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The domestic stock markets showed modest gains in mid-day trading on Tuesday, with the Sensex and Nifty both up 0.18%.
At 1:12 pm Sensex was at 81,845.84, up 147.73 points or 0.18 per cent firmer. Nifty was at 25,056.00, up 45.40 points or 0.18 per cent.
Market sentiment was buoyed by speculation of a potential rate cut by the US Federal Reserve. Shrey Jain, Founder and CEO of SAS Online, said, “We expect this positive momentum to persist, potentially guiding the Nifty towards the 25,200 level, while the 24,800 mark is anticipated to act as immediate support.”
The broader market showed strength, with 2,186 stocks advancing, compared to 1,621 declines on the BSE. 312 stocks hit 52-week highs, while only 18 touched 52-week lows.
Top gainers on the NSE included L&T (2.31%), SBI Life (1.93%), HDFC Life (1.58%), Maruti (1.56%), and Bajaj Finserv (1.47%). On the flip side, JSW Steel (-1.62%), Tata Motors (-1.44%), NTPC (-1.13%), Hindustan Unilever (-1.13%), and Grasim (-1.06%) were the top losers.
The Bank Nifty index also opened positively but faced resistance. Jain noted, “A sustained move above 51,320 could pave the way for the index to advance towards the 52,000 mark.”
Market breadth remained positive, with 338 stocks hitting the upper circuit, compared to 186 at the lower circuit. The total number of stocks traded on the BSE stood at 3,934, with 127 remaining unchanged.
Jain added, “We anticipate this momentum to persist and potentially drive the indices to new highs, with broader market participation expected.”
As the trading session progresses, investors will be closely watching global cues and domestic factors that could influence market direction. The final market closing bell will provide a clearer picture of the day’s trading activity and investor sentiment.
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