Indian Equity Markets Today: Indian equity market indices bounced back on Tuesday after a two-day sharp decline. The rally was broad-based and led by the energy and metal sectors. The Nifty index closed above the 23,700 mark.
The domestic markets started today’s trading on a positive note following the positive global cues and, as indicated by the Gift Nifty. However, profit booking emerged in the morning session after opening, immediately recovered, and ended in modest gains.
Nifty Closes Above 23,700; Broader Markets Outperform
The BSE Sensex gained 234.12 points or 0.30 percent to 78199.11, while the Nifty 50 index added 91.85 points or 0.39 percent to 23707.90. The broader markets outperformed the equity benchmarks, as the Nifty midcap index gained 0.89 percent while the Nifty smallcap index jumped 1.35 percent on Tuesday.
Buying heavyweight stocks including Tata Motors, Reliance, and ICICI Bank boosted the market sentiments today. The market breadth was strong today. On the NSE, 1751 shares were advanced, while 639 shares only declined at the close.
The NSE volatility index “ India VIX” declined 6.32% to 14.66, suggesting a decrease in investor anxiety. Foreign Institutional Investors (FIIs) sold shares worth Rs 1491.46 crore in the Indian markets, while Domestic Institutional Investors (DIIs) bought shares worth Rs 1615.28 crore today.
Indian Equity Markets Outlook Tomorrow
Despite a bounce back in the market, the sentiments remain on a cautious and bearish note. Nifty has closed slightly above 23700. The next support for the index could be around 23450-23400 and resistance is at 24000 levels. The action in the market remains stock-specific tomorrow.
Conclusion:
The Indian equity markets rebounded on Tuesday, snapping a two-day losing streak, led by strong performances in the energy and metal sectors. The Nifty closed above 23,700, supported by gains in heavyweight stocks like Tata Motors, Reliance, and ICICI Bank. While the market showed resilience, sentiments remain cautious, with key resistance at 24,000 and support around 23,400-23,450. Tomorrow’s market action is expected to remain stock-specific.
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