Markets rally led by financial services, Sensex gains over 800 points
Equity markets extended their morning gains in Tuesday’s afternoon trade, with the BSE Sensex surging 844.71 points or 1.12 per cent to 76,210.88, building on the momentum from the Reserve Bank of India’s liquidity enhancement measures announced earlier.
The NSE Nifty rose 212.70 points or 0.93 per cent to 23,041.85, while the Bank Nifty demonstrated strong performance, climbing 1,090.40 points or 2.27 per cent to 49,155.05. The financial services sector emerged as the top performer, with the Nifty Financial Services index advancing 552.60 points or 2.47 per cent to 22,935.70.
Shriram Finance led the gainers on the NSE, rising 5.04 per cent, followed by Axis Bank at 4.58 per cent and Bajaj Finance at 4.15 per cent. HDFC Bank and Tata Motors also showed significant strength, gaining 3.18 per cent and 3.10 per cent respectively. However, Sun Pharma faced substantial selling pressure, dropping 4.80 per cent, while Britannia declined 2.06 per cent and NTPC fell 1.91 per cent.
Market breadth remained negative, with 2,662 stocks declining against 1,192 advances on the BSE. The session witnessed 548 stocks hitting their 52-week lows, while only 46 stocks reached their 52-week highs. Additionally, 506 stocks hit their lower circuit limits compared to 94 stocks touching upper circuits.
The Nifty Midcap Select index showed marginal weakness, declining 11.30 points or 0.10 per cent to 11,710.90, indicating selective buying interest in the broader markets.
The market’s upward movement comes despite continued selling by Foreign Institutional Investors (FIIs), who offloaded ₹5,015 crore worth of shares. Domestic Institutional Investors (DIIs) maintained their supportive stance with purchases worth ₹6,642 crore.
Trading activity remained focused on financial stocks following the RBI’s announcement of ₹60,000 crore in government security purchases and a $5-billion USD/rupee swap auction. Market participants continue to monitor global cues, upcoming Federal Reserve meeting outcomes, and quarterly results from major companies for further direction.
