The Indian stock market on Wednesday continued its upward trend for the second consecutive session, with both the Sensex and Nifty closing in the green.&nbsp;
The Sensex gained 631.55 points, or 0.83%, to settle at 76,532.96 after touching an intra-day high of 76,589.93.
Following a similar trend, the Nifty surged 205.85 points, or 0.90%, to close at 23,163.10. However, during the session, the index moved between 23,181.35 and 22,976.50.
On Nifty, 42 stocks ended in gains as the investors&rsquo; sentiment remained strong throughout the trading day.&nbsp;
According to Rupak De from LKP Securities, the Nifty shrugged off two days of weakness. &ldquo;On the lower end, 23,000 is likely to act as immediate support, and a fall below this level might trigger panic in the market. However, above 23,200, the Nifty could gather more strength,&rdquo; he noted.
Shriram Finance, Bharat Electronics, Tata Motors, SBI Life, and Trent emerged as the top gainers on the NSE with rising up to 3.98%.
On the other hand, Bharti Airtel, ITC Hotels, Maruti Suzuki, Britannia, and Asian Paints were among the eight stocks that declined, with losses extending up to 3.53%.&nbsp;
Adani Ports was among the top gainers on BSE Sensex. Syrma SGS technology Limited led the gains by touching an upper circuit of 20%.
Broader markets outperformed the benchmark indices, with smallcap stocks leading the rally. The Nifty Smallcap100 index jumped 3.32%, while the Nifty Midcap100 gained 2.31%.
Sectoral performance was largely positive, with all sectoral indices except FMCG closing with gains.
The Nifty IT index saw a strong rise of 2.62%, driven by stocks like Persistent Systems and LTIMindtree.
Other sectors, including Auto, Healthcare, Financial Services, Realty, and Banking, also witnessed gains of up to 2.91%.&nbsp;
India VIX index which indicate volatility in the market was increased slightlyby 2.44% to 18.64 points.&nbsp;
&ldquo;The overall setup suggests a cautious yet optimistic outlook, with sustained strength above resistance levels required for a decisive breakout,&rdquo; said experts.
Gold remained flat, trading around $2,760 in Comex and ₹80,450 in MCX, as market participants awaited the US Federal Reserve&rsquo;s policy decision.
&mdash;IANS

Small cap index jump to 3.32%  —File Photo

Nifty surged to 205.85 points & closes at 23,163.10 while sensex rise to 631.55 points & closes at  76,532.96

Stock Market Extend Gains for the 2nd Consecutive Day

Nifty surged to 205.85 points & closes at 23,163.10 while sensex rise to 631.55 points & closes at 76,532.96

January 29, 2025 | 17:14 IST