NTPC leads gainers as benchmark indices retain momentum

MUMBAI: NTPC led the gains in the stock market on Tuesday, boosting the benchmark indices for the second consecutive session.

The 30-share BSE Sensex rose by 361.75 points, or 0.44 per cent, to close at 81,921.29, driven by strong performances in IT, telecom, and select banking shares.

At its intraday peak, the Sensex had jumped 637.01 points, or 0.78 per cent, reaching 82,196.55. Meanwhile, the NSE Nifty surged 104.70 points, or 0.42 percent, to end above the 25,000 mark at 25,041.10.

Key gainers

Key gainers among the Sensex 30 included NTPC, HCL Technologies, Bharti Airtel, Tech Mahindra, Power Grid, Axis Bank, Tata Consultancy Services, and Adani Ports.

On the downside, Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Mahindra & Mahindra, Tata Motors, and State Bank of India (SBI) lagged behind.

“The domestic market showed a gradual recovery, shifting its focus to upcoming US inflation data and the potential stance of the Federal Reserve,” Vinod Nair, Head of Research at Geojit Financial Services, was quoted as saying

Small-cap, mid-cap up

Broader market indices reflected the positive momentum, with the BSE small-cap index climbing 1.53 per cent and the mid-cap index gaining 0.53 per cent.

Sectoral indices were led by telecommunications, which rose 2 per cent, followed by utilities (1.76 per cent), power (1.74 per cent), technology (1.62 per cent), and IT (1.52 per cent). Financial services and oil & gas, however, ended the session in the red.

The broader market saw 2,587 stocks advance, while 1,352 declined and 103 remained unchanged on the BSE.

Asian markets mixed

Internationally, Asian markets saw mixed results, with Shanghai and Hong Kong posting gains, while Seoul and Tokyo ended lower. European markets traded with a mixed tone, and US markets had closed significantly higher on Monday.

Foreign Institutional Investors (FIIs) purchased equities worth Rs1,176.55 crore, while Domestic Institutional Investors (DIIs) added Rs1,757.02 crore worth of equities to their portfolios. The global oil benchmark Brent crude dropped 1.39 per cent to $70.84 per barrel.

“Following the overnight rebound in the US markets, strong net buying from FIIs and DIIs, coupled with weak oil prices, bullish traders are expected to continue bargain hunting,” commented Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.