NIFTY50 and SENSEX recover from day’s low, Broader markets outperform as Nifty Smallcap gains over 1%

The Indian equity benchmark indices opened on a weak note on Wednesday, however, indices managed to recover from the day’s low as the session progressed. By midday, the NIFTY50 index had bounced back by over 100 points from its intraday low, trading at 24,448 with a modest decline of 0.08%. Likewise, the SENSEX managed to pare its losses, moving above the 80,250 mark. However, the Nifty Bank index experienced a decline of 340 points, slipping below the 52,000 level. The India VIX index has jumped over 5%, pushing past the 15 mark, reflecting a rise in market volatility.

While the NIFTY50 index has recovered from its intraday lows, it remains below the prior trading session’s high of 24,484.50. The 24,485-24,500 zone is likely to act as an immediate resistance for the index. Meanwhile, despite a sharp drop, the Nifty Bank is holding above its 20-DMA.

On the sectoral front, most indices traded in positive territory, led by gains in Nifty Media (+1.86%) and Nifty Realty (+1.1%). On the flipside, Nifty Financial Services (-0.93%) and Nifty Pharma (-0.74%), were the major decliners. Broader markets displayed solid performance, with the Nifty Smallcap 100 and Nifty Midcap 100 indices up by 0.80% and 1.08%, respectively. The broader market indices outperformed the frontline indices, resulting in strong market breadth: 1,941 stock advanced, while only 398 declined.