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Share Market Highlights: After the previous day’s fall amid West Asia tensions, the Indian stock market closed in the green on Wednesday, the third trading day of the week. However, major benchmarks fell sharply from the day’s highs as investors booked profits at higher levels.

At the time of market closing, the 30-share BSE Sensex rose by 609.45 points or 0.79 percent to reach 77,496.36, while the NSE Nifty50 was seen trading at 24,177.65 with a rise of 181.95 (0.76 percent) points.

Reason for rise in stock market

During the day’s trading, Sensex opened at 77,245.83 and made an intra-day high of 77,982.51 and an intra-day low of 77,136.20. While Nifty50 opened at 24,096.90 and made an intra-day high of 24,334.70 and an intra-day low of 24,059.95. The day started with sluggishness, but due to strong surge in automobile and stock market, the market gained momentum in early trade. However, the market could not maintain this momentum as the session progressed and lost most of its gains.

Situation of sectoral index

A mixed trend was also seen in the broader markets. Nifty Midcap closed 0.07 per cent lower, while Nifty Smallcap ended the trade with a gain of 0.65 per cent. Sector wise, Nifty FMCG recorded a rise of 1.75 percent, Nifty Realty recorded a rise of 1.48 percent and Nifty Auto recorded a rise of 1.15 percent. Apart from this, Nifty I gained 0.99 per cent, Nifty Oil & Gas gained 0.71 per cent, Nifty Metal gained 0.50 per cent, while Nifty Media, Nifty Financial Services and Nifty PSU Bank closed with weakness.

Nifty 50 pack includes ITC, Tech Mahindra, Coal India, Maruti, Bharti AirtelTata Consumer, M&M and Eicher Motors were the biggest gainers and were among the top gainers, while shares of Indigo, Dr Reddy’s Laboratories, NTPC, Bajaj Finserv and ICICI Bank were among the top losers.

What is the expert’s opinion?

A market expert said that from a technical point of view, on the upside for Nifty, 24,200 remains the first resistance. On the other hand, breaking the support levels of 24,000-24,100 may cause the market to fall further, with 23,900 being the next support level. According to analysts, the domestic stock markets may have closed with gains, but rising prices of crude oil And geopolitical developments will continue to pose risks in the near term, which could limit further upside in the markets.