Mumbai (Maharashtra) [India], August 25 (ANI): Indian equity markets closed higher on Tuesday, supported by a moderation in crude oil prices and bond yields after the much-anticipated U.S. sanctions against Iran fell short of market expectations.
The Nifty 50 index closed at 24,260.05, gaining 41 points, or 0.17 percent, while the BSE Sensex ended at 77,529.94, up 160.83 points, or 0.21 percent.
Vinod Nair, head of research at Geojit Investments Limited, said easing crude oil prices and bond yields provided some relief to investors.
“The much-anticipated U.S. sanctions against Iran fell short of market expectations, causing crude oil prices and bond yields to moderate from their recent peaks. This relief in energy costs aided a moderately positive close today on the monthly expiry day,” Nair said.
He added that healthcare and financial stocks outperformed the broader market as investors moved toward defensive and domestic-oriented sectors, while there were signs of some stability in the domestic bond market.
Among sectoral indices on the NSE, Nifty Consumer Durables gained 0.76 percent, followed by Nifty Healthcare, which rose 0.72 percent. Nifty Pharma and Nifty PSU Bank each gained 0.56 percent, while Nifty Media rose 0.46 percent. Nifty Auto also gained 0.11 percent.
On the other hand, Nifty Metal declined 0.59 percent, Nifty Private Bank fell 0.31 percent, Nifty Realty declined 0.05 percent and Nifty Oil and Gas slipped 0.06 percent. Nifty IT also declined marginally by 0.06 percent.
Among Nifty 50 stocks, Adani Enterprises, Max Healthcare, IndiGo and Apollo Hospital were among the top gainers. Cipla, Hindalco, ONGC, Wipro, Coal India and Tata Steel were among the top losers.
Brent crude oil prices moderated by more than 3 percent on Tuesday and were trading at $89.26 per barrel at the time of reporting.
Gold remained elevated at Rs. 162,910 per 10 grams for 24-karat gold, while silver was trading at Rs. 242,550 per kilogram.
The rupee strengthened on Tuesday, closing at Rs. 95.41 per U.S. dollar, compared with Rs. 95.75 per U.S. dollar on Monday.
Riyank Arora, associate vice president – HNI & Derivatives at Hedged.in, said, “The market’s ability to build on recent gains speaks to underlying strength. The broader trend remains firmly in the bulls’ favour as long as supports hold. Buying into dips in fundamentally strong names, with proper risk controls, remains our preferred approach.”
In Asian markets, Japan’s Nikkei 225 gained 0.44 percent to close at 65,820, Singapore’s Straits Times rose 0.97 percent to 5,725, Taiwan’s weighted index gained 0.90 percent to 45,169, and South Korea’s KOSPI rose 0.68 percent to 6,742.
Hong Kong’s Hang Seng Index closed marginally lower, down 0.02 percent at 25,513. (ANI)
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