Stock market extends gains amid broad-based buying

The Indian stock market extended gains on Tuesday, supported by broad-based buying across sectors.

At the close, the Sensex was up 173.81 points, or 0.21%, at 83,450.96, while the Nifty was up 42.65 points, or 0.17%, at 25,725.40. The Nifty Midcap index also rose 0.3%, while the Smallcap index added 0.5%.

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Among the sectors, most indices ended positive. Nifty PSU Bank rose 2.11%, while IT gained 1.03%. Nifty FMCG was up by 0.90% and Consumer Durables up by 0.66%. Further, Nifty Bank closed 0.37% higher, while the private Bank index ended flat.

The top gainers on Nifty50 were Adani Enterprises (2.67%), ITC (2.36%), BEL (2.02%), Infosys (1.87%), and Larsen & Toubro (1.86%).

On the losing side were Kwality Wall’s (India) (down 5%), Hindalco Industries (down 1.91%), and Eternal (down 1.78%).

The advance-decline ratio remained in favour of advancers as over 2,400 stocks advanced while over 1,700 declined on the BSE.

Around 116 stocks hit their 52-week highs while 144 stocks hit their 52-week lows in intraday trade on the BSE.

Those on the lows were SBI, Lupin, L&T, and Indus Towers, while on the lows were Ola Electric Mobility, Abbott India, Accelya Solutions India, Asahi Songwon Colors, and Blue Jet Healthcare.

Shares of Indian IT companies surged in trade amid positive commentary, pushing the Nifty IT index up nearly 3%. Infosys shares gained over 4% while HCL Tech, Wipro, Tech Mahindra and TCS gained up to 3%.

Nifty Bank index gained around 0.5% with key players like Bank of Baroda (BoB) and Punjab National Bank (PNB) shares jumped around 4%, while the shares of Union Bank of India gained more than 3% while Canara Bank shares rose over 2%.