Indian equity markets inched higher on Tuesday, continuing their positive momentum, with buying interest seen in heavyweight counters such as ICICI Bank and ITC.
However, profit-taking in select banking names tempered the overall rise during the initial hours of trading.
The Sensex, which climbed over 100 points at the opening bell, was trading at 81,843, up 52 points, or 0.06 per cent.
Similarly, the Nifty added 34 points, or 0.14 per cent, to trade at 25,112 after touching an intraday peak of 25,140.
Power Grid, Bajaj Finance, HCL Tech, Bharti Airtel, ICICI Bank, Ultratech Cement, NTPC, Hindustan Unilever, Bajaj Finserv and BEL were among the leading gainers on the Sensex, rising between 0.3 per cent and 1.6 per cent.
Meanwhile, Trent, Axis Bank, Tata Motors, TCS, SBI, Kotak Bank, Tech Mahindra, HDFC Bank and Infosys were among the laggards, falling by as much as 2.7 per cent.
In the broader market, the Nifty MidCap index edged up 0.08 per cent, while the Nifty SmallCap index advanced 0.41 per cent, indicating sustained investor interest in smaller companies.
Sector-wise, Nifty Metal and Nifty IT emerged as the top performers, each climbing 0.4 per cent. In contrast, the Nifty PSU Bank index was the weakest, slipping 0.3 per cent amid profit booking in state-run banks.
Market analysts noted that overall sentiment remains constructive, although intermittent volatility is likely due to profit-taking at higher levels.
“The ongoing mild rally in the market has the potential to gain momentum. The FII selling in India is slowly declining since the sharp appreciation in other markets has pushed up their valuations, and the valuation differential between India and other markets has come down,” analysts stated.
They further added, “Since there is a huge short position in the market, any positive news can trigger short-covering, further aiding the rally.”
Also Read: NSE To Revise Lot Sizes For Key Index Derivatives From 28 October
Union Minister Kiren Rijiju inaugurated Jamia Millia Islamia’s 105th Foundation Day celebrations and the six-day…
PM Modi will inaugurate 25 new E-buses in Gujarat, on October 31, coinciding with Sardar…
Nothing Phone 3a Lite offers sleek design, 5G performance, and affordability with modern features.
The Pakistan High Commission has granted over 2,100 visas to Indian Sikh pilgrims to attend…
PM Modi urged global investors to invest in India’s growing maritime sector amid global trade…
Persistent rain forced the abandonment of the first T20I between India and Australia at Canberra’s…