• Indian stock markets close with gains


• Axis Bank and Kotak Mahindra Bank shares fell


• Big sell off in Nifty IT

Share Market Closed: Indian stock markets closed higher on Wednesday, January 4. Buying activity was seen in consumer, oil and gas and energy sector stocks. The Sensex closed up 78.56 points, or 0.09 percent, at 83,817.69 and the Nifty gained 48.45 points, or 0.19 percent, at 25,776.00.

Among major indices, Nifty Consumer Durables closed up 2.66 percent, Nifty Oil & Gas 2.08 percent, Nifty Energy 2 percent, Nifty Commodities 1.90 percent, Nifty PSE 1.60 percent, Nifty Infra 1.57 percent and Nifty Consumption 1.41 percent.

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On the other hand, Nifty IT closed down 5.87 percent, Nifty India Defense 0.77 percent, Nifty Services 0.42 percent and Nifty Pharma 0.34 percent lower. Midcap and smallcap showed higher growth than largecap. The Nifty Midcap 100 index gained 376.50 points, or 0.63 percent, to 59,683.60 and the Nifty Smallcap 100 index gained 216.15 points, or 1.27 percent, to 17,205.10.

Among the gainers in the Sensex pack were Eternal, Trent, NTPC, Adani Ports, Power Grid, Maruti Suzuki, Titan, Ultratech Cement, Bharti Airtel, ICICI Bank, M&M, L&T, Tata Steel, ITC and HDFC Bank. Among the losers were Infosys, TCS, HCL Tech, Tech Mahindra, Axis Bank and Kotak Mahindra Bank.

Sudeep Shah, Head of Technical and Derivatives Research, SBI Securities, said the Nifty had a weak start and remained in a limited range throughout the session. However, it ended the day up 0.19 percent at 25,776. He further said that there was a big sell off in Nifty IT. This comes as American AI company Anthropic launched a legal tool for its cloud AI chatbot. This may lead to increased competition in the software segment. Shah added that Nifty’s resistance zone could be between 25,950 and 26,000. Any breakout could take it to 26,200. In case of a decline, its support zone will be between 25,600 and 25,550.

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Foreign Institutional Investors (FIIs) purchased cash worth approximately Rs 5,236 crore (approx. 1.2 billion), their biggest purchase in three months. Including indices and stock futures, FIIs invested over 16,750 crores. Domestic institutional investors also made purchases worth over Rs 1,000 crore. This strengthened risk-sensitivity in the market.