sensex today: Market Watch: Multiple hurdles before Nifty can resume uptrend | The Economic Times Podcast

Tracking positive cues from global peers, benchmark equity indices closed higher for the second consecutive day on Tuesday after a volatile trading session. Sensex ended 361 points higher at 60,927, and Nifty50 gained 117 points to settle at 18,132.

Apparently, the benchmark indices got a boost from an uptick in metal stocks, after China announced it will further ease its strict Covid-19 restrictions as this bolstered expectations of demand recovery in the world’s second-largest economy.

In the last two days, the Nifty50 index closed 325 points or 1.82% higher at 18,132, while the S&P BSE Sensex rose 1,082 or 1.80% to 60,927. Meanwhile, the market capitalisation of all listed companies on the BSE surged by Rs 8.37 lakh crore to Rs 280.49 lakh crore in the last two days.

In the Sensex pack, Tata Steel, Tata Motors, Asian Paints, Wipro and L&T were the top gainers, rising about 1.5-6%. Bajaj Finance, ICICI Bank, Infosys, Tech Mahindra and Titan also closed with gains.

On the other hand, HUL, Nestle, M&M, ITC and NTPC closed with cuts. Sectorally, the Nifty Metal advanced 4.23% and Nifty PSU Bank surged 1.29%. Banks, auto financials, pharma, realty, consumer durables and IT stocks also closed higher. Whereas, in the broader market, Nifty Midcap50 gained 0.97% and Smallcap50 rose 1.11%.

Asian markets ended higher on Tuesday after China announced that it will further ease its strict Covid-19 restrictions. Japan’s Nikkei 225 rose 0.16%, South Korea’s Kospi gained 0.68% and China’s Shanghai Composite advanced 0.98%.

The rupee declined on Tuesday as importers bought dollars and traders ignored the largely positive sentiment in the broader markets. The rupee fell to 82.84 per dollar, compared to its previous close of 82.65. The Brent crude February futures surged 0.98% to $85.31 per barrel. The market breadth was skewed in favour of bulls. About 2,572 stocks gained, 926 declined and 133 remained unchanged.

Mr Ajit Mishra of Religare Broking said Nifty has multiple hurdles to cross before resuming the uptrend.

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