Indian equity markets traded within a narrow range on Wednesday as investors assessed corporate earnings and developments around the US midterm elections. After fluctuating through the day, the benchmark indices closed higher.
The BSE Sensex settled at 77,301, climbing close to 400 points, while the NSE Nifty 50 ended above 23,950, rising 150 points.
FMCG Stocks Lead; IT Remains the Weakest Sector
Max Healthcare Institute, State Bank of India (SBI) and ITC featured among the leading Nifty 50 gainers during the session. The Nifty FMCG index advanced around 1 per cent, making it the best-performing sectoral index.
IT stocks, however, came under pressure, with the Nifty IT index registering the sharpest decline among sectoral indices. Buying was more evident in mid- and small-cap shares, as the Nifty MidCap 100 rose 0.65 per cent and the Nifty SmallCap 100 gained 0.67 per cent.
Global Markets and Crude Oil in Focus
Investors also tracked global cues as markets assessed the US midterm election results and the possibility of increased regulatory scrutiny, particularly for technology companies.
The previous US session was mixed: the S&P 500 rose 0.37 per cent and the Nasdaq Composite gained 0.83 per cent, while the Dow Jones Industrial Average slipped 0.38 per cent. Asian markets were largely lower, with Japan’s Nikkei and South Korea’s Kospi recording declines.
Brent crude remained above $100 per barrel, although prices eased amid hopes of a possible resolution to conflicts involving the US and Iran, as well as Russia and Ukraine. Oil prices remain an important consideration for Indian equities given the country’s reliance on crude imports.
Earnings Keep Stocks in Focus
Among market-related companies, the National Stock Exchange (NSE) reported a 23 per cent year-on-year rise in consolidated Q2 FY27 profit to Rs 2,578 crore, with revenue increasing 9 per cent.
In a separate regulatory development, SEBI imposed penalties totalling Rs 40 lakh on four entities, including Woodstock Broking and Marfatia Stock Broking, in a front-running case involving trades between April 2021 and March 2022.
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