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Stock market today: Indian benchmark indices trimmed early gains in Wednesday’s trade, May 14, but still closed the session with healthy gains, driven by strong performances in metals, real estate, and technology stocks. 

The Nifty 50 ended the session with a 0.36% rally, or an 88-point increase, closing at 24,666, while the Sensex closed at 82,429 points, up 182 points, or 0.22%, from the previous close. The broader market, however, managed to outperform the frontline indices in a volatile session, with the Nifty Midcap 100 index rising 1.13% and the Nifty Smallcap 100 index increasing 1.36%.

While the Indian stock market is still struggling to find direction after recording its best intraday jump in four years on Monday, domestic defense stocks continue to build momentum for the third straight day, showing no signs of weakness. 

Meanwhile, India’s retail inflation eased in April to its slowest pace in over six years, driven by lower food prices. This has also lifted market hopes, suggesting further room for the Indian central bank to implement another rate cut, which could potentially boost consumer demand further.

Another factor boosting rate cut optimism is the Indian economy's 6.4% growth in the December quarter — its slowest since the January-March 2022-23 period, barring one quarter. Economists now widely expect the central bank to opt for another rate cut in June.

On the other hand, data released overnight showing softer-than-expected U.S. consumer inflation also provided some relief to investors worried about the inflationary impact of U.S. tariff policies, which had severely undercut expectations of near-term Fed rate cuts.

All 13 sectoral indices ended the session in the green, with Nifty Metal emerging as the top sectoral gainer, rising 2.5% — its second-biggest intraday jump so far this month. While metal stocks are drawing support from progress on the US-China trade deal, further gains came amid reports that India is considering retaliatory tariffs on the United States in response to President Donald Trump's steel and aluminum duties.

Other sectoral indices, including Nifty Realty, Nifty IT, Nifty Media, Nifty Oil & Gas, and Nifty Auto, also ended with gains ranging between 0.8% and 1.7%. 

Commenting on today's market performance, Vinod Nair, Head of Research, Geojit Investments Limited, said, "Market optimism is gaining momentum, driven by a sharp decline in both global and domestic risks. In this environment, the broader markets are on an upswing, supported by a strengthening recovery in local demand, as reflected in the March quarter corporate earnings."

"This has sparked a rally in mid- and small-cap stocks, which had underperformed earlier due to premium valuations, earnings downgrades, and moderation in foreign institutional investor (FII) and retail inflows. Currently, midcaps are witnessing renewed interest, fueled by marginal upgrades in recent earnings and the potential for a stronger rebound in FY26. Contributing factors include a consistent decline in inflation, rising disposable incomes, increased government spending, and falling interest rates. Meanwhile, a pause in global trade tensions is boosting sentiment in international markets, with metals gaining traction amid easing concerns over an economic slowdown," he further added.

Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty traded within a narrow range today, following two days of high volatile moves. The short-term trend remains positive, as the index continues to remain above critical moving average. After a sharp rally, this sideways movement appears to be a healthy consolidation, suggesting the market is catching its breath before the next move. As long as the index stays above the crucial support level of 24,400, the bulls are likely to maintain their grip. In the near term, the index might move towards the 24,850–25,000 range. However, a drop below 24,400 could delay this upward trajectory and lead to further consolidation."

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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