Sensex Surges Nearly 1,000 Points In Two Days, Nifty Settles Above 24,450: Market Wrap

Benchmark equity indices extended their recovery for a second consecutive session as bank stocks led the gains but shares of automobile companies capped the upside.

During the five-session fall before these two sessions of gains, Nifty had fallen 2.7% and Sensex lost 2.2%.

Intraday on Tuesday, Nifty fell as much as 0.8% and Sensex fell as much as 0.7%. Nifty ended 0.48% or 117 points, up at 24456.15 and Sensex ended 0.45% or 363.99 points, higher at 80369.03.

Along with domestic quarterly earnings, the market participants will now take cues from earnings of big tech companies in the US, US election outcome, as well as a slew of economic data to be released later this week.

"The index (Nifty) has formed a bullish candle and is on the verge of giving a breakout from a falling wedge formation, while the leading indicator RSI has given a positive crossover suggesting a trend reversal," said Aditya Gaggar, director of Progressive Shares. "A level of 24,570 will be considered a breakout point while the index managed to defend yesterday's low of 24,140, which will serve as immediate support."

Shares of ICICI Bank Ltd., State Bank Of India, HDFC Bank Ltd., Larsen & Toubro Ltd., and Bharat Electronics Ltd contributed the most to the gains. While those of Infosys Ltd., Tata Motors Ltd., Maruti Suzuki Ltd., Bharti Airtel Ltd., and Sun Pharmaceutical Industries Ltd. capped the upside.

Most sectoral indices rose. Nifty PSU Bank was top gainer and Nifty Auto fell the most

Market breadth was skewed in favour of buyers. Around 2,214 stocks advanced, 1,643 stocks declined, and 125 stocks remained unchanged on BSE.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.74% and 0.71% higher, respectively.

On BSE, 14 sectors advanced, and six declined out of 20. The BSE Realty rose the most, and the BSE Auto declined the most.