Indian equities ended marginally higher on Wednesday, September 10, shrugging off weak global cues and Brent crude hovering near $102 a barrel. Selective buying in financials and oil & gas stocks helped offset broader caution, with the market trading in a narrow range through the session as domestic buying absorbed selling pressure triggered by elevated crude prices and an uncertain global backdrop.
The NSE Nifty 50 ended at 23,477.80, up 46.30 points, or 0.20%. The BSE Sensex closed at 74,902.59, gaining 138.36 points, or 0.19%.
Broader markets, however, ended lower. The Nifty Midcap 100 declined 0.38%, while the Nifty Smallcap 100 fell 0.07%.
Among sectoral indices, Nifty Financial Services, Nifty Bank and a few other indices closed in positive territory, gaining up to 0.5%. Nifty Metal was among the laggards, falling 0.65%.
Market breadth remained positive. Of the 3,666 stocks traded on the NSE, 2,079 closed lower, while 1,466 ended higher. A total of 121 stocks remained unchanged.
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
On the technical front, the Nifty continues to trade below its key daily moving averages, keeping the near-term structure under pressure. Immediate support is placed at 23,400, followed by 23,300, while the 23,550-23,600 zone remains the first meaningful resistance. Bank Nifty recovered towards its 100-day simple moving average near 56,545 but closed marginally below it. A decisive move back above this level would improve the near-term technical picture and could pave the way for a recovery towards the 56,700-57,000 zone, said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth.
"Today's resilience is encouraging, but it does not yet confirm a trend reversal. A sustained move by the Nifty above 23,600, coupled with a Bank Nifty close above its 100-day SMA, would strengthen the case for a broader recovery. Until then, any rebound is likely to be viewed as a tactical sell-on-rise opportunity, with Brent crude's behaviour around the $102 level remaining the key external trigger for market direction," said Radhakrishnan.
This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.
