The Indian stock market extended its winning streak on Tuesday as benchmark indices closed higher for the second consecutive session, driven by optimism around GST rationalisation and a recent credit rating upgrade for India.
The Sensex climbed 370 points, or 0.46 per cent, to settle at 81,644.39, while the Nifty rose 103.70 points, or 0.42 per cent, to close at 24,980.65.
Market Momentum Fueled by GST Reform and Geopolitical Relief
The 30-share Sensex opened higher at 81,399.11 against the previous close of 81,273.75. Buying in auto, FMCG, oil & gas, and IT stocks pushed the index to an intraday high of 81,755.88.
Vinod Nair, Head of Research at Geojit Financial Services, said, “The market sustained momentum as investors reacted positively to GST rationalisation and the recent upgrade in India’s credit rating. Signs of easing Russia-Ukraine tensions further boosted sentiment, shifting the outlook from consolidation to a constructive stance.”
Top Gainers and Losers of the Market
Among Sensex stocks, Tata Motors, Adani Ports, Tech Mahindra, Hindustan Unilever, Kotak Bank, Maruti, Bharti Airtel, Tata Steel, ITC, Ultratech Cement, and Infosys recorded strong gains.
On the other hand, Bajaj Finserv, Power Grid, Mahindra & Mahindra, HDFC Bank, and BEL ended in the red.
Most sectoral indices closed higher, with Nifty Auto jumping 329 points (1.31%) and Nifty FMCG surging 582.40 points (1.05%) to lead the rally. Nifty IT (up 121 points) and Nifty Bank (up 130 points) also ended positively.
Broader markets followed the trend as Nifty Midcap 100 rose 551 points (0.97%), Nifty Smallcap 100 gained 123 points (0.70%), and Nifty 100 advanced 120 points (0.47%).
Technical Outlook Suggests Further Upside
Mandar Bhojane of Choice Broking noted that Nifty sustained a sideways-to-bullish trend after a gap-up opening for two sessions. He highlighted that prices are taking support at the 20, 50, 100, and 200 EMAs, reflecting strong market strength.
“If the index sustains above 25,050, it can move towards 25,250 and 25,500 in the coming sessions,” Bhojane added.
Also Read: Indian Markets Open Firm On GST Optimism
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