Sensex, Nifty Gain Marginally; SBI Life Leads
The 30-share BSE benchmark Sensex surged 276 points or 0.41 per cent to settle at 65,930. The broader NSE Nifty gained 89 points or 0.45 per cent to end at 19,840.
In intraday trade, the Nifty Midcap 150 and Smallcap 250 hit lifetime highs. Among sectoral indices, realty, metal, pharma and consumer durables advanced the most, while fast-moving consumer goods and public-sector banks faced pressure.
Among Sensex stocks, JSW Steel, Titan, Reliance Industries, Tata Steel, and Sun Pharma closed with gains, while NTPC, Tech Mahindra, Maruti, L&T and SBI ended with gains.
Meanwhile, the market capitalisation of all listed companies on BSE gained by Rs 75,862 lakh crore to Rs 328.1 lakh crore. The market breadth was skewed in the favour of the bulls. About 1,955 stocks gained, 1,769 declined and 130 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net sales of Rs 455.59 crore in the cash segment. A total of Rs 10,927.42 crore was sold against a total purchase of Rs 1,0471.83 crore. Domestic institutional investors saw a net purchase of Rs 721.52 crore in the cash segment. A total of Rs 5,640.40 crore was sold against a total purchase of Rs 6,361.91 crore.
Meanwhile, Today, the market exhibited positive momentum, with attention centred on the minutes of the latest Fed meeting. The declining inflation and the recent cooling job data in the US provide the foundation for a dovish comment from the Fed.
The drop in bond yields and the dollar index suggests mounting speculation regarding the potential peak in the interest rate cycle. This will attract funds to emerging markets. The gains in the broad market were led by consumer durables and realty thanks to a strong rebound in festive demand.
Technically, the important key resistances placed in October Nifty future are at 19,840 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19,909 – 20,008 levels. Immediate support is placed at 19,770 – 19,707 levels.
