The Indian stock market on Tuesday managed to close in the green even amidst concerns over the rising wholesale inflation. The day's trade witnessed early gains, and the market continued to rise throughout the session.
The Sensex closed with gains of 261.16 points to reach 66,428.09, while the Nifty, India's key stock index closed with a gain of 77.85 points at 19,817.70.
As many as 38 of the Nifty companies recorded gains with 12 reporting declines highlighting a mixed but an overall positive sentiment among the investors.
SBI Life, Power Grid, BPCL, HDFC Life, and Coal India were among the top gainers at the closing bell, while Tata Motors, Larsen & Toubro (LT), UPL, IndusInd Bank, and TCS were among the top losers.
The founder and managing director of Profit Idea, Varun Aggarwal said, "mong the nifty companies SBI Life, Power Grid, BPCL, HDFC Life and coal India were the top gainers whereas Tata Motors, LT, UPL, IndusInd Bank and TCS were the top losers at the time of market closing. Nifty closed on a positive note today. Broader market strength is good. IT, Banks, FMCG, Metals, PSU Banks, and Metal stocks look good on dips."
The Nifty closed on a positive note today, with a notable strength observed in the broader market, observed market experts.
The key sectors like Information Technology (IT), Banks, Fast-Moving Consumer Goods (FMCG), Metals, PSU Banks, and Metal stocks showed a robust performance in the face of global concerns and the situation in Israel.
"Mid and small-cap stocks are moving up daily and showing tremendous strength for more upside. In spite of global worries and the Israel war, the Indian market looks robust. Open Interest (OI) data indicates fresh put writing on Nifty 19,500-19,700 PE levels. Bulls are slowly bringing the put writing to higher levels. This shows strength in the market," added Aggarwal.
The investors are expected to closely watch the details from the US President's visit to Israel, with the likelihood of any information of the war escalating potentially impacting market sentiment negatively.
Traders are advised to formulate risk-defined strategies while investors should remain vigilant by maintaining strict stop-loss orders to navigate the bullish market with confidence.
"Market will look at details from the US president's visit to Israel. Any news of war escalating can be negative news. In this case, traders should form risk-defined strategies. Investors should keep strict stop losses while riding this bullish rally", said Aggarwal.
Despite external uncertainties, the Indian market remains robust, with both mid and small-cap stocks displaying daily upward movement and showing remarkable strength for future growth.
Market participants continue to demonstrate optimism, with a bullish sentiment prevailing in key sectors, indicating a positive outlook for the market's near-term performance.