Indian Stock Markets Gain Ground With Tech Stocks Leading The Charge

Indian equity benchmarks saw a positive start on Tuesday, buoyed by strong performances from major tech stocks such as TCS and Wipro.

By 9:50 AM, the Sensex had risen by 364 points, or 0.44%, reaching 80,774, while the Nifty gained 108 points, or 0.44%, standing at 24,683.

The rally extended to midcap and smallcap stocks, with the Nifty Midcap 100 index climbing 143 points, or 0.25%, to 57,903, and the Nifty Smallcap 100 index increasing by 77 points, or 0.41%, to 18,829.

Sectoral indices showed widespread gains, with notable advancements in Auto, IT, PSU Banks, Financial Services, Realty, Infrastructure, Services, Healthcare, Energy, and Private Banks.

Conversely, the Media sector lagged behind, showing declines in NSE indices.

The market sentiment remains positive, with 1,784 stocks advancing and 389 declining on the National Stock Exchange (NSE).

The India VIX, a measure of market volatility, dropped by 1.68% to 14.08 points, reflecting a stable market environment.

Asian markets exhibited mixed trading patterns.

Tokyo, Bangkok, Seoul, and Jakarta saw gains, while Hong Kong and Shanghai experienced declines.

In the US, markets closed higher on Monday. Brent crude oil is priced at $77 per barrel, and WTI crude stands at $73 per barrel.

Choice Broking analysts noted a positive global trend, with markets showing consistent higher highs and higher lows, suggesting ongoing strength.

They indicated that the Indian market is likely to continue its upward trajectory, with a potential resistance level at 24,800.

Traders with long positions are likely to maintain a trailing stop loss at 24,400.

Foreign Institutional Investors (FIIs) continued their bullish stance, purchasing equities worth Rs 2,667 crore on 19 August.

Domestic Institutional Investors also showed buying interest, acquiring equities worth Rs 1,802 crore on the same day.

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