Indian stocks gained on Wednesday after two days of losses. The Sensex climbed over 450 points from the day’s low and the Nifty 50 traded above 22,750 on value buying at lower levels.
10:22 a.m. At IST, the Sensex was up 354.66 points or 0.49 per cent at 72,883.73 and the Nifty gained 49.5 points or 0.22 per cent to 22,765.70, as per Moneycontrol.
Analysts added that buying around key technical levels and easing volatility supported the recovery. Hitesh Tailor, technical research analyst at Choice Broking, added that the market was “attempting to stabilise after the recent decline”, while persistent foreign investor selling remained a concern.
The Nifty IT index gained 2.6 per cent while pharma and healthcare stocks remained under pressure. The bounce came after heavy selling in the last two sessions, when both benchmark indexes lost about 1.8%.
Analysts added that the Nifty has to hold above the support zone of 22,650-22,600 to keep the uptrend intact and a fall below those levels could intensify selling pressure.
