NSE nifty was up by 0.28 per cent or 60.25 to 22,397.65 points, while the BSE Sensex was at 73,873 up by 0.30 per cent or 223 points. A total of 3,604 stocks were actively traded, 2,339 advanced, while 1,116 declined and 149 stocks remained unchanged where 199 stocks hit a 52-week high and 6 stocks hit a 52-week low at 10.42 am on Tuesday.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The undercurrent of bullishness of this market has been reinforced by the market action during the last two trading days which saw Nifty spiking by 486 points from Friday’s lows. External factors like the high bond yields in the US (the 10-year continues above 4.6%) and geopolitical concerns in the Middle East are not impacting the underlying bullish trend. FPI selling triggered by high US bond yields is neutralized by aggressive DII buying, putting the FPIs on the back foot.
In the mother market US also, the market is strong despite continuous downgrades in expectations of rate cuts. The US economy has surprised by evolving from fears of hard landing to hopes of soft landing to the new reality of no landing. The market expectation of six rate cuts at the beginning of this year has sharply declined to two rate cuts now, and the market has taken this in its stride. The only concern in the market now is the high valuations, particularly in the broader market. Investors may stick to the safety of fairly valued large caps.”
Major gainers on the NSE include Bharti Airtel (1.81%), Titan (1.25%), HCL Tech (1.10%), M&M (0.98%), NTPC (0.95%) and Major losers include Tata Consumers (-0.70%), Hindalco (0.66%), Britannia (0.51%), L&T (0.41%), Power Grid (0.41%).
BSE Midcap was up by 0.27% and Smallcap was up by 0.78% indicating gains.