Mumbai: Benchmark equity indices S&P BSE Sensex and NSE Nifty50 extended gains for the second consecutive session on Tuesday, supported by strong buying in auto and metal stocks despite lingering concerns over crude oil prices.
The Sensex surged 567.99 points to close at 76,070.84, while the Nifty50 climbed 172.35 points to settle at 23,581.15, comfortably above the 23,500 mark.
Rally led by auto and metal stocks
Markets witnessed broad-based buying, with auto and metal stocks emerging as the key drivers of the rally. Analysts attributed the gains to value buying at lower levels after recent volatility, even as global uncertainties, particularly crude oil price movements, continued to weigh on investor sentiment.
Among the top gainers, Eternal Ltd led the pack with a sharp rise of 5.58 per cent. It was followed by Tata Steel Ltd, which gained 4.19 per cent.
Other notable performers included Mahindra and Mahindra Ltd, which advanced 2.85 per cent, Bharat Electronics Ltd, up 2.70 per cent, and Larsen and Toubro Ltd, which rose 2.20 per cent by the close.
IT and FMCG stocks drag
On the downside, IT and FMCG stocks faced selling pressure. Infosys Ltd emerged as the top loser among Sensex constituents, declining 1.29 per cent.
Financial and consumer stocks also ended lower, with Bajaj Finance Ltd slipping 1.23 per cent and ITC Ltd falling 1.10 per cent.
Meanwhile, IT majors Tata Consultancy Services Ltd and HCL Technologies Ltd also closed in the red, losing 0.60 per cent and 0.55 per cent, respectively.
Volatility eases, broader markets gain
Investor sentiment improved as volatility cooled off, with the India VIX dropping 8.39 per cent.
The broader markets also ended in positive territory. The Nifty Midcap 100 index rose 1.02 per cent, while the Nifty Smallcap 100 gained 0.65 per cent, indicating sustained buying interest beyond large-cap stocks.
Sectoral performance mixed
Sectoral indices presented a mixed picture, though most sectors ended higher. Metal stocks led the rally, with the Nifty Metal index surging 2.82 per cent, followed by Nifty Auto, which gained 2.11 per cent.
Financial stocks also performed well, with Nifty Financial Services 25/50 rising 0.98 per cent and Nifty Private Bank advancing 0.93 per cent. Nifty Realty climbed 1.80 per cent, while Nifty Media added 1.11 per cent.
Defensive sectors, however, lagged behind. Nifty FMCG declined 0.75 per cent and Nifty IT dropped 0.97 per cent, reflecting selective profit booking.
Other sectors posted modest gains, with Nifty Pharma rising 0.22 per cent, Nifty Healthcare Index adding 0.26 per cent, and Nifty Consumer Durables gaining 0.72 per cent. Nifty Oil & Gas edged up 0.17 per cent, while Nifty PSU Bank rose 0.33 per cent.
Conclusion
The domestic stock market’s positive close for the second straight session signals resilience amid global uncertainties. While concerns over crude oil prices persist, strong buying in key sectors and easing volatility have helped sustain upward momentum.
Market participants are expected to remain cautious in the near term, tracking global cues and commodity price movements, even as stock-specific action continues to drive indices higher.
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