Market snaps 7-day losing streak, Nifty closes above 23,500
At close, the Sensex was up 239.37 points or 0.31% at 77,578.38, and the Nifty was up 64.70 points or 0.28% at 23,518.50.
The benchmark indices remained subdued for the third consecutive day on Tuesday ending slightly in the green.
Sensex closed 91 points, or 0.11% higher at 83,079.66, while the Nifty 50 settled at 25,418.55, up 35 points, or 0.14%.
Notably, Sensex and the Nifty 50 extended gains into the second consecutive session, while the mid and smallcap segments on the BSE ended in the red.
Almost 300 stocks hit fresh 52-week highs in intraday trade including ICICI Bank, HCL Tech, Bharti Airtel and Tech Mahindra.
Shares of Bajaj Auto, Hero MotoCorp, Apollo Hospitals, Britannia Industries, Dabur, Marico, Cipla, Divi’s Labs, LTIMindtree, Persistent Systems, Naukri, Shriram Finance, Trent and United Spirits rose to their one-year highs.
BSE Midcap index slipped 0.08% and the Smallcap index declined 0.13%.
The total market capitalisation of BSE-listed firms declined slightly to nearly Rs 470.3 lakh crore from Rs 470.5 lakh crore in the previous session.
On BSE, shares of Bharti Airtel, NTPC and Mahindra and Mahindra closed as the top gainers while those of Tata Motors, Adani Ports and JSW Steel closed as the top losers.
After a blockbuster IPO debut, Bajaj Housing Finance share price shot up as much as 10% hitting the upper circuit at Rs 181.5.
Shares of IGL surged over three per cent on following UBS’s upgrade to ‘buy’ and target price hike.
Further, Suzlon Energy stock fell almost 4% on profit booking. Suzlon Energy have given multi-bagger returns of over 110 per cent in just three months and have increased by 115 per cent so far this year.
Domestic airline SpiceJet fell nearly 7 per cent as investors rushed to book profits.
Riding on bullish calls from major global brokerages, Ola Electric Mobility jumped as much as 10 per cent to hit the upper circuit.
Among the sectors, Nifty Realty rises 0.6%, followed by Nifty Consumer Durables and Nifty Auto, which were up by 0.5% and 0.3%, respectively.
On the losing side, Nifty Media was the biggest laggard, dropping 1.2%, with Nifty PSU and Nifty Metal also down by 0.6% and 0.4%, respectively.
Anticipation is high of a rate cut cycle by the US Fed of upto 25-bps. Experts believe a 25 bps rate cut may not impact the market positively.
However, there are speculations that the US central bank may go for an aggressive rate cut.
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