Indian equity benchmarks closed in positive territory on Wednesday, April 29, but surrendered a large portion of their intraday gains as profit booking at higher levels triggered a sharp pullback in the latter half of the session.
Key Highlights
- Sensex, Nifty end higher but erase gains amid profit booking in late trading session.
- Auto, FMCG lead gains while broader markets turn mixed amid volatility and cautious sentiment.
The market opened on a muted note and gained momentum in early trade, supported by strong buying in auto and FMCG stocks. However, the rally lost steam as the day progressed, with investors turning cautious and locking in gains, leading to a partial reversal in benchmark indices.
The Nifty 50 ended at around 24,164, up nearly 0.7%, after slipping significantly from its intraday peak. Similarly, the Sensex closed at approximately 77,520, gaining about 0.8% but retreating sharply from the day’s high.
Broader markets mirrored the trend, with midcap and smallcap indices also giving up most of their early gains to finish on a mixed note.
Sector-wise, performance remained mixed. FMCG, realty, and auto stocks led the gains, each rising over 1%, while IT stocks extended their recovery with modest upside. Other sectors such as oil & gas, metals, pharma, and chemicals also posted mild gains.
On the downside, media and PSU banking stocks emerged as the top laggards, each declining over half a percent.
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The session reflects underlying resilience supported by earnings optimism and sectoral buying, but also highlights investor caution at higher valuations, leading to intermittent profit booking and volatility.
