After a three-session losing streak, the Indian stock market finally seemed to find some respite on Tuesday. The market showed recovery today, with both the key indices, Sensex and Nifty, closing with gains. This positive turn has brought considerable relief to investors.
Rebound Seen Today After Three Days of Weakness
On Tuesday, the second day of the week, the BSE Sensex closed at 81,337.95, up by 446.93 points. Simultaneously, the NSE Nifty closed at 24,821.10, gaining 140.20 points. Prior to this, the market had been under continuous pressure on Friday, Thursday, and Monday.
On Monday, the Sensex plummeted by 572 points, and the Nifty also recorded a decline of 156 points. Today's surge has brought some stability back to the market.
L&T Shines, TCS Weakest
Out of the 30 companies included in the Sensex, shares of 20 companies closed in the green today, while 10 companies' shares closed in the red. L&T shares performed exceptionally well, closing with a gain of 2.15 percent.
Conversely, TCS shares recorded the highest decline, closing down by 0.72 percent. Despite today's market rally, some select blue-chip companies experienced selling pressure.
These Blue-Chip Stocks Showed Strength
In today's trading, companies whose shares performed well included prominent names like Reliance Industries, Asian Paints, and Tata Steel.
- Reliance Industries shares closed with a gain of 2.07 percent.
- Asian Paints saw an increase of 2.03 percent.
- Tata Steel showed a jump of 1.69 percent.
- Tata Motors and Adani Ports shares also registered a gain of 1.42 percent.
- Maruti Suzuki shares strengthened by 1.28 percent.
Additionally, Bharti Airtel, Sun Pharma, Bajaj Finance, HDFC Bank, HCL Tech, PowerGrid, NTPC, Hindustan Unilever, Tech Mahindra, SBI, Kotak Mahindra Bank, BEL, and Trent also saw slight gains.
The List of Declining Stocks Is Also Long
However, some prominent companies' shares slipped even in today's rally.
- Axis Bank shares closed down by 0.64 percent.
- ICICI Bank recorded a weakness of 0.58 percent.
- ITC, Titan, Eternal, and UltraTech Cement also saw slight declines.
- Bajaj Finserv, Infosys, and Mahindra & Mahindra shares also suffered losses today.
Despite these declines, the overall market picture remained positive.
Nifty 50 Figures Also Remained Strong
Speaking of the NSE's Nifty 50 index, shares of 36 out of 50 companies showed gains, while 14 shares declined. This implies that the mood in the market remained bullish, and investor confidence appeared to be gradually returning.
Key shares that influenced the Nifty included Reliance, L&T, Tata Motors, and Asian Paints, which pulled the index upwards. Conversely, shares like ICICI Bank, Axis Bank, and ITC exerted some pressure.
Sectoral Indices Also Shone
Most sectoral indices also showed strength in today's trading. In particular, shares of the auto, real estate, metal, and pharma sectors saw good gains. While the banking sector did experience some pressure, the negativity remained limited.
Investors Now Eyeing the Fed and Reserve Bank
Now, the market's focus is on the US Federal Reserve's policy and the upcoming monetary review of the Reserve Bank of India. Any announcement related to these could directly impact the stock market's movement.
In addition, companies' quarterly results, foreign investors' activities, and the direction of global markets will also determine the market's next move.
Support Received From Foreign Markets
Global cues were also in favor of the Indian stock market on Tuesday. Asian and European markets were b, which also affected the sentiments of domestic investors. US markets also saw a recovery on Monday, allowing the domestic stock market to breathe a sigh of relief today.
Overall, the Market Breathed a Sigh of Relief
After three consecutive days of decline, the market took a breather on Tuesday. However, all eyes are now on whether this rally will sustain or if it will prove to be just a technical bounce. The stable direction of the market will be determined in the coming days based on results and policy signals.
