Indian stock markets closed higher on Tuesday, with both benchmark indices gaining more than 1%. The BSE Sensex rose 1,109.10 points, or approximately 1.54%, to close at 73,033.78, while the NSE Nifty advanced 358.61 points to settle at 22,721.95.
Buying in IT stocks and Finance Minister Nirmala Sitharaman’s remarks on long-term capital gains (LTCG) tax and Securities Transaction Tax (STT) were cited as factors supporting market sentiment. The rally followed pressure in previous trading sessions, with the benchmark indices ending the day above key levels.
The IT sector led the market’s advance on Tuesday, with the Nifty IT index rising approximately 5%. Broad-based buying in IT stocks contributed significantly to the gains in the benchmark indices.
Realty and IT-enabled services stocks also recorded gains. Buying in financial services, consumer durables and cement stocks further broadened the market’s advance.
Shares of Hindustan Unilever (HUL) and Bajaj Auto rose approximately 3% each during Tuesday’s session. Buying in these large-cap stocks contributed to the broader market gains.
Finance Minister Nirmala Sitharaman’s remarks concerning long-term capital gains (LTCG) tax and Securities Transaction Tax (STT) were also cited as factors supporting market sentiment.
Discussions surrounding taxation can influence investors’ expectations, particularly when assessing transaction costs and potential returns from investments in the stock market.
