Mumbai, India, October 6 (ANI): The Indian stock market ended on a positive note Tuesday, with the Sensex gaining more than 680 points and the Nifty settling above the 22,700 level as easing selling pressure offered some relief to investors.
The Sensex settled at 73,067.81, up 685.34 points, or 0.95%, from the previous close of 72,382.47. The Nifty also ended in positive territory at 22,776.10, up 220.35 points, or 0.98%, from the previous close of 22,555.75.
All broad-market indices settled in the green. Sectorally, most indices also ended higher, with the Nifty Chemicals index emerging as the top gainer, surging 1.98%, followed by oil and gas, pharmaceuticals, private banks, FMCG and health care.
On the BSE, Trent, Kotak Bank, Hindustan Unilever, Reliance, IndiGo, Eternal, Asian Paints, Axis Bank, Bharti Airtel, Sun Pharma, L&T and BEL were among the top gainers. Tech Mahindra, Titan, ITC, Infosys, TCS and M&M were among the top drags.
On the NSE, Trent, BSE, Kotak Bank, Nestle, Hindustan Unilever, Reliance, Eternal, Asian Paints, SBI Life and IndiGo were among the major gainers. Coal India, Tech Mahindra, Max Health, TMPV, ITC, Bajaj Finance, Infosys, Titan and TCS were among the top losers.
Market analyst Vipin Dixena noted that Indian equity markets extended their recovery, with buying led by banks and financial stocks, while strong quarterly updates from companies such as Trent and Kotak Mahindra Bank provided additional stock-specific momentum.
“In my view, today’s session is encouraging because the market has now managed to extend yesterday’s rebound after a prolonged period of weakness,” Dixena said, stressing, “However, I would still call this a relief recovery rather than a confirmed trend reversal.”
Brent crude remains close to $100 a barrel, the rupee has slipped to around Rs. 96.4 against the dollar and foreign investors continue to remain sellers. These factors could limit the sustainability of the recovery, he noted.
In the commodities market, Brent crude was trading at around $98.64 per barrel, while crude oil was trading at around $87.72 per barrel at the time of reporting.
“From a technical perspective, 22,550-22,500 is now an important immediate support zone for Nifty, while 22,700-22,800 remains the key resistance area. A decisive breakout above 22,800 would strengthen the recovery and potentially open the way toward 23,000. On the downside, failure to hold 22,500 would indicate that the recent bounce is losing momentum.
“After the sharp September correction, I would therefore look for follow-through buying before becoming more constructive,” Dixena noted.
“Going ahead, the 22,650-22,800 zone is likely to act as the immediate hurdle, followed by 23,000-23,200. Although the recent recovery is encouraging and the market remains oversold, the broader trend continues to remain cautious. Thus, the current rebound should be approached selectively, with a preference for stock-specific opportunities rather than aggressive index-level exposure,” Ajit Mishra, senior vice president of research at Religare Broking Ltd., noted. (ANI)
About The Author
