Metal and Banking Stocks Firmly Hold Gains as Indian Equities Consolidate Wednesday

Indian equity markets maintained their firmly positive momentum Wednesday, with the benchmark indices showing resilience despite initial wavering at the session open. The BSE Sensex advanced 296.87 points, representing a 0.35% gain to reach 84,971.95, while the Nifty50 index climbed 111.05 points or 0.43% to settle at 26,049.90.

The upward trajectory remains firmly anchored on strength in two key sectors. Metal stocks delivered particularly impressive performance, with Tata Steel surging 2.5%, JSW Steel climbing 5%, Jindal Steel rising 3.5%, and SAIL gaining approximately 2.3%. Supporting cast from companies like APL Apollo, JSL and Welcorp added to the sector’s outperformance.

Banking stocks equally contributed to the market’s firmness. State Bank of India recorded 0.8% gains, while the PSU banking space shined brighter with PSB advancing 3.75%. Regional banks demonstrated broad-based strength, with Indian Bank, Maharashtra Bank, Punjab National Bank, Canada Bank and Union Bank of India each posting 2-3% increases. Additional support came from Bank of India, Bank of Baroda, Indian Overseas Bank and Central Bank of India.

Beyond these primary drivers, select blue chips and infrastructure plays provided steady support. Titan Industries rose 2%, Power Grid Corporation and NTPC delivered gains, while Bharat Electronics, Trent, Hindustan Unilever and Asian Paints each added 1-1.7%. Adani Ports, HCL Technologies, Reliance Industries, Kotak Bank and ITC posted moderate increases.

Technology heavyweights TCS, Infosys and Tech Mahindra traded with marginal declines of 0.5-1%, alongside Bajaj Finserv and Bajaj Finance. The sector’s underperformance reflected profit-taking after earlier gains.

Vodafone Idea emerged as a standout performer following reports that the Union Cabinet plans to address the company’s bailout proposal today, with anticipated relief on interest and penalty related to AGR dues. Bharat Forge also climbed 0.7% after securing a Rs 1,661.9 crore defence contract from the Ministry of Defence for CQB Carbine supplies to the Indian Army.

Market breadth reflected the overall constructive tone. The BSE witnessed 2,652 advancing stocks against 1,110 decliners, with 205 stocks trading flat.

Year-to-Date Performance: The Sensex has accumulated nearly 1% gains in December alone, having appreciated over 8% across the trailing 12-month period. The Nifty50 similarly registered almost 1% monthly growth, with approximately 10% appreciation logged since January 2025.