Benchmark equity indices reversed early losses to trade higher on Wednesday, driven by gains in IT, FMCG, and metal stocks. After falling 146 points to 81,497.75 in early trade, the Sensex rebounded over 350 points to reach 81,847.11. The Nifty also recovered, crossing the 25,000 mark after dipping to 24,933.15. Key gainers included Infosys, TCS, Wipro, HUL, and ETERNAL, rising up to 4% intraday.
Market sentiment was boosted by strong buying in IT stocks ahead of the US Fed’s Jackson Hole symposium, and optimism around Fed Chair Powell’s upcoming speech. FMCG shares extended gains following Prime Minister Modi’s announcement of GST reforms. Improving India-China ties also supported sentiment, with China easing export curbs on key goods. Additionally, the rupee strengthened past 87, and easing geopolitical tensions—such as a Gaza truce and Ukraine peace push—further aided the rally.
Technically, as long as Nifty holds above 24,850, a buy-on-dips strategy is preferred with resistance seen near 25,200.
