Indian benchmark indices extended their gains for a second straight session on Tuesday, driven by optimism over GST rationalisation and positive global cues.
The Sensex closed at 81,644.39, up 370 points (0.46%), after opening higher at 81,439.11 against the previous close of 81,273.75. The index touched an intraday high of 81,755.88, led by strong buying in auto, FMCG, oil & gas, and select heavyweights.
The Nifty 50 settled at 24,980.65, gaining 103.70 points (0.42%).
“The market continued its renewed momentum, buoyed by expectations of GST rationalisation and the recent upgrade in India’s credit rating,” said Vinod Nair, Head of Research at Geojit Financial Services. He added that easing geopolitical tensions between Russia and Ukraine also contributed to the positive sentiment.
Among Sensex constituents, Tata Motors, Adani Ports, Tech Mahindra, Hindustan Unilever, Kotak Bank, Maruti, Bharti Airtel, Tata Steel, ITC, Ultratech Cement, and Infosys were top gainers. On the other hand, Bajaj Finserv, Power Grid, Mahindra & Mahindra, HDFC Bank, and BEL ended in the red.
Most sectoral indices ended in positive territory, with Nifty Auto (up 1.31%) and Nifty FMCG (up 1.05%) leading the rally. Nifty IT gained 121 points, while Nifty Bank rose 130 points.
The broader markets also mirrored the uptrend: Nifty Midcap 100 surged 0.97%, Nifty Smallcap 100 gained 0.70%, and Nifty 100 rose 0.47%.
On the technical front, Mandar Bhojane of Choice Broking noted that Nifty is sustaining a sideways-to-bullish trend after two gap-up sessions. “Prices are holding above key moving averages (20, 50, 100, and 200 EMAs). If the index sustains above 25,050, it could move towards 25,250 and 25,500 in the coming sessions,” he said.
–IANS