MUMBAI: After enduring two consecutive days of negative openings, the stock market managed to claw back, closing on a positive note on Tuesday.
The benchmark indices, Sensex and Nifty, staged a remarkable recovery, registering gains despite a sluggish start to the trading session.
The BSE Sensex surged by 305.09 points, closing at 73,095.22, while the Nifty50 climbed 76.30 points, settling at 22,198.35. The positive momentum was reflected in the market breadth, with 28 Nifty companies advancing and 22 declining.
Notable gainers among the Nifty constituents included Tata Motors, TCS, Power Grid, IndusInd Bank, and Sun Pharma, while Hero Motocorp, Bajaj Finance, SBI, Bajaj Finserv, and Divi’s Lab emerged as the top losers at the market closing on Tuesday.
Varun Aggarwal, founder and managing director, Profit Idea said, “The equity benchmark indices witnessed a slow start in the first half of the trading session, but sentiment improved as the day progressed, resulting in a 0.4 per cent gain by the closing bell. Tata Motors led the gains, buoyed by positive investor sentiment, followed by TCS, Power Grid, IndusInd Bank, and Sun Pharma. Other notable gainers included Bharti Airtel, Eicher Motors, JSW Steel, and HDFC Life. However, the broader BSE MidCap and SmallCap indices ended marginally lower after erasing initial gains”.
In terms of sectoral performance, the Nifty PSU Bank index experienced a slight decline of 0.56 per cent, contrasting with the 1 per cent gain in the Nifty Realty index.
Despite lingering global uncertainties surrounding inflation data, Indian indices surged in the afternoon session. However, concerns regarding market exhaustion and valuation constraints persisted, particularly in the broader market.
Additionally, anticipation of potential rate-cut adjustments by the Federal Reserve contributed to cautiousness among investors.
Gold prices witnessed an uptick amidst a weakening dollar, with investors eagerly awaiting crucial U.S. inflation data and Federal Reserve speeches for potential rate-cut clues.
European shares edged higher, supported by gains in basic resources and positive earnings reports, while Asian shares slipped ahead of key inflation data releases in Europe and the U.S. The yen stabilized against the dollar, while Tokyo’s Nikkei barely moved despite reaching a record high.
Market participants remained vigilant, closely monitoring U.S. durable goods sales, consumer confidence, and home prices data later in the day.
Meanwhile, Brent crude futures hovered around USD 82.63 a barrel amidst reports of a proposed Gaza truce. S&P 500 and Nasdaq futures, along with European futures, showed slight declines, while ten-year U.S. Treasury yields eased, accompanied by a fall in two-year yields as well.
The Indian stock market’s resilience in the face of global uncertainties underscores investor confidence and optimism about the nation’s economic prospects.
As markets continue to navigate volatility, stakeholders remain focused on key economic indicators and global developments for insights into future market movements. (ANI)