New Delhi, February 4: The Indian stock market closed on a positive note during Wednesday’s trading session. There was notable buying in consumer, oil and gas, and energy stocks.
At the end of the day, the Sensex rose by 78.56 points, or 0.09%, closing at 83,817.69. Meanwhile, the Nifty gained 48.45 points, or 0.19%, finishing at 25,776.00.
Among the major indices, Nifty Consumer Durables increased by 2.66%, Nifty Oil and Gas by 2.08%, Nifty Energy by 2%, Nifty Commodities by 1.90%, Nifty PSU by 1.60%, Nifty Infra by 1.57%, and Nifty Consumption by 1.41%.
Conversely, Nifty IT fell by 5.87%, Nifty India Defense by 0.77%, Nifty Services by 0.42%, and Nifty Pharma by 0.34%.
Midcap and small-cap stocks outperformed large-cap stocks. The Nifty Midcap 100 index rose by 376.50 points, or 0.63%, closing at 59,683.60, while the Nifty Smallcap 100 index gained 216.15 points, or 1.27%, ending at 17,205.10.
In the Sensex pack, gainers included Eternal, Trent, NTPC, Adani Ports, Power Grid, Maruti Suzuki, Titan, UltraTech Cement, Bharti Airtel, ICICI Bank, M&M, L&T, Tata Steel, ITC, and HDFC Bank. Losers included Infosys, TCS, HCL Tech, Tech Mahindra, Axis Bank, and Kotak Mahindra Bank.
Sudeep Shah, head of Technical and Derivatives Research at SBI Securities, noted that the Nifty started weak and remained within a limited range throughout the session. However, it closed with a gain of 0.19% at 25,776.
He further mentioned that there was significant selling pressure in Nifty IT, attributed to the launch of a legal tool by U.S. AI company Anthropic for its cloud AI chatbot, which could intensify competition in the software segment.
Shah indicated that the resistance zone for Nifty could be between 25,950 and 26,000. In the event of a breakout, it may reach up to 26,200. Conversely, in a downturn, the support zone could be between 25,600 and 25,550.
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