Indian benchmark indices closed higher on Tuesday, driven by gains in information technology, metal, and consumer durable stocks. The Nifty finished 0.43% up at 23,483.55, while the Sensex rose by 0.52% to 74,649.84. Market experts highlighted the 23,500–23,550 range as a crucial resistance zone for the Nifty.
Analysts suggested that a sustained breakout above this range could boost market sentiment, potentially leading to a recovery towards the 23,750–23,800 levels. Conversely, the 23,300–23,250 zone remains a significant support area for the market. The surge in heavyweight IT stocks, including Tata Consultancy Services, Infosys, and HCL Technologies, contributed to the market’s positive performance.
TCS led the gainers on the Sensex, followed by Infosys, HCL Tech, Adani Ports, and Tech Mahindra. However, NTPC was among the top laggards, while Axis Bank, Power Grid, Bajaj Finance, and Bajaj Finserv also faced downward pressure. Broader markets also saw gains, with the Nifty MidCap index rising by 0.18% and the Nifty SmallCap index by 0.40%.
The Nifty IT index led the sectoral gains, with the Nifty Consumer Durable, Nifty Auto, and Nifty FMCG indices also outperforming the broader market. In contrast, defensive sectors like Nifty Pharma and Nifty Healthcare ended lower. Investor attention remained focused on the trade negotiations between India and the United States.
A US delegation, led by Assistant US Trade Representative Brendan Lynch, initiated talks with Indian officials in New Delhi to finalize the first phase of the proposed bilateral trade agreement. Market sentiment is buoyed by expectations of progress in the trade pact. Investors are now monitoring macro factors such as monsoon progress, inflation trends, RBI policy, and liquidity conditions.
