Sensex up 152 pts, Nifty holds 24,500; Grasim, Shriram Finance lead gains

Indian equity benchmarks closed in the green on Wednesday, with the Sensex ending higher by 152 points and the Nifty settling comfortably above the 24,500 mark. The day's trading saw selective buying in heavyweight stocks, even as broader sentiment remained cautious.

The 30-share BSE Sensex finished at 80,452.31, up 152.42 points or 0.19 per cent. The broader NSE Nifty advanced 48.20 points or 0.20 per cent to close at 24,512.85. Market breadth was slightly positive, with advances outpacing declines on both exchanges.

Grasim, Shriram Finance lead the pack

Grasim Industries emerged as the top gainer on the Nifty, rising over 3 per cent, followed closely by Shriram Finance, which gained nearly 2.5 per cent. Both stocks saw robust buying interest, helping lift the overall index.

Other notable gainers included Hindalco, Tata Steel, and Adani Ports, which added between 1.5 per cent and 2 per cent. On the flip side, IT and pharma stocks witnessed some profit booking, with Infosys, HCL Tech, and Sun Pharma ending in the red.

Sectoral trends

Metal and public sector banking stocks were the standout performers of the day. The Nifty Metal index jumped 1.8 per cent, while PSU bank stocks gained over 1 per cent. Auto and FMCG indices also closed in positive territory, though gains were modest.

Meanwhile, the IT index slipped 0.6 per cent, dragged by concerns over global tech spending. Realty and healthcare indices also ended marginally lower, reflecting selective buying rather than broad-based strength.

Broader market and global cues

The broader indices outperformed the benchmarks, with the BSE Midcap and Smallcap indices gaining 0.4 per cent and 0.5 per cent respectively. Analysts noted that domestic investors appeared to be focusing on value picks amid mixed signals from global markets.

Asian shares had a lackluster session earlier in the day, with Japan's Nikkei and China's Shanghai Composite moving in a narrow range. European markets opened on a cautious note, with investors awaiting fresh cues on interest rates and corporate earnings.

What traders are watching

Market participants are now keeping a close eye on the upcoming US inflation data and the trajectory of crude oil prices, both of which could influence near-term direction. Domestic institutional flows have remained supportive, though foreign investors have been net sellers in recent sessions.

On the technical front, analysts see the Nifty holding key support at the 24,300 level, with immediate resistance placed around 24,700. A sustained close above that could open the door for further upside.

Next session will likely hinge on global cues and any fresh triggers from the corporate earnings season. Traders are also watching the rupee's movement against the dollar, which has stayed in a tight band.