The Indian stock market staged a smart recovery that left the indices largely in the green. The Sensex climbed 34 points to reach 69,584, while the Nifty 50 rose by 26 points, settling at 20,932.
However, the banking sector witnessed a dip as the Nifty Bank fell by 5 points, closing at 47,092. On the flip side, the Midcap Index experienced a significant surge, rising by 391 points and concluding the day at 44,947.
The top gainers on the Nifty 50 were NTPC, Hero MotoCorp, Power Grid Corporation, Eicher Motors and M&M. The losers were TCS, Infosys, Bajaj Finserv, HDFC Life and Axis Bank.
With respect to the sectoral indices, Nifty Auto, Nifty Power, Nifty Pharma, Nifty Capital goods and Nifty Realty closed up 1% each, while Nifty Information Technology index closed down 1%.
The cautious sentiment among investors, particularly in the Information Technology (IT) sector, weighed on the market. Investors held back, awaiting the Federal Open Market Committee (FOMC) decision.
Amidst the market fluctuations, REC and PFC emerged as the top midcap gainers, hitting record highs with an impressive rise of up to 9%.
In other market highlights, Mahindra & Mahindra (M&M) closed 2% higher, fueled by its announcement to invest ₹525 crore in Classic Legends.
PI Industries experienced a dip in the red, but recovered from its lows after retaining the FY24 growth guidance. Meanwhile, Axis Bank ended more than 1% lower following the exchange of 3.09 crore shares via block deals.
GMR Airports witnessed a substantial surge of 5%, reaching multi-year highs with healthy trading volumes.
The realty sector had a standout day, with Nifty Realty hitting a record high and Prestige Estates gaining nearly 6%.
Aviation giant IndiGo also soared to new heights, achieving a record intra-day high and closing nearly 2% higher.
A positive brokerage note lifted NMDC, resulting in a 4% higher closing for the stock.
(Will be updated)
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