Indian stock markets eked out marginal gains on Tuesday, with the BSE Sensex closing at 81,711.76, up 13.65 points or 0.02 per cent, and the Nifty 50 finishing at 25,017.75, up 7.15 points or 0.03 per cent. The day’s trading was marked by cautious sentiment amid global uncertainties and anticipation of key tech earnings.
Sector-wise performance painted a mixed picture. Media and realty stocks attracted buying interest, with the NSE Nifty Media Index emerging as the top gainer among sectoral indices. Conversely, FMCG stocks faced intra-day profit booking, causing the NSE Nifty FMCG Index to decline the most.
In the banking sector, the Bank Nifty showed resilience, closing positively at 51,279 levels. Hrishikesh Yedve of Asit C Mehta Investment Intermediates noted, “Technically, the Bank Nifty, on a daily scale, has formed a green candle and managed to close above the trend line resistance, indicating strength.”
The IT sector saw some positive movement, with Infosys contributing to the indices’ gains. The auto sector also performed well, with Maruti Suzuki India among the top gainers, up 1.91 per cent.
Energy stocks showed mixed results, with NTPC Ltd. declining 1.24 per cent, while other energy companies remained relatively stable. The metals sector faced some pressure, with JSW Steel being the top loser, down 2.04 per cent.
Consumer durables stocks also struggled, as evidenced by Titan Company’s 1.93 per cent decline. In the pharmaceutical sector, no significant movements were observed among the top gainers or losers.
Top performers
Top performers on the NSE included Bajaj Finserv (2.46 per cent), SBI Life Insurance Company (2.27 per cent), Maruti Suzuki India Ltd. (1.91 per cent), HDFC Life Insurance Company (1.66%), and Larsen & Toubro (1.60 per cent). On the flip side, major losers were JSW Steel (-2.04%), Titan Company (-1.93 per cent), Hindustan Unilever (-1.92 per cent), Grasim Industries Ltd. (-1.26 per cent), and Coal India (-1.18 per cent).
The broader market showed more advances than declines, with 2,151 stocks advancing, 1,808 declining and 92 remaining unchanged on the BSE. Notably, 359 stocks hit their 52-week highs, while only 20 touched their 52-week lows, indicating overall positive sentiment.
Zee Entertainment Enterprises stood out with a remarkable 14.57 per cent surge to ₹153.97, following its announcement of dispute settlement with Sony Pictures Networks India.
Shrikant Chouhan of Kotak Securities provided insight into market dynamics, stating, “The larger market texture is bullish but fresh uptrend rally possible only after dismissal of 25,100/82,000 above the same, the market could move up to 25,200-25,225/82,300-82,400.”
Global factors continued to influence market sentiment. Avdhut Bagkar from StoxBox noted, “European markets experienced a mixed session on Monday. China’s industrial profits from January to July increased by 3.6 per cent y-o-y, a slight improvement over the 3.5 per cent growth recorded from January to June.”
As the Indian markets navigate through domestic and global factors, investors are advised to monitor key technical levels and sector-specific movements for potential opportunities. The ongoing geopolitical tensions and upcoming corporate earnings reports are likely to play crucial roles in shaping market trends in the near term.