Indian benchmark indices ended higher for the second consecutive session on Tuesday, supported by gains in public sector banks and IT stocks.
Share
MUMBAI — Indian benchmark indices ended higher for the second consecutive session on Tuesday, supported by gains in public sector banks and information technology (IT) stocks, even as global cues remained largely muted.
The 30-share Sensex closed at 83,450.96, rising 173.81 points or 0.21 per cent. The broader Nifty settled at 25,725.40, up 42.65 points or 0.17 per cent.
Expert said that the recovery lifted the index above 25,700; however, upside momentum repeatedly encountered supply in the 25,760–25,800 resistance band, leading to intermittent profit booking.
“On the downside, dips toward the 25,550–25,600 demand region attracted consistent buying interest, reinforcing this zone as a near-term support base and preventing any sharp breakdown,” an expert mentioned.
Also read: Indian stock markets trade lower, metals lead losses
In the Sensex pack, stocks such as ITC, BEL, Infosys, L&T, Asian Paints and Titan were among the top gainers, climbing up to 2.3 per cent during the session.
On the other hand, Eternal, Trent, Tata Steel, RIL, M&M and Bajaj Finserv were among the laggards, slipping as much as 1.5 per cent.
The broader market also ended in the green. The Nifty MidCap index gained 0.27 per cent, while the Nifty SmallCap index rose 0.56 per cent.
Among sectoral indices, the Nifty PSU Bank index jumped over 2 per cent, emerging as the top performer of the day.
The Nifty IT index also ended higher -- reflecting renewed buying in technology stocks.
However, the Nifty Metal index declined around 1 per cent, weighed down by weakness in metal counters.
Analysts said IT stocks could see a rebound in the coming sessions after nearly Rs 5 trillion was wiped off their combined market capitalisation so far this year.
According to market experts, the recent selloff in the sector may have made valuations attractive, signalling possible undervaluation and creating room for a recovery.
Analysts said that the market managed to sustain gains for the second straight day, supported by selective buying in banking and IT shares despite the absence of strong global triggers.
Meanwhile, Rupee traded in a narrow range near 90.68 as participants await a decisive move in the dollar index or fresh cues from secondary market flows to provide direction.
Gold traded weak below INR 1,53,500, down INR 1,500, as CME gold slipped below $4,950, losing around $57 or 1.15 per cent, with easing geopolitical tensions reducing safe-haven demand.