Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, rallied strongly in trade on Tuesday. While BSE Sensex was above 78,300, Nifty50 was near 23,750. At 11:35 AM, BSE Sensex was trading at 78,383.59, up 1,045 points or 1.35%. Nifty50 was at 23,757.40, up 304 points or 1.69%.
Indian benchmark indices showed positive movement on Tuesday, with IT, auto, and energy stocks leading the gains, following Nifty50’s longest decline since February 2023.
The total market value of BSE-listed firms increased by Rs 6 lakh crore to Rs 435.08 lakh crore, according to an ET report.
Top performing Sensex stocks included Infosys, Reliance Industries, M&M, HDFC Bank, TCS, and Tata Motors. Bajaj Finserv, Kotak Bank, and ICICI Bank started lower.
All sector indices opened positively. Nifty Realty increased over 2%, with Nifty Auto, IT, Consumer Durables, and Oil & Gas rising above 1%.
Ashoka Buildcon shares increased 6% after securing lowest bidder status for two projects worth Rs 2,791 crore.
Recently listed Waaree Energies shares decreased 6.5% following subdued Q2 results.
On Monday, the BSE Sensex entered correction territory due to foreign outflows and weak corporate performance concerns. The Nifty50, which began correcting on November 13, continued its downward trend for the longest period in over 20 months.
The Nifty’s Relative Strength Index (RSI) fell below 30, indicating oversold conditions.
“An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight. The momentum that drove the market to its record peak of 26,216 in September is gone. There may be recoveries, but they are unlikely to sustain, given the selling mode of FIIs and concerns over weak earnings growth expected in FY25. At best, the market may consolidate around the present levels with sideways movements. Sustained up moves will emerge only when incoming data indicates earnings recovery,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Asian markets showed gains on Tuesday. Japan’s Nikkei rose 0.2%, South Korea’s Kospi and Australian markets increased 0.1%. Hong Kong’s Hang Seng advanced 0.8%, while mainland Chinese stocks gained 0.3%.
US S&P 500 futures indicated slight declines following a 0.4% increase in the previous session.
FIIs continued selling for eleven consecutive sessions in November, disposing of equities worth over Rs 1,400 crore on November 18. DIIs purchased equities worth Rs 2,330 crore on the same day.
