Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50, ended slightly higher on Wednesday, 20 May, with Reliance shares contributing the most to their gains.
The Sensex ended with a gain of 118 points, or 0.16%, at 75,318.39, while the Nifty 50 settled at 23,659, up 41 points, or 0.17%.
The BSE 150 Midcap index rose by 0.51%, outperforming the benchmark, while the BSE 250 Smallcap index inched up by 0.09%.
Investors earned more than ₹1 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to over ₹461 lakh crore from ₹459.65 lakh crore in the previous session.
The benchmark indices were led higher by shares of Reliance Industries, which rose 3% and contributed the most to the gains in the market.
Bajaj Finserv, Trent, IndiGo, and Axis Bank also ended higher in the Sensex index.
On the flip side, BEL, Tech Mahindra, Eternal, and Tata Steel ended as the top losers in the index.
Among the sectoral indices, Bank Nifty rose 0.29%, while the PSU Bank and Private Bank indices climbed by 0.43% and 0.25%, respectively.
Nifty Oil and Gas and Auto jumped 1.59% and 0.84%, respectively. On the other hand, Nifty Media fell by 1.45%, while FMCG declined by 0.71%. IT also ended with a loss of 0.42%.
“Markets recovered from intraday lows, supported by selective buying in large-cap stocks across autos, financials, and oil and gas. Autos and financials gained on relatively better Q4 earnings, while recent fuel price hikes supported sentiment for OMCs and refiners. Realty stocks also witnessed value buying after the recent correction,” Vinod Nair, Head of Research, Geojit Investments, noted.
Meanwhile, crude oil prices declined 2%, dragging Brent Crude to below $110 per barrel. The Indian rupee dropped 13 paise to settle at 96.83 per dollar.
“Markets are now awaiting the US Fed’s April policy minutes for further direction on the interest rate outlook. Overall, the broader trend remains range-bound with a negative bias, with sector and stock-specific opportunities likely to dominate,” said Nair.
Nifty 50 technical outlook
According to Shrikant Chouhan, the head of equity research at Kotak Securities, the short-term market texture is non-directional, which may continue in the near future.
Chouhan believes 24,500 and 24,400 would act as immediate support zones for the Nifty 50, while 23,800-23,850 could be the key resistance areas.
“On the higher side, post-23,850, the market could move up to 23,950-24,000, while a failure to hold 23,400 could push the market to 23,250-23,200. As the intraday market texture is non-directional, level-based trading would be the ideal strategy for day traders,” said Chouhan.
Sudeep Shah, the head of technical and derivatives research at SBI Securities, said immediate support for Nifty is placed in the 23,500-23,450 zone.
“Any sustainable move below this zone could result in Nifty extending its weakness towards 23,300, followed by 23,150 in the short term. On the upside, the immediate resistance for Nifty is placed in the 23,800-23,850 zone, which coincides with the 20-day EMA,” said Shah.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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