Market Follows US Cues; Nifty, Sensex In Green
During the trading hours, the stocks of 365 companies touch the upper circuit
Indian equity indices on Tuesday climbed after witnessing a rally in global markets and fresh foreign fund inflows.
The Nifty 50 increased by 104.70 points to 25,041.10, while the Sensex rose 361.75 points to 81,921.29 at the close of the trading hours.
At the close of the market today, Divis Lab, LTIMindtree, Bharti Airtel, Wipro, and HCL Tech registered their names in the top gainers list at the National Stock Exchange (NSE).
While, HDFC Life Insurance, SBI Life Insurance, Bajaj Finserv, Shriram Finance, and Bajaj Finance were among the top decliners in the market.
During the trading hours, the stocks of 365 companies touched the upper circuit. A total of 4042 shares were traded today, out of which 2,594 advanced while 1,343 stocks declined. On the other hand, the stocks of 105 companies remained unchanged.
The market saw IT and Pharma shining, contributing positively to the market trade.
In the recent trading sessions, the market has witnessed two trends. One, the mid and small caps segments have seen weakness. Second, banking, which has been a consistent underperformer, has started showing resilience. The stocks of banking companies are moving with positive momentum.
According to experts, global markets bounced back after the decline on Monday and last week, but volatility is expected as the Fed rate cut date approaches on 18 September.
"The US market had a relief bounce back, with Big Tech also recovering some of last week's losses. Asian markets are following the US cues and are largely positive," said Ajay Bagga, market and banking expert.
"In the last couple of days, the markets have been monitoring the US Feds and the RBI's sentiments around interest rates. We can expect the Nifty index to gain support between 25,010 and 24,920 and face resistance around 2,5165 and 2,5205 levels," said VLA Ambala, Co-Founder, Stock Market Today.
In global markets, US stocks surged on Monday, with the S&P 500 rising 1.16 per cent to 5,471.07, the Dow Jones up 1.2 per cent to 40,829.69, and the Nasdaq gaining 1.16 per cent to 16,884.60.
Asian markets followed suit, with Japan's Nikkei 225 and Australia's S&P/ASX 200 both up around 0.5 mper cent. The US dollar per cent strengthened ahead of the Consumer Price Index report due Wednesday. (ANI)
