Nifty, Sensex End Higher After Two-Day Drop Led By TCS, Tata Motors: Market Wrap
The NSE Nifty 50 settled 76.30 points, or 0.34%, higher at 22,198.35, and the S&P BSE Sensex gained 305.09 points, or 0.42%, to end at 73,095.22.
India's benchmark stock indices closed higher, snapping a two-day decline in a choppy trading session on Tuesday, led by gains in Tata Consultancy Services Ltd. and Tata Motors Ltd.
The NSE Nifty 50 settled 76.30 points, or 0.34%, higher at 22,198.35, and the S&P BSE Sensex gained 305.09 points, or 0.42%, to end at 73,095.22. The Nifty hit an intraday high of 22,218.25, and the Sensex touched 73,161.30.
"The Indian market saw marginal gains in cautious trade on Tuesday ahead of crucial US inflation and GDP readings, said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
From a market perspective, investors largely stayed cautious ahead of some key US economic data, including a report on consumption expenditure and the domestic market expiry of February's series of derivative contracts due this week, Bagkar said.
The session traded with a positive tilt, with the Nifty 50 index attempting to absorb all the selling pressure emerging over the 22,200 mark, Bagkar said. "The price action witnessed support near the 22,120–22,100 range, and could provide accumulative support in the next sessions. Overall, the index observed an upward price rise, with momentum favouring bulls."
Tata Consultancy Services Ltd., Tata Motors Ltd., Bharti Airtel Ltd., and Larsen & Toubro Ltd. contributed to the Nifty 50.
State Bank of India, Bajaj Finance Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Reliance Industries Ltd. weighed on the index.
On NSE, six out of 12 sectors ended higher, and six ended lower. The Nifty realty rose over 1% to become the top performer, while the Nifty oil & gas index declined 0.75% to become the worst performer among sectoral indices.
Broader markets underperformed benchmark indices, with the S&P BSE Midcap ending with 0.10% losses and the S&P BSE Smallcap closing 0.25% lower on Tuesday.
On BSE, 11 sectors advanced and nine declined. The S&P BSE Consumer Durables Index rose the most among sectoral indices, and the S&P BSE Oil and Gas fell the most.
The market breadth was skewed in favour of the sellers. About 2,276 stocks declined, 1,560 gained, and 93 remained unchanged on the BSE.
