Indian stock markets opened in a volatile range on Wednesday after four consecutive sessions of heavy losses, with benchmark indices attempting a modest recovery amid mixed global cues. The BSE Sensex rose over 200 points in early trade, while the NSE Nifty reclaimed the 23,450 mark, supported by easing crude oil prices and a slightly stronger rupee.
Investor sentiment, however, remained cautious due to continued geopolitical tensions in West Asia and persistent foreign institutional investor (FII) selling. Market volatility stayed elevated, with India VIX, the market’s fear indicator, rising during the session.
Among sectoral performers, metal stocks emerged as the top gainers, supported by renewed buying interest in commodity-linked counters. Pharma and FMCG shares also witnessed selective buying as investors preferred defensive sectors amid uncertainty. Chemical stocks too traded in positive territory during the day.
On the losing side, banking, IT and auto stocks remained under pressure, dragging overall market sentiment. Realty shares also saw weakness as investors booked profits after recent gains. Analysts said concerns over global growth, inflation and elevated oil prices continued to weigh on sectors sensitive to economic activity.
The market recovery came after a steep selloff in the previous session, when the Sensex had plunged more than 1,450 points and the Nifty slipped below 23,400. Traders said bargain buying at lower levels and stable Asian markets helped domestic equities recover partially on Wednesday.