Indian equity markets rallied on Tuesday, with the benchmark indices gaining more than 1.5% each, as Finance Minister Nirmala Sitharaman’s comments on long-term capital gains (LTCG) tax and securities transaction tax (STT), a rally in IT stocks, and other factors lifted investor sentiment. Stronger-than-expected technology earnings further bolstered confidence in corporate profit growth, supporting gains in benchmark-heavy large-cap stocks.
The Nifty 50 advanced 358 points, or 1.60%, to settle at 22,722, while the BSE Sensex climbed 1,109 points, or 1.54%, to close at 73,034.
Broader markets also participated in the rally, with the Nifty Midcap 100 rising 1.06%, while the Nifty Smallcap 100 gained 0.11%.
Among sectoral indices, the Nifty IT led the gains, surging more than 5%. The Nifty Realty advanced over 1%, while the Nifty FMCG, Nifty Auto, Nifty Financial Services, Nifty Metal and Nifty PSU Bank indices were among the other sectoral indices that gained more than 1% each. The Nifty Pharma index, however, slipped into negative territory.
Market breadth turned positive on the NSE, with 2,128 of the 3,644 stocks traded closing higher, while 1,418 ended lower. Another 98 stocks settled unchanged.
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Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
Nifty 50 staged a strong recovery, with sustained buying interest throughout the session pushing the index decisively above the 22,600 resistance zone and beyond 22,700. The move signals a notable improvement in near-term sentiment. On the upside, 22,800 remains a crucial resistance level that the index must decisively breach and sustain above to extend the recovery toward the psychologically important 23,000 mark, said Ponmudi R, CEO of Enrich Money.
On the downside, 22,600 has now emerged as an important support zone, while 22,300, Ponmudi believes, remains a key lower support level. Holding above 22,600 will be essential to sustain the recovery momentum.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
