The Indian stock market recorded a sharp rally for the second consecutive trading session on Tuesday, November 3, with the Sensex climbing 1,225.07 points to close at 76,917.85. The Nifty 50 also advanced 370.05 points to settle at 23,810.85.
Buying activity was recorded across several sectors, including banking, FMCG and automobiles. Hindustan Unilever, Bharti Airtel and HDFC Bank were among the major contributors to the market's gains.
Indian equity markets maintained their upward momentum throughout Tuesday's trading session. The Sensex crossed the 76,100 mark during early trading, with buying activity continuing through the day. Gains strengthened further during the final hour of trading.
The BSE Sensex closed 1.62% higher at 76,917.85, while the NSE Nifty 50 advanced 1.58% to finish at 23,810.85.
On Monday, the Sensex had gained 1,233.25 points, while the Nifty advanced 387.70 points. Over the two trading sessions, the Sensex has risen by approximately 2,458 points, while the Nifty has gained around 758 points.
Of the 30 companies in the Sensex, 25 closed in positive territory and five recorded losses. Among the 50 Nifty constituents, 39 advanced, 10 declined and one remained unchanged.
Hindustan Unilever recorded the biggest gain among Sensex constituents, with its shares closing 4.16% higher. Bharti Airtel followed with a 4% rise, while HDFC Bank gained 3.62%.
Asian Paints advanced 3.53%, and UltraTech Cement rose 3.05%. ICICI Bank gained 2.80%, ITC advanced 2.76%, and Titan closed 1.90% higher.
Other gainers included IndiGo, which rose 1.85%, Axis Bank, which advanced 1.82%, Maruti Suzuki, which gained 1.79%, and Bajaj Finserv, which increased 1.78%.
Shares of Bajaj Finance, Kotak Mahindra Bank, Mahindra & Mahindra and Eternal also recorded gains. Buying activity in banking stocks and major consumer companies contributed to the advances in both benchmark indices.
Despite the broader market rally, several stocks ended the session in negative territory.
Power Grid Corporation recorded the steepest decline among the Sensex constituents, with its shares falling 2.27%. State Bank of India (SBI) declined 1.77%, while NTPC slipped 0.87%.
Tata Steel fell 0.54%, and Trent declined 0.33%.
Reliance Industries, which had gained approximately 12% on Monday, recorded a marginal increase on Tuesday. Its shares closed 0.55% higher.
Several factors contributed to the gains in the Indian equity market. The recent decline in international crude oil prices supported investor sentiment. India imports a substantial portion of its crude oil requirements, and lower oil prices could reduce concerns over the country's import expenditure.
Buying by foreign investors and better quarterly corporate results also supported the market. On Monday, foreign institutional investors purchased shares worth approximately Rs 3,115 crore.
Financial stocks and private sector banking shares recorded notable gains during Tuesday's session. According to Reuters, 13 of the 16 major sectoral indices advanced, providing further support to the broader market rally.
