The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 99.60 points or 0.40% to settle at 25,151.95, while the BSE Sensex jumped 349.05 points or 0.43% to 82,134.61.
The broader indices ended in mixed territory, with gain led by Large-cap stocks. Auto and FMCG stocks outperformed among the other sectoral indices while Metal and Pharma stocks shed.
Sectoral Index
Bank Nifty index ended marginally higher by 8.90 points or 0.02% to settle at 51,152.75. The Nifty Midcap 100 fell by 262.45 points, or 0.44%, ending the day’s trading at 58,883.95. In the broader markets, small-cap and mid-cap stocks finished in the red.
Top Movers for the day
Tata Motors, Bajaj Finserv, Britannia Industries, Bajaj Finance, and BPCL were the top gainers on the NSE Nifty 50, while the laggards includes Grasim, Mahindra & Mahindra, JSW Steel, Eicher Motors, and Kotak Mahindra Bank.
The Indian Volatility Index (India VIX) closed down by 1.16% at 13.79.
Experts on Today’s Market Performance
“Indian equities began steadily and breached a record high. Volatility disturbed the trend in the afternoon due to Reliance Ltd AGM expectations, but the broad market carried the rally to a new high by the end of the day with rapid improvement in sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that the recent uptick in Indian IT and FMCG stocks points to a potential soft landing for the US economy and an improvement in domestic rural consumption.
Commenting on the same Rupak De, Senior Technical Analyst, LKP Securities said that The monthly expiry day was a roller-coaster ride for participants, ultimately ending on a positive note. Nifty started flat but gradually moved higher in the first half. However, sharp swings in the latter half kept traders on their toes. Sector-wise, mixed trends persisted, with auto, FMCG, and energy emerging as the top gainers, while pharma and metal sectors saw some profit-taking. The disappointment was the underperformance of the broader indices.
Mishra also added that In line with the current trend, participants find reassurance in selective buying among heavyweights from various sectors, with banking taking a backseat. And, Reliance, ITC, and Tata Motors were the key contributors to the index today. Given the current scenario, traders should look for buying opportunities on dips, focusing on less volatile sectors or themes like IT, FMCG, and pharma, while being selective with others.
Bank Nifty
Commenting on the Bank Nifty today Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas said that The Bank Nifty traded within the range of the previous couple of trading sessions. A breach above 51400 can lead to an upmove towards 51900 and on the downside 51000 remains a crucial support zone. Overall, until we get decisive evidence of a trend reversal we shall continue to ride the upmove.
