MUMBAI— Indian equities snapped a multi-session losing streak on Tuesday, with the benchmark indices closing higher amid widespread buying, despite muted first-quarter earnings and lingering concerns over U.S.-India trade talks.
The Sensex ended the day at 81,337.95, gaining 446.93 points or 0.55 percent. The 30-share index had opened in the red at 80,620.25 but rebounded sharply during the session, reaching an intraday high of 81,429.88 as buying in heavyweight stocks lifted sentiment.
The broader Nifty 50 index also rose, ending at 24,821.10 with a gain of 140.20 points or 0.57 percent.
Analysts attributed the recovery to bargain buying in select sectors, even as uncertainty over the August 1 reciprocal tariff deadline and the U.S. Federal Reserve’s upcoming policy decision kept investor sentiment cautious. While metal, pharma, and realty sectors led the gains, IT, financials, and FMCG underperformed due to weaker-than-expected quarterly results.
Leading gainers on the Sensex included L&T, Adani Ports, Asian Paints, Tata Steel, Tata Motors, Maruti Suzuki, Bharti Airtel, HDFC Bank, Bajaj Finance, and HCL Tech. On the flip side, TCS, Axis Bank, and Titan were among the top laggards.
The rally extended across broader market indices. The Nifty Next 50 climbed 610 points or 0.91 percent, Nifty 100 gained 158 points, Nifty Midcap 100 added 465 points or 0.81 percent, and Nifty Small Cap 100 advanced 186.70 points, up over one percent.
Most sectoral indices ended in the green. Nifty Bank gained 137 points, Nifty Financial Services closed up by more than 85 points, and Nifty Auto jumped 195 points.
In the currency market, the rupee weakened by 0.14 to close at 86.80 against the U.S. dollar, a 0.16 percent decline. The dollar index neared the 99 mark, offsetting optimism from the equity markets.
“With the August 1 U.S. trade deal deadline approaching and key U.S. data releases — including ADP Non-Farm Employment, Non-Farm Payrolls, the Unemployment Rate, GDP, and the Federal Reserve’s policy statement — all on tap this week, the forex market is expected to remain highly volatile,” said Jateen Trivedi of LKP Securities. “The rupee is likely to trade in a broader range of 86.45 to 87.25.” (Source: IANS)
