Market wrap: Infosys, HCL Tech, Bajaj Finance, BSE top gainers and losers on Nifty and Sensex on Wednesday

The broader markets bore the brunt of the sell-off, with the Nifty Smallcap 100 plunging 2.37% and the Nifty Midcap 100 falling 1.58%, significantly underperforming the benchmark indices.

Sectoral performance remained mixed, with information technology emerging as the sole major bright spot, gaining 2.88%. Chemical stocks led losses, while banking shares remained under pressure following disappointing results from private-sector lenders earlier in the week. Market breadth on the NSE remained negative, with 2,988 stocks advancing against 608 declining, while 102 stocks were unchanged, out of a total of 3,698 stocks traded.

Here are today’s top gainers on the Nifty

Nifty faced selling pressure near its 38.2% Fibonacci retracement level during the ongoing mean-reversion rally. Monday’s developments and Wednesday’s price action indicate weakening momentum, while the potential hidden bearish divergence suggests a possible continuation of the prevailing downtrend, according to Vatsal Bhuva, Technical Analyst at LKP Securities.

"A cautious stance is advisable, with 22,650–22,700 acting as a crucial support zone around the 200-WMA. If the index breaks below this zone, accumulated positions from the relief rally should be reviewed or reduced. Immediate resistance is placed at 23,000," said Bhuva.

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