Market witnessed on Wednesday sharp rebound amid buying in heavyweights and IT, oil and gas, FMCG stocks.

The benchmark indices opened higher despite weak global markets, but failed to build the gains and traded lower for most part of the session.

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At close, Sensex was down 50.62 points or 0.06% at 78,148.49, and the Nifty was down 18.95 points or 0.08% at 23,688.95.

Nifty 50 wrapped up the session with a minor drop of 0.08%. From the day’s low, the index recovered 192 points or 0.81%. Sensex rebounded 666 points, or 0.86%, from the day’s low to end the session with a mild cut of 0.06%.

Nifty Smallcap 100 index ending the session with a deep cut of 1.65% at 18,365, while the Nifty Midcap 100 index finished the session with a drop of 1.05%, closing at 56,270 level.

On Nifty, the top gainers were Oil & Natural Gas Corporation (2.98%), Reliance Industries (1.99%), Tata Consultancy Services (1.99%), ITC (1.92%), and Asian Paints (1.82%). On the losing side were Apollo Hospitals Enterprise (3.95%), Trent (2.55%), Shriram Finance (2.02%), Bajaj Auto (1.91%), and Ultratech Cement (1.85%).

On Sensex, over 140 stocks touched their 52-week high on the BSE, including Anant Raj, PTC Industries, Krishna Institute of Medical Sciences, Max Healthcare, Aegis Logistics, Apar Industries among others.

Those touching their 52-week low were Bandhan Bank, Kajaria Ceramic, Mahindra Life, Aarti Industries, Astral, Yes Bank, Balaji Amines, IRCTC, Birlasoft, Alok Industries, Relaxo Footwear, Network 18, Container Corporation, Procter and Gamble Hygiene, among others.

In terms of the sectoral performance, Nifty Consumer Durables index led the losses by 2.16%, Nifty Healthcare declined 1.09%, followed by Nifty Pharma, which slipped 0.94%.

Nifty Financial Services was down 0.83%, and Nifty PSU Bank dropped 0.79%.

However, on the positive side was Nifty IT rising 0.60% while the Nifty FMCG index also ended in the green, gaining 0.44%.

Among the individual performances, ONGC shares extended gains for a second session in a row.

Reliance Industries shares was up by around 2% after Jefferies and Bernstein reiterated their bullishness.

Shares of United Breweries dropped after the announcement of suspending the supply of its beer to Telangana Beverages Corporation Limited with immediate effect.

Ola Electric Mobility stock traded 4% lower, a day after the SEBI issued an administrative warning.

Slowing economic growth projections and caution ahead of Q3 numbers added volatility in the market. Experts believe that the near-term sentiment is likely to be subdued due to the rise in US bond yield and fear of fewer rate cuts by the Fed.