MUMBAI–The Indian stock market bounced back on Tuesday, breaking its recent streak of selling pressure as broad-based buying lifted key indices despite lingering concerns over weak Q1 earnings and global trade uncertainties.
The benchmark Sensex surged 446.93 points, or 0.55 percent, to close at 81,337.95. The 30-share index opened lower at 80,620.25, compared to the previous close of 80,891.02, but gained strong momentum through the session to hit an intraday high of 81,429.88.
The Nifty 50 also ended on a high note, climbing 140.20 points, or 0.57 percent, to settle at 24,821.10.
Analysts noted that despite cautious sentiment surrounding U.S.-India trade talks and upcoming global economic events, the domestic market rebounded from early losses. Most sectors closed in the green, with strong performances from metals, pharmaceuticals, and real estate, while IT, financials, and FMCG lagged behind due to underwhelming earnings.
Investor focus remains on critical global developments, including the U.S. Federal Reserve’s upcoming policy decision and the August 1 deadline for reciprocal tariffs.
Major gainers included L&T, Adani Ports, Asian Paints, Tata Steel, Tata Motors, Maruti Suzuki, Bharti Airtel, HDFC Bank, Bajaj Finance, and HCL Tech. On the flip side, TCS, Axis Bank, and Titan were among the top laggards.
Momentum extended to the broader markets as well. The Nifty Next 50 jumped 610 points (0.91 percent), Nifty 100 gained 158 points, Nifty Midcap 100 rose by 465 points (0.81 percent), and Nifty Smallcap 100 added 186.70 points, posting over a 1 percent gain.
Sectorally, most indices closed higher. Nifty Bank advanced 137 points, Nifty Financial Services gained over 85 points, and Nifty Auto rallied 195 points.
Despite the market rebound, the Indian rupee weakened slightly, dropping 0.14 to 86.80 against the U.S. dollar, a 0.16 percent decline. The pressure was attributed to a strengthening dollar index, which approached the 99 mark.
“With the August 1 U.S. trade deal deadline nearing and key American economic indicators—including ADP Non-Farm Employment, Non-Farm Payrolls, the unemployment rate, GDP, and the Federal Reserve policy statement—all expected this week, the forex market is likely to remain volatile,” said Jateen Trivedi of LKP Securities. “The rupee may trade in a broader range of 86.45 to 87.25.” (Source: IANS)
