Sensex Gains 383 Pts, Nifty Above 18,260
The Sensex and Nifty rose for the second consecutive day backed by heavyweight index shares like Reliance Industries and Bajaj Twins. Stepping out from the negative territory, the broader markets also closed higher after a long losing streak.
At close, the Sensex was up 383.21 points at 61,350.16, and the Nifty-50 settled at 18,268.40, up 143 points. 20 out of 30 constituents in the Sensex pack ended green, while 10 scrips closed with losses on Tuesday, October 26. Shares of Tata Steel and Titan Company were the top index gainers, up over three per cent each, while Reliance Industries surged more than two per cent, contributing the most in the rally.
However, on the flipside, IndusInd Bank and ICICI Bank slipped red during the intraday session, mainly due to profit booking in the counters. The scrips ended the session down a per cent each.
The broader markets outperformed the headline indices in the day's session on Tuesday after sustained selling pressure seen in previous few sessions. The BSE Midcap index closed higher by 1.75 per cent, while the Smallcap index rose over two per cent. IDFC First Bank and Ramco Cements were the top Midcap gainers, up seven per cent each.
On the sectoral front, all sectors ended in the green on Tuesday amid buying interest across the board. The Nifty Auto and Metal counters added over two per cent each, while the Realty pack gained more than three per cent. Briage Enterprises and Sunteck Realty were the top boosts in the Realty pack, contributing seven per cent each.
Moving ahead, while investors trade cautiously amid the sustained selling of FIIs, experts feel that the key index Nifty-50 is likely to move in an upward range of 18,375 - 18,400, as long as it stays above 18,200.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said, "We are of the view that as long as the Nifty is trading above 18,200, the pullback rally is likely to continue up to 18,375 and on further upside the index may rise up to 18,450. On the flip side, dismissal of 18,200 may trigger further weakness up to 18,100-18,050."
In the overall market breadth today, around 1388 shares advanced in the NSE, while 433 ended in the red.
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