Stock market regains footing, ends with gains despite midweek challenges

Business Wednesday 27/September/2023 15:59 PM
Stock market regains footing, ends with gains despite midweek challenges

Mumbai: In a turnaround performance, the Indian stock market bounced back from a challenging start to the week, closing in the green on Wednesday.

The Sensex, representing the top 30 companies on the Bombay Stock Exchange (BSE), surged by 173.22 points, concluding the trading session at 66,118.69. Similarly, the Nifty, which comprises the top 50 companies on the National Stock Exchange (NSE), saw a gain of 51.75 points, settling at 19,716.45.

The market dynamics revealed that among the Nifty-listed companies, 33 witnessed advances, while 17 experienced declines as the closing bell rang on Wednesday.

The top gainers in the Nifty included prominent firms like Larsen & Toubro (LT), Coal India, ITC, Cipla, and L&T Infotech (LITMindtree), reflecting positive sentiment in these stocks.
On the other end of the spectrum, some notable firms faced losses at the time of market closing. Titan, Grasim, Hero Motocorp, SBI India, and ICICI Bank were among the top losers during the trading session.

Varun Aggarwal, founder and managing director, Profit Idea, said, “Nifty closed positive today. Decoupled in comparison to international market. As we stated in morning as well, Indian Market looks good in spite of global tensions”.

“Reliance, L&T, ITC led the rally today. Nifty hit a low of 19,554 and respected important levels for bulls at 19,517. OI data strong support at 19,500 and bulls managed to ensure nifty closed in positive. If today’s low is repeated, upside target remains intact at 20466-21234-21410. Outlook and bias is positive, remains invested till Nifty is above 19,500 levels.”, added Aggarwal.

The stock market's resilience and ability to recover after a sluggish start demonstrate the underlying volatility and unpredictability that investors continue to navigate.