The benchmark indices closed on a positive note with Sensex up 1.26 percent and Nifty 50 up 1.25 percent mostly led by banking and auto stocks with Nifty Bank closing 1.48 percent up and Nifty Auto 3.22 percent.
The Sensex has crossed the 50,000 mark in the early trade led by gains in index majors HDFC twins, ICICI Bank and Infosys amid a positive trend in global markets. Auto stocks were in momentum ahead of Tata Motor Results today.
Sensex rallied 613 points to settle above the 50,000-mark on Tuesday, driven by gains in index-heavyweights HDFC Bank, Reliance Industries and Bajaj Finance amid a positive trend in global markets.
At the closing bell, the 30-share BSE index was quoted 612.60 points or 1.24 percent higher at 50,193.33. Similarly, the broader NSE Nifty went past the psychological 15,000-level, and closed 184.95 points or 1.24 per cent higher at 15,108.10.
Winners and losers
M&M was the top gainer in the Sensex pack, rallying nearly 6 percent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid. Bharti Airtel, ITC, Coal India, Dr Reddy’s and SBI were the laggards.
Mohit Nigam, Head-PMS, Hem Securities, said the continued fall in number of COVID cases accompanied by better-than-expected macro-economic data boosted the market sentiment. COVID data, indicates steady improvement with fresh cases steadily declining and rally in the global market added fuel in the market.
"The Nifty 50 has crossed 15,000-level and is sustaining above this level and we expect this rally might be extended in Nifty 50. M&M, Bajaj Auto and Titan Company were among the top gainers in Nifty 50 while Bharti Airtel, ITC and Coal India were among the top losers in Nifty 50 today. Mid and Small caps have delivered higher returns than their larger peers by giving 2- 3x more returns in the last 6 months. We feel in the near-term, unique businesses with solid financials from this space will continue to outperform. Praj, Hindustan Zinc, KEI were some which hit a fresh 52 week high today," he added.
The Nifty index went up consecutively for the second day in a row and sustained above 15,000-mark. On the account of positive global cues and SGX Nifty, the benchmark index opened at a gap-up note and continued the upside move on Tuesday session.
Sumeet Bagadia, Executive Director, Choice Broking, said, “Technically, the Nifty index has given Falling Channel breakout and sustained above the prior resistance levels on the daily chart, which suggests bullish strength for the upcoming sessions. Moreover, the index has also taken good support at 100-DMA and settled above Ichimoku Cloud formation, which indicates continued upside move for the long-term. An oscillator Stochastic & MACD also suggested positive crossover on the daily time-frame. At present, the Nifty index is holding support at 14,950 levels while an upside resistance seems at 15,300 levels.