The market opened on a weak note and slipped further in the early part of the session. However, it recovered smartly from the lows and finally closed the day higher by 109 points at 23,437.
Banks led the market higher, with Axis Bank, IndusInd Bank, and HDFC Bank emerging as the top Nifty contributors.
Sectorally, PSU Banks, Media, and Oil & Gas stocks were the top gainers, while Auto, Pharma, and Healthcare sectors ended the day in the red.
BSE-listed companies added nearly ₹3 lakh crore in market capitalisation, taking the total market cap to ₹415 lakh crore.
Shares of electric bus manufacturers JBM Auto Ltd. and Olectra Greentech Ltd. surged 10% today on the hopes of winning new orders. Sources told CNBC-TV18 that the government is set to launch a tender to procure 10,000 electric buses. The tenders are likely to be launched next month to procure the buses under the PM E-drive scheme.
The Indian market showed resilience, despite the global market cues being flat to negative as US tariff uncertainties persist. Positive investor sentiment was supported by better than expected data on India’s retail inflation (CPI), which eased to a six-year low of 3.34% in March against 3.61% in February. Further, the FIIs turned net buyers on Tuesday for the first time this month, with inflows exceeding ₹6,000 crore.
Looking ahead to Friday, market attention will shift to earnings reports from Infosys, Jio Financial Services, HDFC Asset Management Company, HDFC Life Insurance Company, and Tata Elxsi.
Additionally, Wipro, which released its earnings after market hours on Wednesday, will influence Thursday’s trading sentiment. The IT major missed its constant currency revenue growth guidance for the January-March quarter. It posted constant currency revenue decline of 1.2% during the March quarter on a sequential basis, whereas it had guided for growth to be between a decline of 1% and growth of 1%. For the first quarter of FY26, Wipro expects revenue to be between $2,505 million and $2,557 million, implying a revenue decline between -1.5% to -3.5%.
Investors will also be tracking the comments from the US Federal Reserve later today for insights into the status of the US economy, impact of trade tariffs and the future direction of interest rates.
“We expect continued positive momentum for Indian markets on the back of progress in US-India trade settlement as the two countries signed the terms of reference for the first part of the Bilateral Trade Agreement (BTA). However, the escalation of tariff war between US and China could induce some volatility,” said Siddhartha Khemka of Motilal Oswal.
Meanwhile, foreign investors continued to remain net buyers in the cash market on Wednesday, while domestic investors were net sellers.
What do the Nifty 50 charts indicate?
The Nifty closed higher after initial weakness in the first half of Wednesday’s trading session.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the underlying trend of the Nifty remains positive.
“Having moved above the hurdle of 200 day EMA at 23,360 levels, the Nifty could advance towards another resistance at 23,870 levels (swing high of March 25) in the near term. Immediate support is placed at 23,270 levels,” Shetti said.
On the daily chart, the index has closed above the 100-EMA for the second consecutive session, said Rupak De, Senior Technical Analyst at LKP Securities.
According to De, the support is now placed at 23,300, and a positive sentiment is likely to prevail as long as it remains above this level. “A decisive fall below 23,300 might trigger a correction towards 23,150/23,000. On the higher side, resistance is visible at 23,650.”
Here are the stocks to watch ahead of Thursday’s trading session:
– Wipro missed its constant currency revenue growth guidance for the January-March quarter. It posted constant currency revenue decline of 1.2% during the March quarter on a sequential basis, whereas it had guided for growth to be between a decline of 1% and growth of 1%. For the first quarter of FY26, Wipro expects revenue to be between $2,505 million and $2,557 million, implying a revenue decline between -1.5% to -3.5%.
– Petronet LNG appoints Saurav Mitra as Director (Finance) and CFO of the company for five years.
