Benchmark stock market indices closed higher for the second consecutive day as IT sector shares rallied through the day over expectations of a rate cut from the upcoming US Federal Reserve meeting.
The S&P BSE Sensex was up 314.02 points to close at 81,101.32, while the NSE Nifty50 added 95.45 points to end at 24,868.60.
Vinod Nair, Head of Research, Geojit Investments Limited, said that the domestic equity market edged higher today, buoyed by positive global cues, with a notable rebound in IT stocks linked to a buyback announcement from Infosys despite prevailing headwinds.
“Conversely, auto stocks came under pressure due to profit booking after recent gains on GST rationalisation. The market sentiment is likely to remain range-bound amid lingering uncertainties over global trade negotiations. However, rising prospects of a FED rate cut, along with supportive domestic macros, may help sustain optimism in the short term,” he added.
Shares of Infosys, Tech Mahindra, Adani Ports, HCL Technologies and TCS were the top gainers on BSE Sensex at the closing bell on Tuesday. Infosys surged by 5.03%, Tech Mahindra rose by 2.42%, Adani Ports increased by 2.40%, HCL Technologies went up by 1.78% and TCS gained 1.00%.
The top losers on Sensex were Trent, Eternal, Ultracemco, NTPC, and Titan. Trent declined by 1.79%, Eternal fell by 1.18%, Ultracemco dropped by 0.91%, NTPC went down by 0.75%, and Titan decreased by 0.55%.
The Nifty Midcap100 gained 0.16% while Nifty Smallcap100 rose 0.31%, and India VIX dropped 1.89%.
Among the sectoral indices, several showed positive momentum with Nifty IT leading at 2.77%, followed by Nifty Pharma at 0.80%, Nifty Healthcare at 0.73%, Nifty FMCG at 0.55%, Nifty PSU Bank at 0.15%, Nifty Private Bank at 0.13%, Nifty Financial Services at 0.12%, Nifty Metal at 0.12%, and Nifty Media at 0.03%.
Nifty Oil & Gas faced the biggest decline at 0.32%, followed by Nifty Realty which dropped 0.29%, Nifty Consumer Durables at 0.08%, and Nifty Auto at 0.07%.
