Sensex, Nifty rebound with gains led by pharma; market faces FII pressure
Benchmark stock market indices rebounded from last session's fall to open higher on Wednesday, with pharma and healthcare stocks helping the upward momentum on Dalal Street.The S&P BSE Sensex was up 116.72 points to 81,303.16, while the NSE Nifty gained 18 points to 24,701.90 as of 9:25 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the spike in uncertainty and risk is impacting the market rather unexpectedly.advertisement
"Yesterday's FII sell figure of Rs 10016 crores is a major reversal of their big buying in May and if this persists it has the potential to impact the market," he added.Sun Pharmaceutical Industries emerged as the top gainer in early trading on Sensex, surging by 1.54%, followed by Hindustan Unilever which gained 0.68%. HDFC Bank showed a 0.67% increase, while Nestle India and Maruti Suzuki also went up, adding 0.58% and 0.51% respectively.Eternal faced the steepest decline, dropping by 1.10%. IndusInd Bank was down by 0.88%, followed by Adani Ports and Special Economic Zone which fell by 0.83%. Kotak Mahindra Bank slipped 0.71%, while Bajaj Finance rounded out the top five losers with a decline of 0.55%.The broader indices showed some weakness while select sectors demonstrated strength. Nifty Midcap100 slipped by 0.16% and Nifty Smallcap100 declined by 0.25%. India VIX, jumped 1.86%, indicating increased volatility in the market.advertisementAmong sectoral performers, Nifty Pharma emerged as the standout gainer, surging 1.91%, followed by Nifty Healthcare Index which rose by 1.57%.Other sectors trading in positive territory included Nifty Realty advancing 0.61%, Nifty Auto gaining 0.46%, Nifty FMCG up by 0.42%, Nifty Metal adding 0.07%, and Nifty Private Bank with a modest increase of 0.01%.On the downside, Nifty Consumer Durables faced the steepest decline of 0.79%, while Nifty Oil & Gas dropped by 0.31%. Nifty IT decreased by 0.10%, Nifty Media fell 0.17%, Nifty PSU Bank slipped by 0.05%, and Nifty Financial Services showed marginal weakness with a 0.02% decline.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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