The domestic key equity indices rallied on Tuesday on the back of overall positive sentiments. The NSE Nifty 50 rose 325 points or 1.45% to settle at 22,834, while the BSE Sensex jumped 1,131 points or 1.53% to finish at 75,301.
What further helped the rally, FIIs bought equities worth Rs 1,463 cr. This is the first time that FIIs bought in entire March. However for March so far, FIIs are still net sellers. They have sold equities worth over Rs 24,000 crore so far in March. This follows the Rs 3 lakh crore plus equity outflow in the last 5 months. DIIs too bought equities worth Rs 2,028 crore in trade today.
Nifty Realty was the top gainer among the sectoral indices, rising 3.16% in Tuesday’s trade. It was followed by Nifty Consumer Durables, gaining more than 2.6% to close at 35,573.45.
The Nifty Bank surged 960 points or 1.99% to close at 49,314.50. Outperforming the benchmarks, the BSE Midcap jumped almost 1,200 points or 2.73% to close at 45,031.
Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a positive note. The volatility index India VIX cooled down 1.5% to the 13.21 level.
The market breadth remained in favour of bulls. ICICI Bank (3.35%) was the top gainer in the Nifty 50, followed by L&T (3.07%), Shriram Finance (3%), M&M (2.95%), and Tata Motors (2.69%). Meanwhile, Bajaj Finserv, Tech Mahindra, and Bharti Airtel were the major losers in the Nifty 50.
“The national benchmarks witnessed a strong recovery, driven by favourable global trends and domestic tailwinds. Improved retail sales data from the US and China boosted investor confidence, while mid- and small-cap stocks outperformed, with all major sectors registering gains,” said Vinod Nair, Head of Research at Geojit Financial Services.