The Indian stock market closed on a positive note on Tuesday, reversing a multi-session losing streak as investor sentiment received a boost from broad-based buying despite subdued corporate earnings for the first quarter.
The Sensex climbed 446.93 points, or 0.55 per cent, to close at 81,337.95. The index had opened in the red at 80,620.25, down from the previous close of 80,891.02, but gained momentum during the day, touching an intraday high of 81,429.88. The Nifty also ended in the green, gaining 140.20 points or 0.57 per cent to settle at 24,821.10.
Analysts noted that the recovery came despite lingering concerns over the ongoing US–India trade negotiations and weak earnings reports from several large-cap firms. While the broader market reflected strong buying interest, IT, FMCG, and financial sectors continued to underperform due to disappointing quarterly numbers.
Almost all sectors ended in the green, led by strong gains in metals, pharmaceuticals, and real estate. Heavyweight stocks such as L&T, Adani Ports, Tata Steel, Tata Motors, Asian Paints, Maruti Suzuki, Bharti Airtel, HDFC Bank, Bajaj Finance, and HCL Tech supported the rally. However, TCS, Axis Bank, and Titan were among the day’s top laggards.
The broader market also witnessed strong momentum. The Nifty Next 50 surged 610 points (0.91 per cent), Nifty 100 gained 158 points, Nifty Midcap 100 rose 465 points (0.81 per cent), and Nifty Small Cap 100 advanced 186.70 points, or over one per cent.
Sectoral indices mirrored this optimism, with Nifty Bank rising 137 points, Nifty Financial Services closing over 85 points higher, and Nifty Auto jumping 195 points.
Meanwhile, the rupee traded weak, slipping by 0.14 to close at 86.80 against the US dollar, a decline of 0.16 per cent. The fall came as the dollar index climbed close to the 99 mark, overshadowing the strength seen in domestic equity markets.
“With the August 1 US trade deal deadline approaching and major US data releases including ADP employment figures, GDP, and the Federal Reserve’s policy statement lined up, the forex market is expected to remain highly volatile,” said Jateen Trivedi of LKP Securities. He added that the rupee is likely to trade in a broader range of 86.45 to 87.25 in the near term.
-IANS