
Domestic equity market managed to end higher on Tuesday as the buying at Dalal Street resumed after two-sessions. The global cues remained on the sideline for the day and the sectoral churning continued by the traders. Traders are awaiting signals from the global markets.
For the day, the 30-share pack BSE Sensex surged 305.09 points, or 0.42 per cent, to 73,095.22. NSE's Nifty50 index jumped 76.30 points, or 0.34 per cent, to end at 22,198.35. Broader underperformed as both BSE midcap and smallcap indices shed up to one-fourth per cent for the day. Fear gauge India VIX spiked half-a-per cent to 15.67-mark. For some time, the global market has been observing mixed cues. However, despite the global uncertainties, the Indian market remains resilient as the benchmark index is currently witnessing lower price rejection. Then again, there are no concrete signs of a reversal of this ongoing trend, said VLA Ambala, Co-Founder at Stock Market Today. "The Indian market is hustling to sustain its key support range which lies within the 22830 to 21750 range. This momentum indicates a sense of optimism in the stock market and widespread confidence among traders and investors," she added. "Nifty is likely to find support between the range of 22120 and 22080, with key resistance around 22240 and 22350 levels." Markets rebounded from recent losses as selective buying in frontline stocks aided recovery from early weakness, said Prashanth Tapse, Senior VP (Research), Mehta Equities. "There is no major trigger and investors are taking cues from global markets. Buying in IT, auto and realty shares boosted gains of key indices, while sharp fall in oil & gas and financial stocks kept gains under check." In the sectoral picture, the Nifty realty index gained about a per cent, while the Nifty consumer durable index was up 0.8 per cent. The Nifty IT and media indices were other key gainers for the day. Among the laggards, the Nifty oil & gas index was down 0.65 per cent, while the Nifty private band and financial services indices also disappointed. In the Nifty50 pack, Tata Motors rallied about 2.75 per cent, while Tata Consultancy Services gained 2.5 per cent during the day. Power Grid gained 1.8 per cent, while IndusInd Bank rose 1.75 per as of the close. Among the laggards, Hero Motocorp declined 1.7 per cent, while Bajaj Finance shed 1.32 per cent. State Bank of India, Bajaj Finsev and Divis Labs were down a per cent each. The domestic market rebounded from yesterday’s loss amidst volatility, despite weak global cues. The hopes for a ceasefire in the Israel-Hamas war and the drop-in crude oil prices supported the sentiment, said Vinod Nair, Head of Research, Geojit Financial Services. "However, the mid & small caps underperformed. The market is looking ahead to key economic data, both domestic and global, with US inflation grabbing the most attention, as that will provide fresh signals on interest rate cuts," he said. A total of 3,929 shares were traded on BSE on Tuesday, of which 2,292 settled with cuts. 1,548 stocks ended the session with gains while 89 shares remained unchanged. During the day, 350 shares hit their upper circuit, whereas 244 shares tested the lower circuit levels for the day. In the broader markets, Vodafone Idea and FDC slumped 6 per cent each, while Adani Energy Solutions, Shriram Finance and Varun Beverages declined 5 per cent each for the day. Among the gainers, Uniparts India and Railtel gained 11 per cent each, while BEML, Ester Industries and Mahindra Logistics gained 10 per cent each for the day.
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