Stocks consolidated in a narrow upward band on Tuesday as investors made small purchases across sectors such as Realty, Energy, Software, Power and Capital goods. Strong buying was also evident in the mid cap segment even as banks remained quiet a day ahead of the central bank's bi-monthly statement on monetary policy.
The 51-share Nifty gained 36 points to 8,164 points in late morning trade, rising for the second day. HDFC, Tata Power, Idea Cellular, Zee Entertainment and GAIL India were top 5 gainers, rising between 1.7-3.2 percent in comparison with the 0.5 percent rise on the main index. The Sensex rose 119 points to 26,468 points.
The benchmark tracking mid caps was the top gainer, adding 0.9 percent on the back of stocks such as Tata Chemicals, JSW Energy, MindTree Consulting and Petronet LNG. Nearly 90 percent of the stocks making up the 50-share index rose smartly on selective value purchasing.
Buying was also visible in the Real Estate sector where 8 out of 10 shares comprising the index rose between 0.1-4.1 percent. Oberoi Realty was the top gainer.
Stocks such as Tata Chemicals and Bharat Forge were in heavy demand by both traders and investors. Tata Chemicals, India's top maker of table salt, surged 5.4 percent to 502 rupees after it took strong support at its 200-day moving average. Auto ancillary giant Bharat Forge gained 2.6 percent to 896 rupees after it said monthly orders from North America's Class 8 trucks were the highest since December 2015, up 18 percent.