Domestic equity benchmarks surged on Tuesday as investors bought pharma, private banking and oil and gas stocks ahead of the Reserve Bank of India’s policy announcement, with the Sensex gaining 685.34 points, or 0.95 per cent, to close at 73,067.81, while the Nifty climbed 220.35 points, or 0.98 per cent, to settle at 22,776.10.
Investors maintained a positive bias throughout the session as buying in heavyweight stocks pushed both benchmarks higher.
Market participants now await the RBI’s policy decision for signals on interest rates, liquidity conditions and the central bank’s economic outlook.
Trent, BSE and Kotak Mahindra Bank emerged as the top Nifty gainers and supported the broader market rally.
Mid- and small-cap stocks participated in the advance. The Nifty MidCap index rose 1.08 per cent, while the Nifty SmallCap index gained 1.56 per cent.
Among sectors, pharma and chemical stocks led the gains.
The Nifty Pharma index emerged as the strongest sectoral performer, followed by the Nifty Chemical index.
Information technology stocks, however, faced profit booking, making the Nifty IT index the biggest sectoral laggard.
Analysts said the market retained a cautiously constructive outlook. They expect a sustained move above 22,800 to open the path towards 23,000.
On the downside, they identified 22,600 and 22,500 as key support levels.
Falling crude oil prices supported the recovery, although global and macroeconomic risks continue to weigh on the near-term outlook.
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