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Continuing their upward trend for a second consecutive session, Indian benchmark indices Sensex and Nifty closed higher on Tuesday, supported by late buying in banking stocks and a favourable global market trend.
The BSE Sensex rose by 363.99 points, or 0.45 per cent, to finish at 80,369.03. However, during intra-day trading, the index had experienced a significant dip of 583.69 points, falling to 79,421.35 before recovering. Meanwhile, the NSE Nifty gained 127.70 points, or 0.52 per cent, ending the day at 24,466.85.
According to PTI, market analysts attributed this rebound to continuous buying by domestic institutional investors (DIIs), providing a much-needed boost to the indices. Among the stocks in the 30-share Sensex pack, the State Bank of India led the gains, surging 5 per cent. Other notable gainers included ICICI Bank, Bajaj Finserv, NTPC, Adani Ports, Bajaj Finance, and Larsen & Toubro, which all registered appreciable advances.
On the other hand, several major companies faced losses. Maruti Suzuki, Tata Motors, Sun Pharma, Bharti Airtel, IndusInd Bank, and Mahindra & Mahindra were among the top laggards, experiencing declines during the day's trading session.
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Data from exchanges, as per PTI, highlighted contrasting activities from foreign and domestic institutional investors. Foreign Institutional Investors (FIIs) were net sellers in the market, offloading equities worth Rs 3,228.08 crore on Monday. In contrast, DIIs displayed optimism, purchasing shares worth Rs 1,400.85 crore, providing resilience to the market.
The rally in Indian markets mirrored gains seen in other global markets. Major Asian stock markets, including Seoul, Tokyo, and Hong Kong, ended in positive territory, while Shanghai was an exception, closing slightly lower. European markets traded higher during the day, and the US markets also concluded positively on Monday.
In commodity markets, global oil prices reflected a slight increase. The global oil benchmark Brent crude rose by 0.66 per cent, trading at USD 71.89 per barrel, according to PTI.
On Monday, the Sensex had surged by 602.75 points, or 0.76 per cent, to settle at 80,005.04, while the Nifty advanced 158.35 points, or 0.65 per cent, closing at 24,339.15, marking the start of this upward trend.
This positive market momentum reflects investor optimism and renewed confidence, bolstered by the banking sector's strength and encouraging global cues, as per PTI.
(With inputs from PTI)
