MUMBAI: The Indian stock market closed in green territory for the second day of the week after trading flat during the day. The market on Monday broke five-day losing streak witnessed in the previous week amid weak earnings and continued selling by FIIs.
On Tuesday, Nifty at National Stock Exchange (NSE) closed at 24,466.85 up about 127 points and BSE Sensex closed at 80,369.03 points, up 363.99 points.
The major gainers on NSE were State Bank of India, Bharat Electronics Limited, Eicher Motors, HDFC Life, and SBI Life while the major losers in today’s trade were Maruti, Tata Motors, Hero Moto Corp, Dr Reddy and Sun Pharma.
Among the sectoral indices, bank, financial services, media, metal, PSU banks, private bank, reality, consumer durables, oil and gas were in green territory. The sectoral indices of Auto, FMCG, IT, Pharma, Healthcare closed in red. Ola Eletric shares traded below its IPO price of Rs 76 and closed at 76.64, down 1.22 per cent.
“Markets recovered in the second half of the trading session, closing in the green for the second consecutive day and keeping the festive cheer alive,” Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher.
“Private and PSU banks, along with other financial services stocks, led the rally, with these indices gaining over 2 per cent. However, the pharma and auto indices experienced profit booking and closed in the red. While FIIs have pulled out nearly Rs 1.03 lakh crore from Indian equities in October alone, strong domestic institutional inflows are acting like a floor for markets with net purchases worth Rs 98,491 crore”, he added.
Observing the market, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that despite the persistence of FII selling, the retail investors are back in buying mode. The decline in the intensity of FII selling bodes well for the market but FIIs may continue to sell, he added. (ANI)