New Delhi (Agency): Indian stock markets continued their upward trajectory for the second day in a row, with key indices Sensex and Nifty closing higher on Tuesday. This gain was driven by advances in metal, power, and some financial sectors. However, losses in major stocks like Reliance Industries, ICICI Bank, and Airtel limited the rise, according to analysts.
The BSE Sensex rose by 79.22 points, or 0.12%, to end at 65,075.82. During the day, it even surged to 65,229.03, marking an increase of 232.43 points or 0.35%. On the other hand, the NSE Nifty ended at 19,342.65, gaining 36.60 points or 0.19%.
Companies that contributed to the Sensex’s gains included Jio Financial Services Ltd, which jumped 4.72%. Other major gainers included Tata Steel, Tech Mahindra, NTPC, JSW Steel, Power Grid, UltraTech Cement, HCL Technologies, and HDFC Bank. In contrast, Bharti Airtel, Hindustan Unilever, Axis Bank, Reliance Industries, Kotak Mahindra Bank, ICICI Bank, and IndusInd Bank were among those that lost ground.
“The buoyancy of the global market in anticipation of no further Fed rate hikes was noticeable in the Indian market as well,” said Vinod Nair, Head of Research at Geojit Financial Services. “However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides.”
The metals sector saw a boost, spurred by expectations of favorable moves from the Chinese government to improve the local economy. Nair also noted that the “benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate.”
Global influences also appeared to favor the Indian market. Asian markets like Seoul, Tokyo, Shanghai, and Hong Kong ended the day with gains. European markets were trading positively, and the US markets had also closed in the green on Monday.
Brent crude, the global oil benchmark, climbed 0.63% to USD 84.95 a barrel. Meanwhile, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,393.25 crore on Monday, according to exchange data.