Benchmark stock market indices experienced a strong bull run on Tuesday, with both the Sensex and Nifty closing over 1.5% higher, fueled by positive global cues and sustained buying momentum.
The S&P BSE Sensex surged by 1,397.07 points, closing at 78,583.81, while the NSE Nifty50 added 378.20 points to end at 23,739.25. This upward movement was driven by a robust opening, supported by a rebound in global markets, which gained further traction as selective buying in heavyweight stocks continued throughout the session.
Ajit Mishra, Senior Vice President of Research at Religare Broking, noted, "The market extended its recovery trend, climbing nearly 1.5% amid positive cues." He attributed the rally to a strong start, with significant contributions from key sectors like energy, banking, and metals.
Except for the FMCG sector, all other sectors saw positive growth, with energy, banking, and metals emerging as the top contributors to the rally. The broader market also witnessed a surge, with the Midcap and Smallcap indices advancing by 1.56% and 1.09%, respectively.
Aditya Gaggar, Director of Progressive Shares, commented on the market's strength, stating, "The index formed a strong bullish pattern, breaking above the key level of 23,500, which will now serve as a support." He added that while the momentum is likely to continue, the Nifty may face resistance around the 24,000 mark.
Shriram Finance led the gainers, surging by 5.65%, followed by infrastructure giant Larsen & Toubro, which saw a 4.19% jump. Other notable gainers included Bharat Electronics Limited and IndusInd Bank, which both rose by 3.68%, along with Adani Ports and Special Economic Zone, up 3.54%.
On the flip side, the market saw heavy selling in retail stocks, with Trent Limited plummeting 6.44%, Indian Hotels Company falling 4.24%, and Britannia Industries dropping 1.28%. Other decliners included Hero MotoCorp, which slid 1.09%, and Nestle India, down 0.74%.
The day's trading pattern reflected a strong investor appetite for financial and infrastructure stocks, while consumer-focused stocks came under pressure.
Looking ahead to the next trading session, VLA Ambala, Co-Founder of Stock Market Today, indicated that Nifty could find support between 23,600 and 23,700, with resistance levels expected at 23,850 and 23,950.
