Mumbai, May 21 (IANS) The Indian stock market closed in positive territory on Wednesday, with the benchmark indices showing gains despite some ups and downs during the day.
The Sensex reached an intra-day high of 82,021 but later retreated slightly to close at 81,596.63, up by 410.19 points or 0.51 per cent.
The Nifty also ended the day higher, gaining 129.55 points or 0.52 per cent to settle at 24,813.45.
“The index was caught in a tug-of-war between bulls and bears, ending the day volatile and directionless,” Sundar Kewat of Ashika Institutional Equity said.
“Meanwhile, pressure mounted on consumer durables, private banks, and media stocks, weighing on overall sentiment,” he added.
On the Nifty options front, significant ‘call OI buildup’ was noted at the 25,000 strike, while 24,700 and 24,000 held the highest open interest on the put side.
Most stocks in the Sensex performed well, led by Bajaj Finserv, Tata Steel, Tech Mahindra, Sun Pharma, and Bajaj Finance, which saw their share prices increase by up to 2.02 per cent.
On the other hand, top losers included IndusInd Bank, Kotak Mahindra Bank, Power Grid Corporation, ITC, and Ultratech Cements, with losses reaching up to 1.87 per cent.
The midcap and smallcap segments performed well too, as the Nifty Midcap100 index rose by 0.78 per cent and the Nifty Smallcap100 gained 0.38 per cent.
Sector-wise, all major indices on the NSE finished in green except for consumer durables.
Realty and pharma sectors led the gains, with the Nifty Realty index climbing 1.72 per cent and the Pharma index rising 1.25 per cent.
However, the fear index, India VIX, which measures market volatility, moved up by 0.93 per cent to 17.55 points.
“Markets exhibited a broadly positive undertone today; however, overall sentiment remained confined within a narrow range, indicating risk of “sell on rallies” strategy in the near future amid escalating uncertainty around India-US trade negotiations,” said Vinod Nair of Geojit Investments Limited.
–IANS
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