Overall market size was positive: 1,939 advanced and 1,507 declined on BSE.
New Delhi: Indian stock benchmarks continued to rise on Tuesday, led by gains in information technology stocks. 30-share BSE Sensex rose 221 points, or 0.37 percent, to close at 60,616, while the broader NSE Nifty was up 52 points, or 0.29 percent, at 18,056. Both indices registered their third consecutive session of gains.
Mid and small cap stocks ended slightly higher as the Nifty Midcap 100 index rose 0.09 percent and the Nifty Smallcap 100 index gained 0.06 percent.
Eight of the 15 sector gauges – compiled by the National Stock Exchange – ended up in the green. Nifty IT outperformed the index with an increase of 1.03 percent. IT heavyweights Tata Consultancy Services, Wipro and Infosys kick off the third quarter (Q3) on January 12.
“There are a lot of positive expectations in the market regarding the Q3 results. We could see some good positive momentum in the market in the coming days. A lot will be focused on the IT package that will announce its results from tomorrow,” Rahul Sharma, co-owner, Equity 99, told DailyExpertNews.
“18,000 will act as a very strong support for the Nifty 50 index. If this level is breached, we will see 17,880 levels. While on the upside, 18,125 will act as a very strong resistance for the index. Once it crosses this level, we can see 18,200 and 18,280 levels,” he added.
On the stock-specific front, HCL Tech was the top winner of the Nifty as the stock rose 4.49 percent to Rs 1,346. Adani Ports, HDFC, Tech Mahindra and ONGC were also among the winners.
On the other hand, JSW Steel, Tata Steel, BPCL, Hindalco and Coal India were among the laggards.
Overall market size was positive: 1,939 advanced and 1,507 declined on BSE.
On the 30-share BSE platform, HCL Tech, HDFC, Tech Mahindra, TCS, Reliance Industries and Sun Pharma posted the most gains, up a whopping 4.30 percent. Tata Steel, Bajaj Finance, ITC, Dr. Reddy’s, Kotak Mahindra Bank and Asian Paints were among the losers.
Meanwhile, the daily rise in Covid-19 cases remained high, although Tuesday’s increase of 1,68,063 was slightly lower than Monday’s figure of 1,79,723.
Analysts have said investors are not overly concerned about the Covid situation, as the Omicron variant – although spreading quickly – is not virulent and hospitalizations are low.
