Indian equity indices surged on Tuesday, buoyed by positive global cues and fresh foreign fund inflows. The Nifty 50 rose by 104.70 points, closing at 25,041.10, while the Sensex climbed 361.75 points to 81,921.29.
Top gainers at the National Stock Exchange (NSE) included Divis Lab, LTIMindtree, Bharti Airtel, Wipro, and HCL Tech. On the other hand, HDFC Life Insurance, SBI Life Insurance, Bajaj Finserv, Shriram Finance, and Bajaj Finance were among the top decliners.
Throughout the trading day, 365 companies’ stocks hit the upper circuit. Out of 4,042 shares traded, 2,594 advanced, 1,343 declined, and 105 remained unchanged. IT and pharmaceutical stocks performed strongly, boosting the market.
Two key trends emerged in recent sessions: a weakening in the mid and small-cap segments and a resurgence in the banking sector, which had been underperforming. Banking stocks showed positive momentum, indicating a potential shift in market dynamics.
Market experts highlighted global market recovery after Monday’s decline and predicted volatility ahead of the U.S. Federal Reserve’s anticipated rate cut on September 18.
“The US market had a relief bounce back, with Big Tech also recovering some of the last week’s losses. Asian markets are following the US cues and are largely positive,” said Ajay Bagga, market and banking expert.
“In the last couple of days, the markets have been monitoring the US Feds and the RBI’s sentiments around interest rates. We can expect the Nifty index to gain support between 25,010 and 24,920 and face resistance around 2,5165 and 2,5205 levels,” said VLA Ambala, Co-Founder of Stock Market Today.
Globally, U.S. markets rebounded on Monday. The S&P 500 gained 1.16% to close at 5,471.07, the Dow Jones rose by 1.2% to 40,829.69, and the Nasdaq increased by 1.16% to 16,884.60. Asian markets, including Japan’s Nikkei 225 and Australia’s S&P/ASX 200, also posted gains of around 0.5%. The U.S. dollar strengthened ahead of the Consumer Price Index report due Wednesday.
(inputs from ANI)