Noida, July 15 (APAC Media): Indian benchmark equity indices Sensex and Nifty closed modestly higher on Wednesday, supported by buying in banking, auto, and cement stocks, while weakness in IT and metal counters capped the upside.
The BSE Sensex advanced 130 points to settle at 77,185, while the NSE Nifty 50 gained 26 points to close at 24,079, extending its hold above the psychologically important 24,000 level.
Market breadth remained positive, with advancing stocks outnumbering declines.
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The broader market outperformed the benchmarks. The Nifty Bank index rose 0.5% to 57,758, while the Nifty Midcap index climbed 177 points to 62,943. Cement stocks attracted strong buying after encouraging June-quarter business updates, with UltraTech Cement emerging as one of the top gainers.
“Banking and auto stocks provided stability to the market, while encouraging quarterly updates from cement companies supported buying in the sector.
However, persistent weakness in IT and metal stocks restricted the overall gains,” said a market analyst.
Among Sensex constituents, UltraTech Cement led the gainers, rising 2.57%, followed by Eternal (2.12%), Bajaj Finance (1.84%), IndiGo (1.66%), and State Bank of India (1.63%).
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Axis Bank, Asian Paints, and ICICI Bank also traded firmly, gaining between 1.2% and 1.4%. Other stocks ending in positive territory included HDFC Bank, Reliance Industries, Sun Pharma, ITC, Adani Ports, Kotak Mahindra Bank, HCLTech, Titan, Bajaj Finserv, BEL, Mahindra & Mahindra, Bharti Airtel, Maruti Suzuki, Trent, and Tata Steel, posting gains of up to 1.05%.
On the downside, Infosys was the biggest Sensex loser, falling 1.24%, followed by Power Grid Corporation, down 1.08%. TCS declined 0.58%, while Hindustan Unilever and Larsen & Toubro lost 0.49% and 0.34%, respectively. Tech Mahindra and NTPC also ended marginally lower.
The Indian rupee closed largely unchanged at 96.255 against the U.S. dollar, compared with 96.20 in the previous session.
Meanwhile, crude oil prices remained in focus. Brent crude rose 1.29% to $85.82 a barrel, while WTI crude gained 1.05% to $80.17 per barrel amid renewed geopolitical tensions in the Middle East.
“Rising crude oil prices have emerged as a key concern for Indian equities. Since India imports over 85% of its crude oil requirement, sustained strength in oil prices could increase the import bill, fuel inflationary pressures, and weigh on corporate margins,” the analyst said.
Analysts said renewed tensions in the Middle East heightened concerns over possible supply disruptions through the Strait of Hormuz, prompting a rise in crude prices and tempering investor sentiment.
Despite concerns over higher energy costs and weakness in select heavyweight technology stocks, buying in financials, autos, and cement shares helped benchmark indices end the session with modest gains.
–ENDS–
Disclaimer:Â This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
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