Indian equity markets wrapped up Tuesday’s trading session on a strong note, bolstered by optimism in the global arena.
The benchmark indices closed in the green, reflecting an upbeat sentiment among investors.
The BSE Sensex ended the day at 80,802 points, marking a rise of 378 points or 0.47%. The NSE Nifty also followed suit, closing at 24,698 points, up by 126 points or 0.51%.
Banking stocks were the major drivers of the market’s upward momentum.
The Nifty Bank index surged by 434 points or 0.86%, closing at 50,803, leading the day’s gains.
Among the top performers in the Sensex were Bajaj Finserv, IndusInd Bank, Tech Mahindra, Bajaj Finance, Kotak Mahindra, Axis Bank, Sun Pharma, Wipro, NTPC, SBI, and HCL Tech. Conversely, Bharti Airtel, ITC, JSW Steel, and Ultratech Cement were among the laggards.
Sector-wise, indices for IT, PSU Banks, financial services, pharma, metals, energy, infrastructure, and private banks witnessed significant gains. On the other hand, FMCG and media sectors faced some headwinds, closing in the red.
The market’s stability was further underscored by a drop in India VIX, which fell by 3.49% to 13.82 points.
Market analysts attributed the positive trend to favorable global developments, including ceasefire talks between Israel and Hamas and easing recession concerns in the US due to positive economic data.
Additionally, declining crude oil prices, driven by reduced geopolitical risks and lower demand from China, provided a boost to the domestic market.
Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth ₹2,667 crore on 19 August.
Domestic institutional investors also contributed to the positive trend, buying equities worth ₹1,802 crore on the same day.
Nifty Shows Strength Above 24,700; Analyst Predicts Positive Trend With Key Levels To Watch
Rupak De, Senior Technical Analyst at LKP Securities, commented on the market’s performance, stating, “Nifty’s move above 24,700 after sustaining above 24,600 indicates a strong trend. As long as the index stays above the 24,600-24,650 range, the trend is likely to remain positive. A drop below this range could signal a reversal, while on the upside, Nifty might target levels between 24,840 and 24,860.”
Earlier in the day, markets opened on a positive note, with the Sensex up by 364 points at 80,774 and the Nifty rising by 108 points to 24,683 at around 9:50 AM.
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