Closing Bell: Sensex surges over 1,260 pts, Nifty above 24,200 — IT, metals, banks power broad-based rally

Indian equity markets closed sharply higher on Wednesday, supported by strong buying across large-cap, mid-cap, and small-cap segments. The rally was broad-based, with all major sectoral indices ending in the green.

The Sensex jumped 1,263.67 points, or 1.64 per cent, to close at 78,111.24. The Nifty 50 rose 1.63 per cent to close at 24,231.30.

Sensex heavyweights see strong gains

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Most Sensex constituents ended higher, led by strong gains in IT, infrastructure and consumption stocks. IndiGo rose 4.20 per cent, Eternal 4.06 per cent, Power Grid 3.90 per cent, TCS 3.21 per cent, Tech Mahindra 3.19 per cent, Larsen & Toubro 3.08 per cent, and Asian Paints 2.94 per cent.

Adani Ports gained 2.83 per cent, Sun Pharma 2.60 per cent, Kotak Bank 2.59 per cent, and Trent 2.44 per cent. Bajaj Finserv rose 2.14 per cent.

Reliance Industries climbed 2.10 per cent, while Infosys and Ultratech Cement both gained 2.06 per cent. HDFC Bank rose 2.01 per cent.

Titan advanced 1.99 per cent, Maruti Suzuki 1.65 per cent, Bajaj Finance 1.54 per cent, and NTPC 1.51 per cent.

HCL Technologies rose 1.31 per cent, Bharat Electronics 1.31 per cent, ITC 1.21 per cent, Hindustan Unilever 1.20 per cent, and Mahindra & Mahindra 1.19 per cent.

Among laggards, Axis Bank slipped 0.13 per cent, ICICI Bank fell 0.26 per cent, and Bharti Airtel declined 0.64 per cent.

Broader markets outperform

Broader markets outperformed benchmark indices, with strong gains across midcap and smallcap segments. The Nifty Next 50 gained 2.15 per cent, while the Nifty 100 advanced 1.72 per cent. The Nifty 200 rose 1.81 per cent, and the Nifty 500 climbed 1.88 per cent.

Midcap indices witnessed strong buying, with the Nifty Midcap 50 rising 2.29 per cent and the Nifty Midcap 100 gaining 2.20 per cent. The Nifty Midcap Select index also advanced 2.13 per cent.

Smallcap indices outperformed, with the Nifty Smallcap 50 rising 2.38 per cent, Nifty Smallcap 100 up 2.35 per cent and Nifty Smallcap 250 gaining 2.32 per cent. The Nifty Microcap 250 surged 2.54 per cent.

Sectoral indices rally across the board

Sectoral indices ended higher, reflecting broad-based buying across the market. The Nifty IT index surged 2.84 per cent, while the Nifty Realty rose 2.56 per cent. Nifty Financial Services gained 1.53 per cent, and Nifty Auto also rose 1.53 per cent. Nifty FMCG climbed 1.51 per cent.

The Nifty Bank index gained 1.25 per cent, while PSU Bank rose 1.13 per cent and the Private Bank index advanced 1.23 per cent.

Among other sectors, Nifty Metal rose 1.77 per cent, Nifty Pharma gained 1.52 per cent, and Nifty Healthcare advanced 1.90 per cent. Nifty Oil and Gas climbed 2.16 per cent, and Nifty Chemicals rose 2.05 per cent.

Consumer durables emerged among the top performers, with gains of 2.91 per cent. Media and other financial-linked indices also closed higher with gains between 1 per cent and 2 per cent.

Nifty 24,200 key level: Anil Singhvi

Market expert Anil Singhvi said the 24,200 level on the Nifty is a crucial make-or-break zone for traders amid volatile conditions. He said global cues remained mixed, with US futures trading flat and European markets also showing a mixed trend. Brent crude was seen trading around the $95 per barrel mark.

Singhvi said options data showed strong open interest on both call and put sides at the 24,200 level, making it an important “tussle point” for the market.

“Nifty 24,200 is a make-or-break level. If the index sustains above this level till the close, it can move towards 24,250–24,300. If it slips below 24,200, then 24,000–24,075 will act as strong support,” Singhvi said.

He added that buying should be considered on dips near 24,000–24,075 levels, while a sustained close above 24,300 could open further upside momentum. On Bank Nifty, he said 56,000 is a key support level, while 56,500 and 56,800 are important resistance zones.

“If Bank Nifty comes near 56,000, buying should be considered. A close above 56,500 will also be a buying opportunity,” he said. He advised traders to maintain strict stop-loss discipline and avoid emotional trading in volatile markets.