Mumbai: Benchmark equity indices extended their gains for a fifth consecutive session on Tuesday, supported by strong buying in FMCG, realty and metal stocks, while broader markets outperformed despite weakness in the IT sector.
The Sensex advanced 383.55 points, or 0.5 per cent, to close at 77,301.40, while the Nifty gained 149.75 points, or 0.63 per cent, to end the session at 23,960.60.
Commenting on Nifty technical outlook, experts said that despite the sustained buying momentum, the index failed to breach the crucial psychological resistance of 24,000.
“A decisive and sustained breakout above this level could strengthen bullish momentum and pave the way for further upside,” analysts stated.
“On the downside, 23,750–23,700 now forms the immediate support zone. Holding above this range will be important to sustain the ongoing positive momentum,” market watchers noted.
Market sentiment remained upbeat as investors continued to accumulate shares across a range of sectors, helping frontline indices maintain their upward momentum.
Among the Nifty constituents, Bharat Electronics, Adani Enterprises and Titan Company emerged as the top gainers of the day.
The rally was even stronger in the broader market segment. The Nifty MidCap 100 index climbed 1.55 per cent, while the Nifty SmallCap 100 index surged 2 per cent.
On the sectoral front, Nifty IT was the lone major laggard, declining more than 1 per cent and emerging as the worst-performing index.
In contrast, Nifty Media, Nifty Metal, Nifty FMCG and Nifty Realty registered strong gains and led the market higher.
Experts said that the sustained upmove in domestic equities reflects improving risk appetite among investors, with strength in consumption-linked, real estate and commodity shares offsetting weakness in technology stocks.
“Domestically, optimism around possible tax relief maybe in the upcoming Union Budget, better-than-expected quarterly earnings and resilient festive consumption added momentum to the rally,” analysts noted.
“Going forward, earnings visibility and crude prices will remain key drivers; selective stock-specific positioning is advisable amid geopolitical uncertainty,” market watchers noted.
(IANS)
