Mumbai, May 20 (IANS) Indian benchmark equity indices recovered all intra-day losses in the final hour of trade to end Wednesday’s session on a positive note, supported by gains in oil & gas and auto stocks.

The Nifty closed at 23,659, up 41 points, or 0.17 per cent. During the session, the index touched an intra-day high of 23,690.90 and a low of 23,397.30.

The Sensex also ended near the day’s high at 75,318.39, gaining 117.54 points, or 0.16 per cent.

The 30-share index had fallen sharply during intra-day trade to touch a low of 74,529.41 before recovering strongly to hit a high of 75,406.18.

Commenting on Nifty technical outlook, experts said that fresh supply pressure emerged near higher levels, keeping the 23,700–23,800 zone as a key near-term resistance area.

“A sustained breakout above 23,800 could strengthen momentum further toward the psychological 24,000 mark,” an analyst stated.

“On the downside, the 23,400 level now acts as an important immediate support zone, while the broader 23,300 region continues to remain a crucial support base for the index,” a market expert mentioned.

Among the top gainers on the Nifty index were Hindalco Industries and Bajaj Auto, which supported the broader market recovery.

In the broader market segment, the Nifty MidCap ended 0.49 per cent higher, while the Nifty SmallCap rose 0.04 per cent.

Sectorally, the Nifty Oil & Gas and the Nifty Auto outperformed the market, aided by buying interest in energy and automobile counters.

On the other hand, the Nifty Media and the Nifty FMCG ended among the top laggards during the session.

Despite weak intra-day sentiment, strong buying in heavyweight stocks during the closing hour helped benchmark indices settle in the green, indicating resilience in domestic equities.

“Markets are now awaiting the US Fed’s April policy minutes for further direction on the interest rate outlook. Overall, the broader trend remains range-bound with a negative bias, with sector and stock specific opportunities likely to dominate,” an analyst stated.

–IANS

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