MUMBAI — Indian equity benchmarks extended their recovery for a second consecutive day on Tuesday, closing higher after a volatile session marked by swings between gains and losses.
The NSE Nifty 50 rose 0.74 percent, or 172.35 points, to settle at 23,581.15, while the BSE Sensex advanced 568 points, or 0.75 percent, to close at 76,070.84.
Analysts said the Nifty is approaching a key technical level, with a sustained move above 23,600 potentially opening the way toward the 23,800–24,000 range, which is expected to act as a strong resistance zone.
“On the downside, failure to sustain higher levels may lead to a pullback towards 23,500, followed by 23,300–23,350, where strong support is expected due to prior demand and open interest build-up,” an analyst said.
Gains were led by metal and auto stocks, with Tata Steel, Mahindra & Mahindra, and Eternal among the top performers on the Nifty, helping drive the broader market higher.
Market volatility eased significantly during the session, with the India VIX falling more than 9 percent intraday before settling down 8.39 percent at 19.79.
Broader markets also reflected the positive momentum, as both mid-cap and small-cap indices ended in positive territory.
Sectorally, metal and auto stocks outperformed the benchmark indices, while IT and FMCG stocks lagged and emerged as the biggest losers during the session.
Analysts said the market demonstrated resilience despite intraday fluctuations, supported by selective buying in key sectors and easing volatility indicators.
“The current market setup reflects a phase of tactical recovery rather than a full trend reversal,” a market expert said.
“While easing volatility and support at lower levels are aiding the bounce, persistent global uncertainties, sectoral divergence and resistance near higher levels suggest that markets may continue to witness selective participation with a cautious upward bias,” the expert added. (Source: IANS)
