience at the headline level, investor sentiment remains fragile and selectively positioned,” said Ponmudi R, CEO of Enrich Money.

“The near-term outlook continues to hinge on developments in the geopolitical landscape, trajectory of crude prices, currency stability, and the persistence—or reversal—of foreign flows,” Ponmudi added.

The market is gradually shifting from a volatility-driven phase to an earnings-led environment, said Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.
“While the recovery is encouraging, sustainability will depend on the ability to absorb supply at higher levels and maintain stability in global cues. For now, the undertone remains cautiously constructive, with selective opportunities likely to outperform within a broader consolidation framework,” Hariprasad added.