Stock market today: Sensex, Nifty 50 end higher led by IT, metal stocks; Q3 results eyed

Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, ended higher on Wednesday's session ahead of major information technology (IT) Q3 earnings scheduled for tomorrow and the important inflation readings this week that could impact the interest rate outlook. The benchmark indices were led by gains in IT and metal stocks.

The 30 share Sensex ended higher by 271.50 points or 0.38% at 71,657.71 level while the Nifty 50 closed at 21,618.70 level, up 73.85 points or 0.34%. The official start of the earnings season is scheduled for this Thursday with the Q3FY24 results from Tata Consultancy Services (TCS) and Infosys. Analysts predict that the commentary by IT management will be more significant than the dull results.

Further, the US Consumer Price Index (CPI) for December is also expected on the same day. On Friday, the CPI for India for December will be released. Analysts claim that there is no clear directional trend in the market. They anticipate that a trend will show up in the next few days in reaction to the Q3 results.

“The Nifty index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance. If it manages to close above 21,700 21,750 levels, we might see the Nifty reaching 22,000," said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

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