Stock Market Today: Sensex Up 110 Points, Nifty Above 22,850

Stock Market Today: Sensex Up 110 Points, Nifty Above 22,850

Mumbai: The Indian stock market witnessed a modest upswing on Wednesday, with the benchmark Sensex gaining 110.32 points or 0.18% to close at 59,929.61. Similarly, the broader Nifty50 index climbed by 22.95 points or 0.1% to end the day at 22,852.25.

Gainers and Losers:

The top gainers on the Sensex were Sun Pharma Industries (+3.33%), ITC (+1.39%), Titan Company (+1.03%), and Mahindra & Mahindra (+0.91%). The major laggards included Power Grid Corporation of India (-2.11%), Tata Steel (-1.90%), and HDFC Bank (-0.75%).

On the Nifty50, the notable gainers were JSW Steel (+3.58%), Sun Pharma Industries (+3.33%), and Titan Company (+1.03%). The prominent losers were Power Grid Corporation of India (-2.11%), Maruti Suzuki (-1.15%), and HDFC Life Insurance Company (-1.08%).

Sectoral Performance:

The metal sector was the best performer, with the Nifty Metal index rising by 1.84%. Other sectors that witnessed gains included pharma (+1.31%), FMCG (+0.44%), and IT (+0.26%).

Conversely, the media sector was the biggest loser, with the Nifty Media index declining by 1.06%. Other sectors that witnessed a negative performance included PSU banks (-0.71%) and auto (-0.42%).

Global Cues:

Global cues were mixed, with the US stock market closing mostly higher overnight. The Dow Jones Industrial Average gained 170.22 points or 0.50%, while the S&P 500 index rose by 0.20%. However, the Nasdaq Composite index fell by 0.16%.

Outlook:

Analysts expect the Indian stock market to continue its positive momentum in the short term, supported by strong corporate earnings and positive global cues. However, they also caution that investors should be alert to geopolitical risks and rising inflation.