Indian stock markets closed slightly higher on Wednesday after a highly volatile trading session, as gains in metal and oil & gas stocks helped offset weakness in IT, banking and auto shares. Investors also remained cautious due to global geopolitical concerns and the upcoming US-China meeting.
The BSE Sensex ended 49.74 points, or 0.07 per cent, higher at 74,608.98. During the day, the index witnessed sharp swings, touching a low of 74,134.48 and a high of 75,191.57.
The NSE Nifty closed 33.05 points, or 0.14 per cent, higher at 23,412.60. The index moved between 23,262.55 and 23,582.95 during intra-day trade.
Metal Stocks Support Market
Metal shares emerged as the biggest support for the market. Tata Steel, Asian Paints and Adani Enterprises were among the top gainers in the Nifty pack. The Nifty Metal index ended among the top-performing sectoral indices.
Oil and gas stocks, along with consumer durable shares, also saw buying interest during the session. Broader markets performed better than frontline indices, with the Nifty MidCap index rising 0.77 per cent and the Nifty SmallCap index gaining 0.31 per cent.
However, weakness in IT, banking, media and auto stocks limited the market’s upside. The Nifty IT and Nifty Bank indices closed lower as investors stayed cautious.
Global Cues Keep Investors Alert
Market sentiment remained sensitive to global developments. Investors closely tracked the scheduled meeting between US President Donald Trump and Chinese President Xi Jinping, where trade-related discussions are expected.
At the same time, concerns over rising tensions in West Asia and the US stance on Iran continued to impact investor confidence globally.
Analysts said the Nifty’s immediate support remains around 23,300, while 23,500 is likely to act as the near-term resistance level after the index failed to hold above that mark during the session.
Experts believe markets will continue to react to global trade talks, crude oil prices and geopolitical developments in the coming sessions.