The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 92.30 points or 0.39% to settle at 23,557.90, while the BSE Sensex jumped 308.36 points or 0.40% to 77,301.14. Bank Nifty index ended higher by 438.90 points or 0.88% to settle at 50,440.90.
The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. Realty and Banking stocks outperformed among the other sectoral indices while Pharma and Media stocks shed.
Shriram Finance, Power Grid Corp, Wipro, ICICI Bank, and Titan Company were the top gainers on the NSE Nifty 50, while the laggards includes Maruti Suzuki India, Dr Reddy’s Lab, UltraTech Cement, Tata Steel, and Hindalco Industries.
The Indian Volatility Index (India VIX) closed up by 1.11 % at 12.97.
“The Indian market touched record highs again, and is gradually expanding the gains achieved following the national election. It is responding positively to the upcoming budget, which is anticipated to strike a balance between growth and populism,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that, Similarly, it is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November. Market volatility has decreased over the month, which is contributing to a short-term trend.
Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that Markets began the week with modest gains, continuing the prevailing positive trend. After opening with a gap up, the Nifty traded within a narrow range throughout the day and closed at 23,560, up by 0.40%. Sectoral performance was mixed, with gains in Realty, private banks, and IT, while pharma, metal, and FMCG sectors lagged. The broader indices maintained their positive momentum, reaching new record highs.
“We anticipate the prevailing trend to persist, with Nifty gradually moving towards the 24,000 level. Additionally, renewed strength in the banking index supports our bullish outlook. Therefore, we recommend maintaining a “buy on dips” strategy, focusing on stocks demonstrating higher relative strength,” added Mishra.
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