Nifty, Sensex Snap Six-Day Losing Streak Ahead Of RBI MPC Outcome: Market Wrap
The Nifty 50 closed 0.88% higher at 25013.15, and the Sensex gained 0.72% to end at 81634.81
Except Nifty Metal, all sectoral indices ended higher, with Nifty Media rising the most.
(Source: Wance Paleri/Unsplash)
India's benchmark equity indices snapped their six-session losing streak to end higher on Tuesday, led by heavyweights HDFC Bank Ltd., Infosys Ltd., and Reliance Industries Ltd. They ended higher even as most global markets fell, and investors now await the outcome of the monetary policy committee meeting due on Wednesday.
The Nifty 50 closed 0.88%, or 217.40 points, higher at 25013.15, and the Sensex gained 0.72%, or 584.81 points, to end at 81634.81. Intraday, both the indices gained 1% and 0.88%, respectively.
"The oversold condition played its part well, and after a knee-jerk reaction in the opening trade, one-way upmove was seen throughout the day," according to Aditya Gaggar, director of Progressive Shares. "A firm move above 25,140 will confirm the trend reversal, while on the downside, 24,950 will serve as immediate support."
Shares of HDFC Bank Ltd., Reliance Industries Ltd., Infosys Ltd., Trent Ltd., and Mahindra & Mahindra Ltd. contributed the most to the gains in Nifty.
While those of Tata Steel Ltd., Titan Company Ltd., SBI Life Insurance Co. Ltd., Bajaj Finserv Ltd., and JSW Steel Ltd. weighed on the index.
Except Nifty Metal, all sectoral indices ended higher, with Nifty Media rising the most.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.86% and 2.44%, higher respectively.
On BSE, 19 sectors advanced and one declined out of 20. The BSE Services rose the most, and the BSE Metal declined the most.
Market breadth was skewed in favour of buyers. Around 3,020 stocks rose, 924 stocks declined, and 101 stocks remained unchanged on BSE.
