The 50-component index Nifty 50 closed at 24,813.45, higher by 129.55 points or 0.52%, while the S&P BSE Sensex ended the day, rising by 410.19 points or 0.51% at 81,596.63.
Meanwhile, the banking gauge Nifty Bank settled at 55,075.10, gaining 198 points or 0.36%.
Market movers
The market breadth was skewed in favour of the gainers as 1,753 stocks ended in the green, 1,095 in the red, while 93 remained unchanged.
In the Nifty 50 pack, 37 stocks advanced, while 13 declined as BEL, Tata Steel and Cipla emerged as the top gainers. The top losers of the index were IndusInd Bank, JSW Steel and Kotak Mahindra Bank.
Among individual stocks, Tata Teleservices, Trident Ltd, and JK Tyre and Banco Products were among the top gainers, surging up to 20% in today’s session while the shares of Fineotex Chemical, Dixon Technologies, among others, ended up in the red.
Sector watch
On the sectoral front, Nifty Realty surged the most, shooting up by 1.75%, followed by the Nifty Pharma index, which climbed by 1.25%. Meanwhile, the Nifty Financial Services (ex-banks) rose 1.16%. Nifty Consumer Durables index was the only one to close on the negative side, with a loss of 0.49%.
Expert view
“Markets exhibited a broadly positive undertone today; however, overall sentiment remained confined within a narrow range, indicating risk of ‘sell on rallies’ strategy in the near future amid escalating uncertainty around India-US trade negotiations. There is a growing perception that India may not derive the anticipated benefits initially projected during the peak of the tariff war, which has since de-escalated,” said Vinod Nair, Head of Research at Geojit Investments.
He added, “FIIs turned net sellers due to the concerns over the recent U.S. credit rating downgrade, tax cut plans in the U.S. that could significantly widen the fiscal deficit, and their effect on the upcoming Fed policy next month. This change in stance hints at an increased probability of emerging risk-averse sentiment in the near term”.
Ajit Mishra, SVP of Research at Religare Broking, said, “The recent price action in the Nifty indicates that the bulls are making a strong effort to sustain the prevailing uptrend. Participants are advised to align their positions accordingly, focusing more on stock selection based on relative strength. Dips should be seen as an opportunity to gradually accumulate quality stocks. Among key sectors, pharma, realty, metals, and banking are preferred, while a selective approach is recommended for the rest.
