MUMBAI– Indian equity markets extended their winning streak for a second straight session on Tuesday, lifted by optimism around Goods and Services Tax (GST) rationalisation and improved global sentiment.
The Sensex closed 370 points higher at 81,644.39, up 0.46 percent, after hitting an intra-day high of 81,755.88. The index opened firm at 81,391.11, continuing momentum from Monday’s rally. The Nifty ended at 24,980.65, gaining 103.70 points or 0.42 percent, coming within striking distance of the 25,000 mark.
Vinod Nair, Head of Research at Geojit Financial Services, said market enthusiasm was driven by expectations of GST reforms and India’s recent sovereign credit upgrade. “Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the outlook from consolidation to a constructive stance,” he noted.
Buying interest was strong in auto, FMCG, oil & gas, and select heavyweights. Tata Motors, Adani Ports, Tech Mahindra, Hindustan Unilever, Kotak Bank, Maruti, Bharti Airtel, Tata Steel, ITC, Ultratech Cement and Infosys topped the gainers’ list. In contrast, Bajaj Finserv, Power Grid, Mahindra & Mahindra, HDFC Bank and BEL ended in the red.
Sectoral indices reflected broad-based gains. Nifty Auto surged 1.31 percent, while Nifty FMCG rose 1.05 percent. Nifty IT and Nifty Bank also closed positive. Mid- and small-cap indices tracked the rally, with Nifty Midcap 100 jumping nearly 1 percent and Nifty Smallcap 100 advancing 0.70 percent.
Mandar Bhojane of Choice Broking said Nifty’s sustained upward trend shows underlying strength. “If the index holds above 25,050, it could move towards 25,250 and even 25,500 in the coming sessions,” he said, citing support at the 20-, 50-, 100- and 200-day moving averages. (Source: IANS)
