The Indian equity market extended its rally on Tuesday, supported by heavyweight stocks like Reliance Industries and Bharti Airtel, along with optimism over possible GST reforms and positive signals from Russia-Ukraine peace talks.
The S&P BSE Sensex gained 370.64 points (0.46%) to close at 81,644.39, while the NSE Nifty 50 added 103.70 points (0.42%) to settle at 24,980.65, just short of the 25,000 mark. Both indices had climbed nearly 1% in the previous session.
Market sentiment was buoyed by expectations of tax rationalisation and an improved outlook for India’s credit rating. Hopes of easing geopolitical tensions also contributed to the uptrend. However, analysts believe the market could face resistance unless more clarity emerges on US-India trade negotiations.
Mid- and small-cap stocks outperformed, with auto counters leading the rally amid expectations that China may address rare earth supply constraints.
On the global front:
- US markets: The Dow inched close to a record high as Home Depot rose despite weak results. S&P 500 and Nasdaq were subdued ahead of a crucial Federal Reserve meeting.
- European stocks: The STOXX600 gained 0.5%, tracking optimism from US-Ukraine security talks.
Most active stocks by turnover included Ola Electric Mobility, Reliance Industries, Tata Motors, Maruti Suzuki, HDFC Bank, Eternal, and Bharti Airtel. In terms of volumes, Ola Electric, Vodafone Idea, Suzlon Energy, YES Bank, Motherson Sumi Wiring, Ashok Leyland, and Eternal topped the list.
More than 143 stocks hit fresh 52-week highs, including Maruti Suzuki, while 65 stocks slipped to their yearly lows. Shares of Raymond Lifestyle, Ola Electric Mobility, Devyani International, Hyundai Motor India, and Godawari Power attracted strong buying interest.
📊 Market sentiment remained bullish, with 2,631 stocks advancing against 1,437 declining on the BSE, while 164 remained unchanged.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investors are advised to consult financial experts before making investment decisions.
