Markets extend gains led by banking, L&T rally; retail stocks drag
Equity benchmarks maintained their upward momentum in Tuesday afternoon trading, with the BSE Sensex climbing 786.65 points or 1.02 per cent to 77,973.39, while the Nifty 50 advanced 231.10 points or 0.99 per cent to 23,592.15, building on their strong opening following the U.S. decision to delay tariffs on Canada and Mexico.
The market breadth remained positive with 2,313 stocks advancing compared to 1,447 declines on the BSE. Banking and financial services stocks emerged as key drivers, with the Nifty Bank index rising 759.20 points or 1.54 per cent to 49,969.75, while the Nifty Financial Services index gained 333.95 points or 1.44 per cent to 23,466.40.
Infrastructure major Larsen & Toubro led the gainers pack, surging 3.98 per cent, followed by Shriram Finance at 3.36 per cent, Bharat Electronics Limited at 3.12 per cent, IndusInd Bank at 2.93 per cent, and Tata Motors at 2.92 per cent. The broader markets also participated in the rally, with the Nifty Midcap Select index gaining 1.06 per cent.
However, retail and consumer stocks faced selling pressure, with Trent emerging as the top loser, dropping 7.34 per cent. Other notable declines included Britannia Industries (-1.69 per cent), ITC Hotels (-1.53 per cent), Titan (-1.43 per cent), and Hero MotoCorp (-1.13 per cent).
Market activity showed mixed signals with 57 stocks hitting 52-week highs against 72 touching 52-week lows. Circuit filters were triggered for 184 stocks on the upper side and 214 on the lower side, indicating selective buying interest.
The Nifty Next 50 index moved in tandem with the benchmarks, advancing 639.90 points or 1.02 per cent to 63,274.10, reflecting broad-based participation across market segments.
Trading volumes remained robust with 3,922 stocks changing hands on the BSE, as investors continued to monitor global cues, particularly developments related to trade relations and ongoing concerns about Chinese markets. The market’s strength came despite the Indian rupee touching a record low of 87.17 against the U.S. dollar earlier in the day.
