Sensex Rebounds Over 300 Points, Nifty Crosses 23,500 Amid Broad-Based Market Recovery
New Delhi, May 13: Indian stock markets recovered strongly in Wednesday’s trading session after a volatile opening, with benchmark indices rebounding on the back of buying in metal, banking, FMCG and mid-cap stocks.
At around 12:05 pm, the BSE Sensex climbed 333 points or 0.45 per cent to trade at 74,892, while the NSE Nifty 50 gained 133 points or 0.51 per cent to reclaim the 23,500 mark at 23,517.
Broader market indices also witnessed strong momentum. The Nifty Midcap 100 advanced 1.21 per cent, Smallcap 100 rose 0.78 per cent and Microcap 250 gained 1.21 per cent, reflecting improving investor sentiment despite ongoing global uncertainties.
Metal stocks emerged as the top performers during the session. The Nifty Metal index surged 2.86 per cent, supported by gains in Tata Steel and other metal companies amid optimism surrounding domestic infrastructure demand and value buying after recent market corrections.
Banking and financial stocks also contributed significantly to the rally. The Nifty Bank index rose 0.78 per cent, while private banking shares moved higher with buying interest in HDFC Bank, Kotak Mahindra Bank and Axis Bank.
Consumer-focused sectors remained positive as well. The FMCG index climbed 0.83 per cent and the Consumer Durables index gained 1.42 per cent, led by a nearly 5 per cent jump in Asian Paints shares.
Other sectors including oil & gas, chemicals, cement and financial services traded in positive territory, indicating broad participation across the market.
However, IT stocks continued to remain under pressure. The Nifty IT index slipped 0.49 per cent due to concerns over global technology spending and continued foreign institutional investor selling in export-oriented tech companies.
Among Sensex constituents, Asian Paints was the top gainer, followed by Adani Ports, Tata Steel, BEL and Kotak Mahindra Bank. On the other hand, Power Grid, Mahindra & Mahindra, NTPC and TCS traded lower.
Market volatility, though slightly eased, remained elevated. India VIX, often referred to as the market’s fear gauge, stayed near 19.45, reflecting cautious sentiment amid geopolitical tensions in West Asia, rising crude oil prices and pressure on the Indian rupee.
Analysts believe the sharp rebound from early losses indicates selective buying in fundamentally strong sectors after recent heavy selling. However, market direction in the near term is expected to depend on global cues, crude oil prices, foreign investment flows and currency movements.
