Indian benchmark indices closed higher for the second consecutive day, with the Sensex ending at 83,450.96, up 0.21%, and the Nifty settling at 25,725.40, up 0.17%. The market saw gains in public sector banks and IT stocks, despite subdued global cues.
Experts noted that while the index surpassed 25,700, it faced resistance in the 25,760–25,800 range, leading to intermittent profit booking. Dips towards the 25,550–25,600 level attracted buying interest, establishing it as a key support zone.
In the stock market, top gainers included ITC, BEL, Infosys, L&T, Asian Paints, and Titan, with gains of up to 2.3%. Conversely, stocks like Eternal, Trent, Tata Steel, RIL, M&M, and Bajaj Finserv were among the laggards, declining by as much as 1.5%.
The broader market also saw positive movement, with the Nifty MidCap index rising by 0.27% and the Nifty SmallCap index by 0.56%. The Nifty PSU Bank index emerged as the top performer of the day, surging over 2%.
The Nifty IT index also ended higher, reflecting renewed interest in technology stocks. However, the Nifty Metal index faced a decline of around 1%, impacted by weakness in metal counters.
Analysts suggested a potential rebound in IT stocks after significant market capitalization erosion this year. The recent selloff may have made valuations attractive, hinting at undervaluation and potential for recovery.
Despite a lack of strong global triggers, the market sustained gains for the second consecutive day, supported by selective buying in banking and IT sectors. Meanwhile, the Rupee traded near 90.68, awaiting cues from the dollar index for direction.
Gold prices weakened, trading below Rs 1,53,500, with CME gold slipping below $4,950 due to reduced safe-haven demand amid easing geopolitical tensions.
