Sensex and Nifty close higher as IT stocks lead gains
Indian stock markets closed in positive territory on Tuesday, with both benchmark indices extending their winning streak amid mixed global cues and sector-specific movements. The BSE Sensex ended the day at 81,921.29, up 361.75 points or 0.44 per cent, while the Nifty 50 rose 104.70 points or 0.42 per cent to close at 25,041.10.
The day’s trading session was marked by volatility, with the Nifty touching a new all-time high before retreating due to profit-taking in the final hours. IT stocks led the gains, while some banking and auto sector stocks underperformed.
Among the top gainers on the Sensex, HCL Technologies surged 2.15 per cent, followed by Bharti Airtel (2.10 per cent), Tech Mahindra (1.92 per cent), NTPC (1.73 per cent), and Power Grid Corporation (1.70 per cent). On the flip side, Bajaj Finserv (-1.77 per cent), Bajaj Finance (-1.45 per cent), Hindustan Unilever (-0.81 per cent), Mahindra & Mahindra (-0.68 per cent), and Tata Motors (-0.30 per cent) were the top losers.
On the NSE, the top gainers were Divi’s Lab (5.23 per cent), LTIMindtree (3.02 per cent), NTPC (2.39 per cent), Bharti Airtel (2.23 per cent), and Wipro (2.02 per cent). The top losers included HDFC Life (-4.40 per cent), SBI Life (-2.46 per cent), Shriram Finance (-1.80 per cent), Bajaj Finserv (-1.75 per cent), and Bajaj Finance (-1.41 per cent).
The broader market reflected the positive sentiment, with 2,590 stocks advancing and 1,349 declining on the BSE. A total of 278 stocks hit their 52-week highs, while 30 touched their 52-week lows.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the day’s performance, saying, “Today, the benchmark indices witnessed promising rally. Technically, after early morning intraday correction market took the support near 24900/81400 and reversed sharply.”
Ajit Mishra, SVP of Research at Religare Broking Ltd, noted, “The markets extended their rebound, gaining nearly half a percent, supported by a recovery in global indices. Despite a slight dip after the gap-up opening, buying interest in select heavyweight stocks across sectors helped push the Nifty higher.”
Global factors continued to influence market sentiment, with investors closely watching developments in the Middle East and awaiting key economic data from the United States. Oil prices showed signs of stabilization, with WTI crude trading above $75.60 per barrel.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd, provided technical insights, stating, “Technically, the index, on a daily scale, has encountered trend line resistance and formed a green candle. As long as the index remains below the trend line resistance, which is around the 25,150 level, caution is advised on the upside.”
The volatility index, India VIX, declined by 6.16 per cent, settling at 13.36, indicating a decrease in market volatility. This suggests that investors are becoming more confident in the current market conditions.
As the markets continue to navigate through mixed signals and sector rotations, analysts suggest that traders should focus on stock selection while maintaining a cautious approach in the near term. The ongoing performance of major sectors, particularly IT and banking, will likely play a crucial role in determining the market’s direction in the coming sessions.