On Wednesday, fluctuations between ‘bulls’ and ‘bears’ continued in the stock market. After a sharp fall in the morning, the market witnessed a recovery in the last hours of trading. Sensex closed 117 points higher at 75,318, while Nifty closed 41 points higher at 23,659. Bank Nifty also improved, and the index closed 153 points higher at 53,562. However, smallcap stocks did not see much momentum, and the index remained mostly flat.
Metal and auto stocks strengthened the market
Today, maximum strength was seen in metal and auto shares in the market. Hindalco was the top gainer among the Nifty gainers, gaining around 3.5%. Apart from this, strong buying was also seen in Reliance Industries, Bajaj Auto and Bajaj Finserv. The auto sector saw a strong rise, with stocks like SML Isuzu, Mahindra, Popular Vehicles, Bajaj Auto and TVS Motors rising between 2% and 5%. Strong demand and positive sales projections are believed to have boosted investor confidence in auto stocks.
Strong rise in energy shares
Today’s main attraction were shares of energy and power sector. GE Vernova gained nearly 7%, while Hitachi Energy, Siemens and ABB also gained more than 4%. The demand for electricity in the country is continuously setting new records and the expenditure on transmission infrastructure is also increasing; For this reason, the interest of investors is increasing rapidly towards companies manufacturing power equipment. The market expects order inflows in this sector to remain strong in the coming period.
Huge fluctuations in shares after quarterly results
After many companies announced their quarterly results, their share prices witnessed huge fluctuations. Dishman Carbogen rose more than 12%, while Vyas Scientific and Aris Lifesciences also closed with strong gains. Karnataka Bank shares rose by about 7%. In contrast, the impact of lower profits was clearly visible in some stocks; Shares of PI Industries fell about 7%. Selling pressure was also seen in PTC India, CE Info Systems and BASF.
Profit-booking in IT stocks
After the strong rally in the last few days, mild profit-booking was seen in IT stocks today. Tech Mahindra was one of the weakest performers on the Nifty, falling nearly 2%. Market experts believe that the IT index has approached an important resistance level; As a result, some pressure may persist for a short period of time.
Pressure continues on BEL
Despite defense PSU BEL’s strong earnings results, the stock is in the red, falling about 2.5%. The market expected better margins and a stronger outlook from the company. For this reason, investors kept themselves away from profit-booking even after the release of good financial data.
Shares rising and falling in Nifty: Who topped the chart?
Today, Hindalco was at the forefront of the gaining stocks in Nifty, rising by about 3.42%. Apart from this, Reliance Industries also showed strength, rising 2.8%. From the auto sector, Bajaj Auto gained about 2.3%, while Bajaj Finserv also gained 1.55%. The reasons for buying these shares were strong momentum in the sector and better market sentiments. On the contrary, among the declining stocks in Nifty, BEL was the most under pressure, falling by about 2.36%. Profit-booking was also clearly visible in Tech Mahindra, which closed with a decline of 1.78%. Eternal showed weakness of about 1.4%, while Tata Steel fell 1.17%. The fall in these stocks was due to weak market sentiment, profit-booking and reactions to the earnings results.