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Sensex surges 685 points, Nifty reclaims 22,750 ahead of RBI policy outcome
In Short
The Sensex rose 685.34 points, or 0.95 per cent, to settle at 73,067.81, while the Nifty advanced 220.35 points, or 0.98 per cent, to close at 22,776.10.
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Domestic equity benchmarks ended sharply higher
Mumbai: Domestic equity benchmarks ended sharply higher on Tuesday as investors accumulated pharma, private banking and oil & gas stocks while awaiting the outcome of the Reserve Bank of India's policy meeting.
The Sensex rose 685.34 points, or 0.95 per cent, to settle at 73,067.81, while the Nifty advanced 220.35 points, or 0.98 per cent, to close at 22,776.10.
Commenting on Nifty technical outlook, experts said that on the upside, a sustained move above 22,800 could open the way toward the 23,000 mark.
"On the downside, immediate support is placed around 22,600, followed by 22,500. The RSI has moved into the mid-30s, pointing to a gradual improvement in momentum, while the MACD histogram has eased further from its negative reading, suggesting that selling pressure is moderating," market watchers stated.
Market sentiment remained positive through the session, with buying interest in heavyweight stocks helping the benchmarks extend gains.
Investors largely stayed focused on the upcoming RBI policy announcement for cues on interest rates, liquidity conditions and the central bank's economic outlook.
Among the constituents of the Nifty index, Trent, BSE and Kotak Mahindra Bank emerged as the top gainers, contributing significantly to the market's upward move.
The broader market also participated in the rally. The Nifty MidCap index climbed 1.08 per cent, while the Nifty SmallCap index outperformed with a gain of 1.56 per cent.
Sector-wise, pharma and chemical stocks led the advance. The Nifty Pharma index emerged as the best-performing sectoral gauge, followed by the Nifty Chemical index.
In contrast, information technology stocks witnessed some profit booking, making the Nifty IT index the biggest sectoral loser of the day.
Experts said that market participants said optimism in domestic equities, coupled with expectations surrounding the RBI policy decision, supported sentiment despite lingering global uncertainties.
"The near-term market bias therefore remains cautiously constructive. The decline in crude prices has provided a meaningful tailwind and helped benchmarks recover for a second straight session, but the rebound still faces several macro risks," analysts noted.
