Indian Markets Snap Three-day Losing Streak, Close Higher
The BSE benchmark Sensex advanced 261 points or 0.39 per cent to settle at 66,428. The NSE Nifty rose 69 points or 0.35 per cent to close at 19,809. From the Sensex pack, Power Grid, Kotak Bank, Tech Mahindra and Bajaj Finserv were the top gainers, rising 1-2 per cent. While Tata Motors, L&T, IndusInd Bank and TCS closed in the red.
On the sectoral front, Nifty Financial Services rose 0.65 per cent and Nifty surged 0.5 per cent. Banks, IT, media, metal, pharma and oil & gas also closed higher. In the broader market, Nifty Midcap100 rose 0.35 per cent, while Smallcap100 gained 0.88 per cent.
The market breadth was skewed in the favour of the bulls. About 2,159 stocks gained, 1,544 declined and 122 remained unchanged on the BSE. Meanwhile, the market capitalisation of all listed companies on BSE increased by Rs 1.55 lakh crore to Rs 323.80 lakh crore.
FII and FPIs, on Tuesday, saw a net purchase of Rs 263.68 crore in the cash segment. A total of Rs 8,254.28 crore was sold against a total purchase of Rs 8,517.96 crore. Domestic institutional investors saw a net purchase of Rs 112.55 crore in the cash segment. A total of Rs 6,379.88 crore was sold against a total purchase of Rs 6,492.43 crore.
Meanwhile, The market's gap-up opening on Tuesday, offsetting the losses of the past three days, indicates optimism over the ongoing Q2 earnings despite concerns about the Middle East and a subdued start by the IT sector.
The upward trend was broad-based with particular upside in the banking, oil & gas and FMCG sectors. However, some profit-taking was evident as the day concluded.
Technically, the important key resistances placed in October Nifty future are at 19,809 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional upmove with immediate resistances seen at 19,880 – 19,939 levels. Immediate support is placed at 19,676 – 19,606 levels.
