Sensex ends 152 pts higher, Nifty holds 24,600; Shriram Finance leads gains

Indian benchmark indices ended Wednesday's session on a firm note, with the Sensex closing 152 points higher and the Nifty managing to hold the 24,600 level. The market's resilience came amid mixed cues from global peers and as investors tracked fresh developments in select heavyweight stocks.

The 30-share BSE Sensex settled at 80,742.15, up 152.33 points or 0.19 per cent. The broader NSE Nifty 50 closed at 24,612.35, up 48.70 points or 0.20 per cent. The session saw moderate volatility, with indices oscillating between gains and losses before finding support in the final hour of trade.

Shriram Finance leads the charge

Shriram Finance emerged as the standout performer of the day, surging nearly 4 per cent to close at Rs 3,245. The non-banking financial company's strong showing boosted sentiment in the financial services space, with investors betting on continued credit growth and improving asset quality.

Banking stocks broadly supported the market, with private lenders and PSU banks both trading in positive territory. The Nifty Bank index rose 0.4 per cent, aided by gains in HDFC Bank, ICICI Bank and State Bank of India.

Sectoral trends and movers

Besides financials, auto and metal stocks also contributed to the upside. Maruti Suzuki, Tata Steel and Hindalco were among the notable gainers on the Sensex. On the flip side, IT stocks came under mild pressure, with Infosys and TCS ending in the red as investors booked profits after a recent run-up.

The broader market showed mixed breadth, with about 1,850 stocks advancing against 1,720 declining on the BSE. Midcap and smallcap indices outperformed their largecap counterparts, suggesting continued interest in domestic-oriented stories.

Global cues and rupee movement

Overseas, Asian markets traded mixed, with Japan's Nikkei slipping while China's Shanghai Composite edged up. European indices opened on a cautious note as investors awaited clarity on interest rate trajectories in the US and Europe.

The Indian rupee held steady at 83.62 against the US dollar, reflecting balanced demand for the greenback from importers and foreign portfolio flows. FIIs have remained net buyers in recent sessions, though their pace has moderated.

What analysts are watching

Market participants are closely tracking the upcoming earnings season for cues on corporate profitability. With the monsoon progressing well and core sector output showing resilience, domestic macros remain supportive.

Technical analysts note that the Nifty has formed a higher bottom on the daily chart, with immediate support at 24,400 and resistance near 24,800. A breakout above this range could trigger fresh buying interest, they say.

Going ahead, investors will watch for fresh triggers from global central bank commentary and domestic macroeconomic data. The market's ability to sustain above the 24,600 mark will be key in determining near-term direction.