The stock market on Tuesday ended with strong gains, with Nifty above 24,850, led by IT, pharma, and FMCG stocks. At close, the Sensex was up 314.02 points or 0.39% at 81,101.32, and the Nifty was up 95.45 points or 0.39% at 24,868.60. BSE Midcap and Smallcap indices were up 0.2% each.
The overall market capitalisation of firms listed on the BSE rose to nearly Rs 454 lakh crore from Rs 453 lakh crore in the previous session.
Infosys alone contributed over 200 points to the gains in the Sensex index. Other IT stocks, including TCS, Tech Mahindra, and HCL Tech, also featured among the top contributors to the gains in the benchmarks.
The rally gained momentum following Infosys’s announcement of a proposed share buyback.
Among the sectors, Nifty IT clocked a solid gain of 2.76%, Pharma up by 0.86%, Healthcare up by 0.77%, and FMCG up by 0.58%. Nifty Bank and Financial Services indices ended almost flat. Nifty Realty and Oil and Gas indices slipped by about 0.30% each.
Nifty Consumer Durables stood in the red for the third consecutive session as the index fell 0.12%. Trent shares dropped around 2% to close at Rs 5,223 apiece.
Around 144 stocks hit their 52-week highs while 58 stocks touched 52-week lows.
The key ones on highs were Aditya Birla Capital Ltd, Affle 3I Ltd, Bosch Ltd, Cummins India Ltd, Eicher Motors Ltd, Endurance Technologies Ltd, Mahindra & Mahindra Ltd, Maharashtra Scooters Ltd, Manappuram Finance Ltd, Maruti Suzuki India Ltd, Motherson Sumi Wiring India Ltd, Muthoot Finance Ltd, and TVS Motor Company Ltd.
In contrast, the notable mentions on lows were Deepak Nitrite Ltd, Praj Industries Ltd, Refex Industries Ltd, Sprayking Ltd, Pioneer Embroideries Ltd, Panama Petrochem Ltd, Maral Overseas Ltd, Highway Infrastructure Ltd, Chemfab Alkalis Ltd, Affordable Robotic & Automation Ltd, and Adroit Infotech Ltd.
Out of 4,281 stocks traded on the BSE, 1,997 advanced, while 2,125 declined. Some 159 stocks remained unchanged.
Investors are keen on the upcoming inflation data from India and the US for clues on the Federal Reserve’s rate outlook, which will remain key for short-term direction.