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BTC regained $77K as markets priced in a possible cooling of geopolitical tensions, after Trump said Iran negotiations were in the final stage. That optimism quickly showed up as Brent slipped below $90, major U.S. indices rose over 1%, and the 10-year Treasury yield dropped more than 9 bps. Crypto market also also noticed Trump asking the Fed to review direct payment-rail access for fintech and crypto firms. Overall, it was a constructive session, with BTC supported by lower geopolitical stress and softer yields.

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Rajesh Palviya, Head of Research, Axis Direct

The Nifty advanced 41 points on Wednesday to close at 23,659.0, recovering nearly 1% from the day's gap-down opening, supported by strong buying in Reliance and oil marketing companies, despite the rupee touching a fresh record low. Global sentiment also turned constructive overnight as Wall Street snapped its three-session losing streak, with the Dow surging 645 points and the Nasdaq gaining 1.5%, aided by easing crude prices on optimism around an Iran deal and stabilising bond yields. Asian markets have opened on a positive note, with the Nikkei and ASX trading higher. Brent crude is hovering near $105.5, gold around $4,550 and silver close to $76, while GIFT Nifty is indicating a firm start with gains of 0.9%.

From a technical perspective, the market continues to display resilience. Nifty has been consolidating around the 23,600 zone over the last four sessions while attempting to decisively cross the 50-DMA supply zone on a closing basis. The broader market strength and healthy market breadth suggest improving underlying sentiment. A sustained move above 23,800 could trigger strong short-covering momentum, potentially lifting the index towards the 24,000-24,200 range. On the downside, 23,400-23,300 remains a crucial support band, and unless breached, declines are likely to witness buying interest. Similarly, a breakout above 54,000 in Bank Nifty may fuel fresh short covering and pave the way for a pullback towards 54,600-54,800 levels.

At the close on Wednesday (May 20), the total market cap of all BSE Sensex companies stood at Rs 4,61,05,426.