Markets continued their upward trajectory midday Wednesday, with the Sensex climbing 666.18 points to 73,656.11, reflecting a 0.91 per cent gain amid complex global economic conditions.
Adani Ports emerged as the top performer on the National Stock Exchange (NSE), surging 5.00 per cent with a trading volume of 27,63,648 shares. Power Grid and Mahindra & Mahindra also showed strong performance, rising 4.43 per cent and 4.41 per cent respectively, indicating resilience in infrastructure and automotive sectors.
The market’s momentum comes despite ongoing global trade tensions triggered by recent tariff increases on Canada, Mexico, and China. Foreign institutional investors (FIIs) withdrew ₹3,405 crore, but domestic institutional investors (DIIs) counterbalanced this with ₹4,851 crore in investments.
Sectoral performances varied, with IT and metal stocks driving gains while financial stocks encountered challenges. The Nifty Bank index marginally increased by 0.45 per cent, and the Nifty Financial Services index saw a modest 0.13 per cent uptick.
However, some key financial stocks experienced downward pressure. Bajaj Finance led the losers, declining 2.86 per cent, followed by HDFC Bank with a 0.92 per cent drop. IndusInd Bank and Grasim also registered minor losses.
Market breadth remained positive, with 3,156 advances against 758 declines on the BSE. Notably, 49 stocks touched 52-week highs, while 181 hit 52-week lows. Circuit breakers were active, with 315 stocks in the upper circuit and 182 in the lower circuit.
The Nifty Next 50 index showed robust growth at 2.38 per cent, while the Nifty Midcap Select index surged 2.91 per cent, indicating broader market participation beyond large-cap stocks.
Analysts suggest maintaining cautious optimism, with key support levels for the Nifty at 22,000 and resistance around 22,300.
As trading continues, investors are closely monitoring global economic indicators and potential market-moving developments.
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