The NSE Nifty 50 and BSE Sensex snapped a four-day declining streak on Tuesday, tracking a rise in HDFC Bank Ltd. and ICICI Bank Ltd. The benchmark also posted their best session in over a week.
Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. were the top gainers in the Nifty 50 index on Tuesday.
The Nifty 50 ended 121.65 points or 0.53%, higher at 23,207.60, and the Sensex ended 169.62 points or 0.22%, higher at 76,499.63.
During the session, the Nifty 50 rose 0.78% to the day's high of 23,264.95. The Sensex rose 0.66% to 76,835.61.
Public-sector bank stocks rally at the last hour of the trade on Tuesday after Bloomberg reported that India may allow five state-run banks to do qualified institutional placements.
Meanwhile, investors also assessed wholesale price inflation data. The wholesale price index rose to 2.37% in December 2024 from 1.89% in the preceding month. Price pressure in commodities across the globe caused the uptick in WPI.
"After a relentless sell-off in the past couple of days, some relief was seen in today's trade as Indian equities started the session on a positive note. However, due to a lack of follow-through, the market remained rangebound and eventually settled at 23,176.05 with modest gains of 90.10 points. Among sectors, PSU banks and metals were the top performers, while FMCG and IT were the only losers. The broader markets showed strong recovery, with mid and small caps soaring by 2.45% and 1.98%, respectively, outshining the benchmark index. However, to validate the reversal, a firm close above 23,360 is required. Immediate resistance is at 23,300, while the psychological level of 23,000 will act as strong support," said Aditya Gaggar, director, Progressive Shares.
HDFC Bank Ltd., ICICI Bank Ltd., State Bank of India, NTPC Ltd., and Bajaj Finance Ltd. added to the Nifty 50 index.
HCLTech Ltd., Infosys Ltd., Hindustan Unilever Ltd., Tata Consultancy Services Ltd., and Titan Co. Ltd. weighed on the Nifty 50 index.
On NSE, 10 sectors advanced, and two declined out of 12. The NSE Nifty PSU Bank rose the most, and the NSE Nifty IT declined the most.
Broader markets outperformed. BSE Midcap closed 2.1% up and BSE Smallcap ended 1.7% higher.
Four of 21 sectoral indices fell and remaining rose. BSE Utilities and BSE Power rose the most.
Market breadth was skewed in the favour of buyers. As many as 2,881 stocks rose, 1,087 fell, and 105 remained unchanged on the BSE.
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