BIZNAMA NEWS
Indian benchmark equity indices continued their upward trajectory for a second consecutive session on Tuesday, driven by optimism surrounding potential GST rationalisation and a positive outlook from global markets.
The Sensex advanced 370 points (0.46%) to close at 81,644.39, after touching an intraday high of 81,755.88. The Nifty 50 also posted a solid gain, settling at 24,980.65 after rising 103.70 points (0.42%).
“The market continued its renewed momentum, buoyed by expectations of GST rationalisation and the recent upgrade in India’s credit rating,” said Vinod Nair, Head of Research at Geojit Financial Services. He also pointed to easing geopolitical tensions between Russia and Ukraine as a factor contributing to the positive sentiment.
Key Market Movers and Sector Performance
The rally was broad-based, with strong buying activity across several sectors. Nifty Auto led the charge with a 1.31% gain, followed closely by Nifty FMCG, which rose 1.05%. Nifty IT and Nifty Bank also contributed to the gains, increasing by 121 and 130 points, respectively.
- Top Gainers (Sensex): Tata Motors, Adani Ports, Tech Mahindra, Hindustan Unilever, Kotak Bank, Maruti, Bharti Airtel, Tata Steel, ITC, Ultratech Cement, and Infosys.
- Top Laggards (Sensex): Bajaj Finserv, Power Grid, Mahindra & Mahindra, HDFC Bank, and BEL.
The positive trend was also mirrored in the broader markets, with the Nifty Midcap 100 surging 0.97% and the Nifty Smallcap 100 gaining 0.70%.
Technical Outlook
According to Mandar Bhojane of Choice Broking, the Nifty is maintaining a sideways-to-bullish trend. He noted that the index is holding above key moving averages. “If the index sustains above 25,050, it could move towards 25,250 and 25,500 in the coming sessions,” he said.
