Mumbai: Indian equity benchmarks extended their gains on Tuesday, supported by a strong rebound in IT stocks and renewed optimism over a potential US interest rate cut later this month.
At close, the BSE Sensex advanced 314.02 points (0.39%) to finish at 81,101.32, while the NSE Nifty50 added 95.45 points (0.39%) to end at 24,868.60. The Nifty traded within a narrow 100-point range during the session but sustained above its 21-EMA, reflecting strength.
Market Technicals and Outlook
Rupak De, Senior Technical Analyst at LKP Securities, noted:
“RSI is in a bullish crossover and holding above 50. In the near term, Nifty may move towards 25,000 and beyond, while support is placed at 24,750–24,700.”
Top Performers
- Infosys surged 5.03% to ₹1,504.75 after announcing its board would consider a share buyback on September 11.
- Tech Mahindra rose 2.42%, followed by Adani Ports (+2.40%), HCL Technologies (+1.61%), and TCS (+1.08%).
- Collectively, Infosys, TCS, Adani Ports, HCL Tech, and ITC contributed significantly to the Sensex’s lift.
Sectorally, the BSE IT index jumped 2.76% to 34,708.34, while the BSE FMCG index gained 0.54%.
Broader Market Trends
Out of 4,281 active stocks traded on the BSE:
- 2,004 closed higher, 2,116 ended lower, and 161 remained unchanged.
- 144 stocks hit fresh 52-week highs, while 58 fell to new 52-week lows.
- 218 stocks were locked at upper circuits, while 185 hit lower circuits.
Notably, auto majors Eicher Motors, M&M, Maruti Suzuki, and TVS Motor scaled their 52-week highs, though some later faced profit booking.
Analyst Views
Ajit Mishra of Religare Broking said the markets remained range-bound after opening firm, with IT, pharma, and FMCG leading gains, while realty and energy lagged.
Vinod Nair of Geojit Financial Services added:
“The market edged higher buoyed by positive global cues and Infosys’ buyback news. Auto stocks saw profit booking after recent gains on GST rationalisation. Going forward, optimism may sustain on expectations of a Fed rate cut and supportive domestic macros.”
